Creating Shared Value,Product Market Competition And Corporate Performance

The theory of shared value creation put forward by Porter and Kramer is considered to be consistent with the political strategic goal of common prosperity,and provides a new perspective for the adjustment of enterprise market strategy.In recent years,there have been more and more cases of Chinese enterprises implementing shared value creation,but from the specific practice of China’s capital market,there is no unified standard for measuring shared value creation,and there is still a lack of relevant empirical research on how to measure the shared value creation of enterprises and how to show the economic,environmental and social consequences caused by shared value creation in practice.Therefore,it is necessary to study the internal logic between shared value creation and enterprise performance.This paper takes China’s A-share manufacturing enterprises from 2012 to 2020 as the research object,combines the theory of shared value creation with the theory of "triple bottom line",and constructs an enterprise performance evaluation system integrating economic performance,environmental performance and social performance from the perspectives of stakeholder theory,signal transmission theory,industrial organization theory and resource-based theory,and empirically tests the relationship between shared value creation and enterprise performance,and on this basis,studies whether and how to adjust sharing in product market competition.The main conclusions are as follows:(1)Shared value creation can improve the economic performance,environmental performance,social performance and comprehensive enterprise performance;Product market competition has a positive regulatory effect on the relationship between shared value creation and comprehensive enterprise performance,economic performance and social performance;Compared with enterprises with weak product market competition,enterprises with strong product market competition have a stronger positive regulatory effect on enterprise performance;(2)The shared value creation of non-state-owned enterprises,small-scale enterprises and polluting enterprises can significantly improve enterprise performance;In the sample of non-state-owned enterprises,small-scale enterprises and non-polluting enterprises,product market competition significantly promotes the positive impact of shared value creation and enterprise performance;(3)Institutional investors’ shareholding plays an intermediary role in the relationship between shared value creation and enterprise performance.Based on the reality of enterprises in China,this paper discusses the influence mechanism and action mechanism of shared value creation,product market competition and enterprise performance,and puts forward relevant policy suggestions from the enterprise and government level:(1)Enterprises need to fully understand the multi-layer nature of shared creation and its positive impact on enterprise performance;(2)The government needs to strengthen the supervision and management of enterprises’ shared value creation,and provide institutional guarantee with China characteristics for the shared value creation.The innovations of this paper are as follows:(1)It provides new ideas for the measurement of enterprise performance from the perspective of shared value creation theory,and provides relevant empirical evidence for the academic circles to re-examine the impact of shared value creation on enterprise performance and its internal mechanism;(2)The influence of external market competition factors on the relationship between shared value creation and enterprise performance is studied,the influence of product market competition on the relationship between shared value creation and enterprise performance is analyzed,and the influence path of shared value creation on enterprise performance is explored.