Research On The Influence Between Serial Investment Behavior And Enterprise Value Under The Guirenniao’s Whole Industry Chain Strategy

Investment behavior is enterprises’ activities which in order to obtain future earnings in the foreseeable period.From the micro level,effective investment behavior can increase enterprise value,while inefficient investment behavior will reduce enterprise value.Different from general investment behaviors,a series of investment behaviors carried out by enterprises under the whole industrial chain strategy have obvious behavioral characteristics.In essence,the strategy of the whole industrial chain radiates the business scope of enterprises to the whole industrial chain through a series of investment behaviors and internalizes external market transactions.The investment behavior under the strategy is based on the investment demand of the enterprise layout of the whole industrial chain,so it has a clear direction of investment,that is,it usually focuses on the upper,middle and lower reaches of the industrial chain.According to industrial agglomeration theory and transaction cost theory,effective investment behaviors implemented by enterprises in the context of the whole industrial chain strategy create enterprise value through agglomeration synergies,integration effects and core competitiveness.This article takes one of the sports goods manufacturers which take the lead in carrying out the strategy of the whole industrial chain,Guirenniao co.,LTD as a case study object,with its sports industry around the whole industry chain to implement a series of investment behavior as the research point.By constructing the whole industry chain strategic investment behavior under the enterprise value creation path,find how a series of enterprise investment behavior impact on corporate value.Firstly,the paper studies whether the series of investment behaviors around the implementation of the whole industrial chain strategy can increase the enterprise value by using the methods of event study and financial analysis.Secondly,by decomposing the driving factors of investment behavior value under the strategy of the whole industrial chain,this paper further analyzes the relevant factors affecting the value creation of Guirenniao series investment,finds out the existing problems in its investment behavior and proposes corresponding optimization measures.After the above analysis,this paper comes to the following conclusions: Firstly,on the whole,the series of investment behaviors under the whole industrial chain strategy of Guirenniao failed to effectively create enterprise value.Secondly,the accumulative excess returns of the investment behaviors of enterprises around the upstream of the industry chain are significantly higher than those of the downstream of the industry chain,and the investment behaviors involving the upstream of the industry chain can improve the enterprise value.Finally,the series of investment behaviors of Guirenniao failed to effectively create enterprise value because it failed to effectively gather synergies,integration effects and core competitiveness.Under the strategy of the whole industrial chain,the investment behaviors of Guirenniao mainly have the following disadvantages: 1.Guirenniao has inefficient investment behaviors.2.The series of investment behaviors fail to realize complementary advantages.3.Due to the short interval between investment behaviors,enterprises fail to effectively integrate them.In view of the above problems in the investment behavior of enterprises,the corresponding optimization measures are put forward.And summarize its experience and lessons,hope to provide some reference for other enterprises around the whole industrial chain strategy implementation investment behavior.