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企业在寻求内外部因素匹配的过程中,存在内部演化机制,在不断适应、试错中形成投资调整模式。为探索企业经营投资调整的影响因素及其对竞争优势的影响,引入空间向量模型度量企业经营投资调整程度,对我国酒业20家上市公司进行实证分析。结果显示,企业经营投资调整受到了主营产品利润增长率的市场激励信号、财务杠杆的正向作用,内部专用性资产规模的负向作用影响。影响因素的共同作用下形成了一定的调整轨迹,在酒业这样的成熟且竞争激烈的行业中,企业调整程度越低,越利于生存发展和竞争优势的巩固。本文力求为企业制定经营投资调整决策提供有益思路。
In the process of enterprises seeking internal and external factors matching, there exist internal evolution mechanism, which forms the pattern of investment adjustment in constant adaptation and trial and error. In order to explore the influencing factors of the adjustment of the business investment and its impact on the competitive advantage, this paper introduces the spatial vector model to measure the degree of business investment adjustment and makes an empirical analysis of 20 listed companies in China’s wine industry. The results show that the adjustment of business investment is influenced by the market stimulus signal of the profit growth rate of main products, the positive effect of financial leverage and the negative effect of the scale of internal specialized assets. Under the joint action of influencing factors, a certain adjustment trajectory has been formed. In a mature and highly competitive industry such as wine industry, the lower the degree of corporate adjustment, the more conducive to the survival and development and the consolidation of competitive advantages. This article seeks to provide useful ideas for enterprises to make investment decisions.