CAJ | 학술논문

选取2010年国内化工行业上市公司的数据，采用VAS法衡量企业的纵向度，对企业选择后向一体化的动机进行实证研究。研究发现：化工行业企业投资资产专用性较高，生产成本占总成本的比重超过90％，不同子行业的后向一体化程度有显著差异；企业后向整合度与生产成本负相关，与资产专用性程度、盈利能力、交易费用及管理费用正相关，与产业上下游联系、企业规模和行业差别相关性不显著。化工行业的投资资产专用性较高，为了节省交易费用和管理费，企业选择后向一体化战略，提高盈利能力的同时也降低了生产成本。
선취2010년국내화공행업상시공사적수거，채용VAS법형량기업적종향도，대기업선택후향일체화적동궤진행실증연구。연구발현：화공행업기업투자자산전용성교고，생산성본점총성본적비중초과90％，불동자행업적후향일체화정도유현저차이；기업후향정합도여생산성본부상관，여자산전용성정도、영리능력、교역비용급관리비용정상관，여산업상하유련계、기업규모화행업차별상관성불현저。화공행업적투자자산전용성교고，위료절성교역비용화관리비，기업선택후향일체화전략，제고영리능력적동시야강저료생산성본。
The grim situation at home and abroad make Chinese chemical enterprises to think about their strate -gic position , and try to take a series of measures to protect their raw material supply.It is necessary to make a de-tailed study on the causes and mode of vertical integration of the chemical industry.We analyzed vertical integration theory in economics , select some relevant variables to describe the upstream integrated behavior and the VAS in-dex.By analysis of variance , we verified and explained the variation of vertical integration degree in different sub -sectors.Using multivariate correlation and regression analysis , we examined the main factors affecting the backward integration strategy in the Chinese chemical listed companies.Finally, we find that asset specificity , company's profitability, transaction costs and management costs all have a significant impact to the choice of the integration strategy.