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.