Empirical Study Of The Successful Experience Of Hidden Champions

In the face of economic globalization, industrial and free market rules, small andmedium enterprises how to choose a suitable field, how to maintain the steady growthbecome the most important problem of enterprise management has to face. This paperuses the classical D-S model of monopolistic competition framework to do with modelderivation of the hidden champion enterprises phenomenon, and through empiricalstudy based on the82small board listed hidden champion enterprises. The study foundthat: the reasons of hidden champion enterprises holds the industry leader isthattheytake good use of enterprise resources to improve the product difference, thedifference of products make the productshave higher score for the final manufacturers,so guarantee the enterprises keep market share;For the invisible champion, the ability of innovation has significant positivecorrelation withits business performance. Hidden champion enterprises focus on theinnovation ability of the enterprise investment, innovation capability depends on thesize of the enterprise to establish and maintain the product difference in marketcompetitive advantage, has a strong R&D capability means that enterprises in theproduct market has a strong product control ability, and can guarantee the enterprise inthe industry’s market share.Relationship between the champions of social awareness and business performanceis not significant. Contact output product champions is restricted by the final productmanufacturers demand, and advertising often is oriented to the terminal consumers,because the hidden champion enterprises production of intermediate products, notdirectly facing the end consumer, public awareness and will not have much impact oncorporate performance. When the small and medium enterprises is still the product saleschannels to invest a lot of resources, hidden champion enterprises can through theelasticity of substitution of smaller products accounted for firmly according to marketshare, maintain its leading position in the industry of subdivision. The low exposure rateenables companies to keep more resources will be applied to the product difference,thus invisible low profile characteristics of champion enterprise is a realistic choice forthe market environment.Hidden champion enterprises resources and its operating performance aresignificantly correlated. Show that hidden champion enterprises use its resource high efficiency. Reasons for the existence of hidden champion enterprises phenomenon is theinvisible champion enterprise in a special stable state in monopolistic competition, thatis, through the enterprise innovation to maintain product differentiation, productdifferentiation and ensure the stable operation of enterprise operating performance isstable, this kind of enterprise to promote a dynamic equilibrium of enterprise innovation.Government policy support and hidden champion enterprises operatingperformance are significantly correlated. Show that the development of governmentsupports to hidden champion enterprises play an effective role in promoting. Althoughthe hidden champion enterprises invest more resources factors in innovation, but on thewhole, innovation is a kind of high risk and high return behavior so inevitably canreduce hidden champion enterprises in the innovative activities of business risk,improve their innovation activities bring operating income, innovative activities for theenterprise to have the very good guiding support function.Assets structure and business performance of enterprises champion stealth shownegative correlation. From a financial management perspective: on the one Between theassets structure and hidden champion enterprises operating performance is notsignificant correlation between the reason may be the result of comprehensive effects ofthese two aspects.