学校代码10125专业代码1202Z1
硕士学位论文
题目资产专用性与资源型企业跨产业链转型
姓名靳培钰_
专业财务管理
研究方向资源型企业转型
所属学院会计学院
指导教师王东升
二〇二四年三月十五日
University Code 10125Major Code 1202Z1
Shanxi University of Finance &Economics
Thesis for Master’s Degree
Title Asset specificity and cross-industry
chain transformation of resource-based
enterprises
Name Jin Peiyu
Major Financial Management
Research Orientation Transformation of resource-based enterprises
School Accounting School
Tutor Wang Dongsheng
Mar 15，2024
山西财经大学硕士学位论文
摘要
近年来，全球气候变化与环境保护正成为时代关注的热点议题。“力争2030
年前实现碳达峰，2060年前实现碳中和”是我国为实现经济高质量发展和绿色发
展做出的重大战略决策。国内环保约束政策持续加强使得资源型企业正面临着前
所未有的压力，核心业务的跨产业链转型成为该类企业重拾发展潜力和谋求发展
前景的重要选择。尽管诸多资源型企业尝试通过一体化来缓解经营困境，但其主
营收入仍依赖于资源生产或制造环节，仍面临着去产能、调结构及生态治理的压
力。因此，实现资源型企业成功跨入不相关行业的突变式转型成为亟待解决的重
要课题。同时，资源型企业的核心资产通常是其资源矿产及大型设备，这些资产
具有较高的专用性，难以转移或转化为其他产业领域使用，企业想要通过跨产业
链转型来寻求新的增长点和发展机会将会面临一系列挑战。因此本文研究资产专
用性是否确实会影响资源型企业跨产业链转型？影响这种结果的机制是什么？通
过对上述问题的回答将有助于拓展相关领域的研究，同时也能为资源型企业在做
出相关决策时提供理论借鉴。
本文基于资源基础理论、交易成本理论、高层梯队理论、企业成长理论，选
取2012到2021年的资源型企业A 股上市公司数据为样本，围绕资产专用性与资
源型企业跨产业链转型展开探讨，进一步挖掘调节变量在其中发挥的具体作用，
同时研究两者之间的作用机制，并分析资源型企业在产权性质、环境规制、市场
地位异质性下，资产专用性对跨产业链转型的作用效果有何差异。
研究结果表明：（1）资产专用性越强会越阻碍资源型企业跨产业链转型。（2）
较高的财务柔性和较强的管理者能力能够缓解资产专用性对资源型企业跨产业链
转型的抑制作用。（3）资产专用性通过增强组织惰性、增加债务融资成本阻碍资
源型企业跨产业链转型。（4）相较于非国有属性、环境规制强、市场地位低的资
源型企业而言，资产专用性对国有属性、环境规制弱、市场地位高的资源型企业
跨产业链转型抑制作用更明显。
本文以资产这一切入点探讨资源型企业跨产业链转型的影响因素，拓展了资
产专用性和企业转型的相关研究，同时能够为企业克服组织惰性、帮助企业摆脱
“资源诅咒”、为企业如何弱化资产专用性的影响进而实现跨产业链转型最终得以
持续性发展提供一定的实践启示。
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资产专用性与资源型企业跨产业链转型
关键词：资产专用性，资源型企业跨产业链转型，财务柔性，管理者能力
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山西财经大学硕士学位论文
ABSTRACT
In recent years,global climate change and environmental protection are becoming
the hot topics of The Times."Strive to achieve carbon peak before 2030and achieve
carbon neutrality before 2060"is a major strategic decision made by China to achieve
high-quality economic development and green development.The increasing stringency
of domestic environmental regulations has placed unprecedented pressure on resource-
based companies,prompting them to consider the transformation of their core business
across different industries as a crucial strategy for regaining growth potential and
exploring new development opportunities.Although many resource-based enterprises
attempt to mitigate their business challenges through integration,their primary revenue
still relies on resource production or manufacturing links,and they continue to confront
the pressures of capacity reduction,structural adjustment,and ecological governance.
Therefore,it has become an important issue to realize the successful abrupt
transformation of resource-based enterprises into unrelated industries At the same time,
the core assets of resource-based enterprises are usually their resources,minerals and
large-scale equipment.These assets are highly specific and difficult to transfer or
transform into other industrial fields.Enterprises want to seek new growth points through
cross-industry chain transformation.and development opportunities will face a series of
challenges.Therefore,research on whether asset specificity will indeed affect the cross-
industry chain transformation of resource-based enterprises?What are the mechanisms
that influence this outcome?The answers to the above questions will help expand research
in related fields,and also provide theoretical reference for resource-based enterprises
when making relevant decisions.
Based on resource-based theory,transaction cost theory,high-level echelon theory,
and corporate growth theory,this article selects data from resource-based A-share listed
companies from 2012to 2021as a sample to discuss asset specificity and the cross-
industry chain transformation of resource-based companies.Further explore the specific
role played by the regulating variables,study the interaction mechanism between the two,
and analyze the role of asset specificity in cross-industry chain transformation of
resource-based enterprises under the heterogeneity of property rights,environmental
regulations,and market positions.What is the difference in effect.
The research results show that:(1)The stronger the asset specificity,the more it will
hinder the cross-industry chain transformation of resource-based enterprises.(2)Higher
3