Research On The Relationship Between Enterprise Competitiveness And Enterprise Value

Since the 1980 s,enterprise management has entered a value-centered value management phase with the goal of maximizing corporate value.There is a very close organic relationship between corporate competitiveness and corporate value.Enterprise competitiveness is one of the most powerful weapons for enterprises to maximize their value.Therefore,how to continuously enhance the enterprises competitiveness to maximize the value of enterprises is a major issue that enterprise managers must seriously consider.Scholars at home and abroad have conducted extensive research on the relationship between corporate competitiveness and corporate value,and proposed many competition theories,such as five-force model theory,resource basic theory,capability basic theory,etc.,to explore the source of corporate competitiveness.Based on these theories,scholars generally agree that there is a positive correlation between corporate competitiveness and corporate value.Some scholars believe that the relationship between corporate competitiveness and corporate value depends on other circumstances.In the existing research,most of the research divides the enterprise competitiveness into several component capabilities based on industry characteristics or capability attributes,and separately discusses the impact of each component and comprehensive ability on the value of the enterprise.However,they only consider the role of each component in the value of the firm,without considering whether there is a correlation between the various component capabilities,nor whether the impact of individual component capabilities on firm value is affected by other component capabilities,and isn't consider the impact of environmental dynamism.The main contents of this thesis include:(1)In theory,according to the evolution process of enterprise competitiveness,the enterprise competitiveness is subdivided into revealed competitiveness and hidden competitiveness;(2)This paper takes the high-tech listed companies in 2015-2017 as a sample,and uses environmental dynamism as the adjustment variable to explore the influence of revealed competitiveness and hidden competitiveness on enterprise value in dynamic environment.The results show that revealed competitiveness and hidden competitiveness have a significant positive impact on corporate value,while environmental dynamism will weaken the effect of revealed competitiveness and hidden competitiveness on corporate value.(3)This paper uses the adjusted mediation effect model to conduct empirical research,and tests the revealed competitiveness to play an intermediary role in the relationship between hidden ability and enterprise value.The results show that hidden competitiveness has a significant positive impact on revealed competitiveness,that is,there is a progressive relationship among the various components of enterprise competitiveness;and environmental dynamism plays a negative adjustment role in the first half and the second half of the mediating effect.(4)Based on the research conclusions,put forward relevant suggestions,and point out the defects and shortcomings of this paper.The contributions of this paper are as follows:(1)According to the evolution process of competitiveness,the enterprise competitiveness is subdivided into revealed competitiveness and hidden competitiveness,and the relationship between the two and enterprise value is discussed separately.(2)Introduce environmental dynamism as a regulatory variable,confirm the regulatory effect of environmental dynamism on the relationship between corporate competitiveness and corporate value;(3)Confirm the progressive relationship between the various component capabilities of the enterprise's competitiveness;(4)Revealed competitiveness plays a mediating role in the relationship between hidden competitiveness and corporate value,indicating that the impact of corporate competitiveness on corporate value is not simply reflected in the fact that each component directly affects corporate value.