基于核心能力的企业成长性研究―以中小企业为例

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硕士学位论文

摘要

中小企业在我国经济社会发展中具有举足轻重的作用。发展成长型的中小企

业是拉动我国经济增长、扩大社会就业、促进技术革新、繁荣市场供给的重要力

量。而在中小企业成长的过程中，核心能力又扮演了至关重要的角色。高成长性

的中小企业，往往具有较强的核心竞争力、合理的资本结构、良好的盈利能力、

出色的市场营销能力、良好的信誉和形象、广阔的销售市场和较强的偿债能力。

由此可见，中小企业的成长性与核心能力、资本结构和偿债能力等因素之间存在

着一定的相互关系。

但是，过去的研究往往只重视盈利能力、偿债能力、资本结构等因素对企业

成长性的作用，而对于从核心能力角度去审视中小企业的成长性问题的研究往往

停留在定性的阶段。因此本文以核心能力为切入点，通过结构方程模型实证分析

核心能力对中小企业成长的作用、核心能力与其他影响因素之间的关系、其他影

响因素与中小企业成长性关系。

本文首先回顾以往的文献研究，提出了核心能力不仅与企业的成长性之间存

在着直接的相关关系，并且以盈利能力、偿债能力、资本结构为中介变量，间接

地影响了中小企业的成长。企业的盈利能力、偿债能力、资本结构之间还存在着

一定的相关关系。其次，本文以 2004-2008 我国中小板上市公司为例，引入了结

构方程模型这一比较前沿的统计分析方法，实证分析和检验了核心能力与成长

性、核心能力与各影响因素、各影响因素之间的关系。最后，本文得出了以下几

个重要结论：一、企业的核心能力可以通过研发能力、营销能力、营运能力来表

示。二、企业的核心能力以盈利能力、偿债能力、资本结构为中介变量，间接的

影响企业的成长性。企业的核心能力并不直接对成长性起作用，盈利能力、偿债

能力、资本结构在核心能力与成长性之间起到了完全中介的作用。三、其他影响

因素之间也呈现出复杂的结构关系。如偿债能力一方面对企业的成长性有直接的

影响，另一方面又以资本结构为中介，间接地影响企业的成长性。

本文力求在以下几个方面做出创新：一、采用结构方程模型从实证角度分析

了影响中小企业成长性的核心能力和其他因素之间的关系，以及各因素如何影响

中小企业成长性，同时解决了传统实证研究在方法中的缺陷。二、深入地探讨了

核心能力与其他影响因素之间所存在的中介效应关系。核心能力和其他因素之间

的关系并非是孤立地、单一的，而是复杂的。核心能力不直接影响了企业的成长，

而是通过偿债能力、资本结构、盈利能力间接地影响企业的成长。企业核心能力

的发展推动了企业盈利能力、偿债能力的增强，进而促进了企业的成长壮大。

硕士学位论文

关键词：核心能力；中小企业；成长性；结构方程模型

硕士学位论文

III

ABSTRACT

Small and medium-sized enterprises (SMEs) are playing an important role in

China's economic and social development. The development of growth-oriented

SMEs are the significant forces in driving economic growth, expanding social

employment opportunities, promoting technological innovation and prospering market

supply. During the process of growth of SMEs, the core competence has played a

crucial role. If the enterprise has the core competence, it means that the enterprise can

surmount the competitor in the intense market competition, gain more profits, and

sustain long-term development. High-growth SMEs tend to have strong core

competence, reasonable capital structure, favorable profitability, excellent marketing

capabilities,a good reputation and image,expansive sales market and firm solvency.

This shows that there exist certain mutual relations between the growth of SMEs and

the factors such as the core competence, capital structure and solvency.

However, in the past researches, it often only attached importance to

profitability, solvency, capital structure and other factors on the growth of SMEs. As

for the core-competence-based approach to examining the question of the growth of

SMEs tends to remain at the qualitative stage. Therefore, this paper takes core

competencies as an entry point, with an empirical analysis of the function of their core

competences upon the growth of SMEs, the relationship between core competencies

and other factors, and the interaction between the growth of SMEs and other

influencing factors.

First of all, this paper, by reviewing the previous literature studies proposes that

core competence not only exist direct relationships with the growth of enterprises, but

also indirectly affect the small and medium enterprises growth by profitability,

solvency, and capital structure for the intermediate variables. There are still some

correlations among corporate profitability, solvency, and capital structure. What’s

more, this paper takes small sheet of China's listed company’s from2004 to 2008 as an

example, which introduces structural equation model, as the more advanced statistical

analysis method, to empirically analyze and test the relationship between the core

competence and the growth, the relationship between core competence, and the

various influencing factors and the relationship between all factors. Finally, the paper

reaches the following important conclusions: (1) the core competence of enterprises

can be denoted by developing and researching competence, marketing competence

硕士学位论文

and operation competence. (2) The core competence of enterprises indirectly

influences enterprises' growth, through intermediary variable of profitability, solvency,

and capital structure. The core competence of enterprises doesn’t have directly effects

on the growth of enterprises and profitability, solvency, capital structure have fully

played an intermediary role between the core competence and the growth of

enterprises.(3) Other factors also present complex structures. For example, the

solvency has direct influence on the growth of enterprises, on the other hand, with

capital structure for intermediary, indirectly affects the growth of enterprises.

This paper seeks to make innovations in the following aspects: (1) using a

structural equation model empirically to analyze the relationship between the core

competence influencing the growth of SMEs and other factors, as well as how the

factors influence the growth of SMEs, and to solve the defects in the empirical

research method.(2) to thoroughly discuses intermediary correlation between the core

competence and other influencing factors. The relationship between the core

competence and other factors are not isolated, single, but the complex. The core

competence doesn’t directly affect the growth of enterprises, but indirect influences

the growth of enterprises through the solvency, capital structure, profitability. The

development of core competence can promote the enhancement of profitability,

solvency, and promote with the purpose of growth in strength.

Keywords: Core Competence; SME; Growth; Structural Equation Mode

硕士学位论文

第一章引言............................................................................................................1

第一节研究的背景及问题的提出.................................................................1

第二节研究的理论意义及实际意义.............................................................2

第三节研究的创新之处.................................................................................2

第二章文献回顾与研究假设的提出....................................................................4

第一节国内外研究综述.................................................................................4

第二节文献的简要评述...............................................................................11

第三节研究假设的提出...............................................................................13

第三章研究设计与研究方法..............................................................................16

第一节样本的收集.......................................................................................16

第二节实证分析的方法...............................................................................17

第三节变量的设计.......................................................................................18

第四章数据的分析..............................................................................................23

第一节数据的初步收集与处理...................................................................23

第二节验证性因素分析...............................................................................24

第三节结构方程模型的实证分析...............................................................33

第四节数据分析结果的讨论.......................................................................37

第五章结束语......................................................................................................40

第一节研究的主要结论...............................................................................40

第二节研究的局限性...................................................................................41

第三节未来的展望.......................................................................................41

参考文献................................................................................................................43

附录........................................................................................................................48

硕士学位论文

表目录

表1影响成长性各因素文献汇总................................................................11

表2中小企业历年 IPO 情况....................................................................... 16

表3变量设计汇总表....................................................................................22

表4各指标描述性分析表............................................................................24

表5各假设验证汇总表................................................................................39

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摘要：

硕士学位论文I摘要中小企业在我国经济社会发展中具有举足轻重的作用。发展成长型的中小企业是拉动我国经济增长、扩大社会就业、促进技术革新、繁荣市场供给的重要力量。而在中小企业成长的过程中，核心能力又扮演了至关重要的角色。高成长性的中小企业，往往具有较强的核心竞争力、合理的资本结构、良好的盈利能力、出色的市场营销能力、良好的信誉和形象、广阔的销售市场和较强的偿债能力。由此可见，中小企业的成长性与核心能力、资本结构和偿债能力等因素之间存在着一定的相互关系。但是，过去的研究往往只重视盈利能力、偿债能力、资本结构等因素对企业成长性的作用，而对于从核心能力角度去审视中小企业的成长性问题的研究往往停留在定性的...

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