Analysis of Influencing Factors on Enterprise Performance Heterogeneity: Empirical Test on Industry Effect, Property Effect and Enterprise Effect

摘要

Taking part of the China's listed companies of A shares as sample, the authors use SAS/ANOVA to analyze related data of these companies from the year 1999 to 2005, check industry effect, property effect and enterprise internal effect that influence enterprise performance. The results show that, in the performance variations among Chinese listed companies, enterprise internal effect accounts for 69%,industry effect 13%, and property effect 9.5%. And in all samples grouped by stock rights types, enterprise internal effect is always the most important one (53%-74%). These results prove that the enterprise heterogeneity hypothesis is applicable to Chinese companies. That is to say, the enterprise performance difference mainly comes from the company inside. The three approaches to strengthen Chinese enterprise performance are improving market structure, improving property structure, and improving the ability to implement knowledge and capacity in organizations. And the most critical approach is the last approach.