食品质量认证与财务绩效的关系——研发强度与竞争地位的调节作用
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摘要
以往研究表明并非所有质量管理措施都会为企业带来卓越绩效。通过对225家农业企业的经验分析,试图回答食品质量认证是否能促进企业财务绩效提升?研究表明:食品质量认证与企业财务绩效之间存在倒U型关系,在一定临界值内食品质量认证能显著促进企业财务绩效提升,当持有4项认证证书的时候是使企业净资产收益率达到峰值的最优认证水平;研发强度和企业竞争地位对上述倒U型关系具有显著调节作用,适度提高企业研发能力能增强食品质量认证对财务绩效的促进作用,竞争优势企业实施食品质量认证对财务绩效的促进作用比竞争劣势企业更明显,但竞争优势企业的倒U型曲线上升和下降趋势比竞争劣势企业更加陡峭。
Previous studies have shown that not all quality management measures would bring superior performance to enterprises. By experience analysis of 225 agricultural companies, we want to find whether food quality certification promotes financial performance. The results show that there exists "inverted U-type" relationship between them, and the food quality certification can significantly promote the financial performance under a certain threshold. Holding four certificates is the optimal level of certification when the return on equity reaches a peak. R&D intensity and the competitive position of enterprises have significant regulatory effect on the inverted U-shaped relationship. Appropriately improving R&D capabilities can enhance the role of food quality certification in promoting financial performance. The effect of food quality certification on financial performance of competitive advantage enterprises is more obvious than that of competitive disadvantage enterprises, but the upward and downward trend of inverted U-curve of competitive advantage enterprises are steeper than those of competitive inferior enterprises.
Previous studies have shown that not all quality management measures would bring superior performance to enterprises. By experience analysis of 225 agricultural companies, we want to find whether food quality certification promotes financial performance. The results show that there exists "inverted U-type" relationship between them, and the food quality certification can significantly promote the financial performance under a certain threshold. Holding four certificates is the optimal level of certification when the return on equity reaches a peak. R&D intensity and the competitive position of enterprises have significant regulatory effect on the inverted U-shaped relationship. Appropriately improving R&D capabilities can enhance the role of food quality certification in promoting financial performance. The effect of food quality certification on financial performance of competitive advantage enterprises is more obvious than that of competitive disadvantage enterprises, but the upward and downward trend of inverted U-curve of competitive advantage enterprises are steeper than those of competitive inferior enterprises.
引文
[1]吴林海, 秦沙沙, 朱淀,等.可追溯猪肉原产地属性与可追溯信息属性的消费者偏好分析[J].中国农村经济, 2015,(06):47-62.
[2]Viscusi W K.A note on lemons markets with quality certification[J].The Bell Journal of Economics, 1978, 9(1):277-279.
[3]Ortega D L, Wang H H,Olynk-Widmar N J, et al.Chinese producer behavior: Aquaculture famers in southern China [J].China Economic Review, 2014, 28(1):540-547.
[4]Moschitz H, Stolze M.The influence of policy networks on policy output: A comparison of organic farming policy in the Czech Republic and Poland[J].Food Policy, 2010, 35(3):247-255.
[5]Caswell J A.Valuing the benefits and costs of improved food safety and nutrition[J].Australian Journal of Agricultural & Resource Economics, 1998, 42(4):409-424.
[6]Napolitano F, Braghieri A, Piasentier E, et al.Effect of information about organic production on beef liking and consumer willingness to pay[J].Food Quality and Preference, 2010, 21(2):207-212.
[7]Aba E K, Badar, Hayden.Impact of ISO 9001 certification on firms financial operating performance[J].International Journal of Quality & Reliability Management, 2016, 33(1):78-89.
[8]Ilkay M S,Aslan E.The effect of the ISO 9001 quality management system on the performance of SMEs[J].The International Journal of Quality & Reliability Management, 2012, 29 (7): 753-778.
[9]Wiengarten F, Humphreys P,Onofrei G, et al.The adoption of multiple certification standards: Perceived performance implications of quality, environmental and health & safety certifications[J].Production Planning & Control, 2017, 28(2): 131-141.
[10]朱平芳, 徐伟民.上海市大中型工业行业专利产出滞后机制研究[J].数量经济技术经济研究, 2005, (09):136-142.
[11]张兆国, 靳小翠, 李庚秦.企业社会责任与财务绩效之间交互跨期影响实证研究[J].会计研究, 2013,(08):32-39.
[12]Hobbs J E, Baley D,Dicknson D L, et al.Traceability in the Canadian red meat sector: Do consumers care? [J].Canadian Journal of Agricultural Economics, 2005, 53(1): 47-65.
[13]Abad J, Dalmau I, Viajosana J.Taxonomic proposal for integration levels of management systems based on empirical evidence and derived corporate benefits[J].Journal of Cleaner Production, 2014, 78: 164-173.
[14]周洁红, 幸家刚, 虞轶俊.农产品生产主体质量安全多重认证行为研究[J].浙江大学学报(人文社会科学版), 2015,(02):55-67.
[15]石丽静.研发强度与企业创新绩效——政府资源与知识产权保护的调节作用[J].经济与管理评论, 2017,(06):144-152.
[16]胡晨光, 徐梅.OFDI强度、研发强度与中国大中型工业企业经营绩效——基于中介效应与调节效应视角的研究[J].经济学家, 2016,(04):88-95.
[17]陈志斌, 王诗雨.产品市场竞争对企业现金流风险影响研究——基于行业竞争程度和企业竞争地位的双重考量[J].中国工业经济, 2015,(03):96-108.
[18]郝国彩, 张朕.R&D投入对我国制造业竞争力影响分析[J].经济与管理评论, 2016,(05):60-66.
[19]李梅, 余天骄.海外研发投资与母公司创新绩效——基于企业资源和国际化经验的调节作用[J].世界经济研究, 2016,(08):101-113.
[20]方正, 杨洋, 江明华,等.可辩解型产品伤害危机应对策略对品牌资产的影响研究:调节变量和中介变量的作用[J].南开管理评论, 2011, (04):69-79.
[21]高磊.产权性质还是市场竞争有利于企业绩效?——基于风险承担视角的检验[J].经济与管理研究,2018,(01):136-144.
[22]姜付秀, 屈耀辉, 陆正飞,等.产品市场竞争与资本结构动态调整[J].经济研究, 2008,(04):99-110.
[23]Olper, Alessandro, Curzi, et al.Do food standards affect the quality of EU imports?[J].Economics Letters, 2014, 122(2):233-237.
[24]Mangelsdorf A, Portugalperez A, Wilson J S.Food standards and exports: Evidence for China[J].World Trade Review, 2012, 11(3):507-526.
[25]Peress J.Product market competition, insider trading, and stock market efficiency[J].Journal of Finance, 2010, 65(1):1-43.
[26]韩中和, 胡左浩, 郑黎超.中国企业自有品牌与贴牌出口选择的影响因素及对出口绩效影响的研究[J].管理世界, 2010,(04):114-124.
[27]Zheng Y, Yang H.Does familiarity foster innovation?The impact of alliance partner repeatedness on breakthrough innovations[J].Journal of Management Studies, 2015, 52(2):213-230.
(1)数据来源:根据中国绿色食品发展中心官网(http://www.gveenfood.org.cn)公布资料整理计算,截至2017年12月。
(1)龙头企业数据来自《农业部关于公布第六次监测合格农业产业化国家重点龙头企业名单的通知》,质量认证数据来自中国绿色食品发展中心官网。
(2)参考Cohen等(2013)提出的方法,利用x=-b/2a(a为模型2中食品质量认证平方项的估计系数,b为食品质量认证一次项的估计系数)计算倒U型曲线斜率为零时的食品质量认证取值为3.875。
(3)限于篇幅,本文没有报告GPS第一步和第二步回归结果,若读者感兴趣,可向作者索要。
(4)参照以往研究按样本均值分组,将研发强度大于均值的样本定义为高研发强度组,反之则为低研发强度组。企业竞争地位的分组依据类似,不再赘述。限于篇幅,没有报告分组估计结果。
[2]Viscusi W K.A note on lemons markets with quality certification[J].The Bell Journal of Economics, 1978, 9(1):277-279.
[3]Ortega D L, Wang H H,Olynk-Widmar N J, et al.Chinese producer behavior: Aquaculture famers in southern China [J].China Economic Review, 2014, 28(1):540-547.
[4]Moschitz H, Stolze M.The influence of policy networks on policy output: A comparison of organic farming policy in the Czech Republic and Poland[J].Food Policy, 2010, 35(3):247-255.
[5]Caswell J A.Valuing the benefits and costs of improved food safety and nutrition[J].Australian Journal of Agricultural & Resource Economics, 1998, 42(4):409-424.
[6]Napolitano F, Braghieri A, Piasentier E, et al.Effect of information about organic production on beef liking and consumer willingness to pay[J].Food Quality and Preference, 2010, 21(2):207-212.
[7]Aba E K, Badar, Hayden.Impact of ISO 9001 certification on firms financial operating performance[J].International Journal of Quality & Reliability Management, 2016, 33(1):78-89.
[8]Ilkay M S,Aslan E.The effect of the ISO 9001 quality management system on the performance of SMEs[J].The International Journal of Quality & Reliability Management, 2012, 29 (7): 753-778.
[9]Wiengarten F, Humphreys P,Onofrei G, et al.The adoption of multiple certification standards: Perceived performance implications of quality, environmental and health & safety certifications[J].Production Planning & Control, 2017, 28(2): 131-141.
[10]朱平芳, 徐伟民.上海市大中型工业行业专利产出滞后机制研究[J].数量经济技术经济研究, 2005, (09):136-142.
[11]张兆国, 靳小翠, 李庚秦.企业社会责任与财务绩效之间交互跨期影响实证研究[J].会计研究, 2013,(08):32-39.
[12]Hobbs J E, Baley D,Dicknson D L, et al.Traceability in the Canadian red meat sector: Do consumers care? [J].Canadian Journal of Agricultural Economics, 2005, 53(1): 47-65.
[13]Abad J, Dalmau I, Viajosana J.Taxonomic proposal for integration levels of management systems based on empirical evidence and derived corporate benefits[J].Journal of Cleaner Production, 2014, 78: 164-173.
[14]周洁红, 幸家刚, 虞轶俊.农产品生产主体质量安全多重认证行为研究[J].浙江大学学报(人文社会科学版), 2015,(02):55-67.
[15]石丽静.研发强度与企业创新绩效——政府资源与知识产权保护的调节作用[J].经济与管理评论, 2017,(06):144-152.
[16]胡晨光, 徐梅.OFDI强度、研发强度与中国大中型工业企业经营绩效——基于中介效应与调节效应视角的研究[J].经济学家, 2016,(04):88-95.
[17]陈志斌, 王诗雨.产品市场竞争对企业现金流风险影响研究——基于行业竞争程度和企业竞争地位的双重考量[J].中国工业经济, 2015,(03):96-108.
[18]郝国彩, 张朕.R&D投入对我国制造业竞争力影响分析[J].经济与管理评论, 2016,(05):60-66.
[19]李梅, 余天骄.海外研发投资与母公司创新绩效——基于企业资源和国际化经验的调节作用[J].世界经济研究, 2016,(08):101-113.
[20]方正, 杨洋, 江明华,等.可辩解型产品伤害危机应对策略对品牌资产的影响研究:调节变量和中介变量的作用[J].南开管理评论, 2011, (04):69-79.
[21]高磊.产权性质还是市场竞争有利于企业绩效?——基于风险承担视角的检验[J].经济与管理研究,2018,(01):136-144.
[22]姜付秀, 屈耀辉, 陆正飞,等.产品市场竞争与资本结构动态调整[J].经济研究, 2008,(04):99-110.
[23]Olper, Alessandro, Curzi, et al.Do food standards affect the quality of EU imports?[J].Economics Letters, 2014, 122(2):233-237.
[24]Mangelsdorf A, Portugalperez A, Wilson J S.Food standards and exports: Evidence for China[J].World Trade Review, 2012, 11(3):507-526.
[25]Peress J.Product market competition, insider trading, and stock market efficiency[J].Journal of Finance, 2010, 65(1):1-43.
[26]韩中和, 胡左浩, 郑黎超.中国企业自有品牌与贴牌出口选择的影响因素及对出口绩效影响的研究[J].管理世界, 2010,(04):114-124.
[27]Zheng Y, Yang H.Does familiarity foster innovation?The impact of alliance partner repeatedness on breakthrough innovations[J].Journal of Management Studies, 2015, 52(2):213-230.
(1)数据来源:根据中国绿色食品发展中心官网(http://www.gveenfood.org.cn)公布资料整理计算,截至2017年12月。
(1)龙头企业数据来自《农业部关于公布第六次监测合格农业产业化国家重点龙头企业名单的通知》,质量认证数据来自中国绿色食品发展中心官网。
(2)参考Cohen等(2013)提出的方法,利用x=-b/2a(a为模型2中食品质量认证平方项的估计系数,b为食品质量认证一次项的估计系数)计算倒U型曲线斜率为零时的食品质量认证取值为3.875。
(3)限于篇幅,本文没有报告GPS第一步和第二步回归结果,若读者感兴趣,可向作者索要。
(4)参照以往研究按样本均值分组,将研发强度大于均值的样本定义为高研发强度组,反之则为低研发强度组。企业竞争地位的分组依据类似,不再赘述。限于篇幅,没有报告分组估计结果。