企业家学者项目（DBA）整合全球优质教育资源，打造极具前沿性和系统性课程，在框架模块、聚焦模块、专题研究+实践课堂这三大核心课程中，涵盖2大金融主题与4大微观主题，探索6大宏观方向，定制化行业专题，走访行业内领军企业。李逸飞同学在理论与实践的交融中，锤炼出了应对新商业文明下层出不穷的新问题与新挑战的能力。他通过“理解—判断—实践—引领”的DBA学习路径，在企业家学者项目中不断接受新商业文明的洗礼与历练，从而实现了思想的跨越式“突围”。

本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了李逸飞同学的学术成果。

Heli WANG

Janice Bellace Professor of Strategic Management, SMU

Yijiang WANG

Professor of Human Resource Management and Economics, CKGSB

Pengkai LIN 

Assistant Professor of Accounting, SMU

 

李逸飞 | 多元化策略、政策冲击和企业绩效——来自中国游戏产业的实证

李逸飞同学答辩中

▇ 论文摘要：

本文基于2018年的游戏版号审批制度改革事件，研究了多元化策略对于企业抗风险冲击能力的影响。通过双重差分法，本文分别研究了产品多元化、产业多元化和国际多元化策略如何影响企业在遭受限制性政策冲击之后的绩效变化。本文的研究发现，上述三种多元化策略在平时均会降低企业的资产收益率。但是，在面对冲击时，三种策略则会产生不同的效果。在游戏行业内进行的产品多元化措施不能帮助企业缓解冲击带来的绩效下降，反而会使企业的盈利能力进一步下降。在不同行业间进行的产业多元化策略可以有效帮助企业抵御风险冲击，从而使得企业在经受冲击后绩效下降的幅度更小。国际多元化策略的效果与产业多元化类似，也可以降低冲击对企业的负面影响。本文的研究说明，在应对特定领域的风险冲击时，只有通过在更广泛的领域内进行非相关多元化布局，才能帮助企业分散风险。

答辩现场

This paper studies the impact of diversification strategies on the resilience of companies to risk shocks, based on the game license approval system reforms of 2018. Using the difference-in-differences method, this paper examines how product diversification, industrial diversification, and international diversification strategies affect company performance after they are exposed to restrictive policy shocks. 

李逸飞同学在DBA课堂上做分享

The findings of this paper indicate that the aforementioned diversification strategies typically decrease the return on assets for companies. However, they have different effects when companies face shocks. Diversification within the gaming industry does not help companies mitigate decreases in performance caused by risk shocks; instead, it leads to a further decline in profitability. In contrast, diversification across different industries can effectively shield companies from risk shocks, resulting in a smaller decline in performance after the shock. The impact of international diversification strategies is similar to that of industrial diversification, as they also reduce the negative effects shocks have on companies. The research in this paper suggests that only unrelated diversification across a broader range of fields can help companies cope with risk shocks in specific areas and effectively disperse their impacts.

合影

论文答辩的圆满结束，对李逸飞同学而言并非终点，而是他作为终身学习者崭新征程的起点。未来，他将携带着对中西方管理学理论的深刻认知与独特思考，持续践行新商业文明的理念，以独到的洞见，不断为中国经济注入新的活力，引领行业迈向更加广阔的发展前景。