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论文编号：	13206
作者编号：	1120170899
上传时间：	2022/6/7 14:44:57
中文题目：	资产剥离对企业高质量发展的影响研究——基于董事会治理的调节作用
英文题目：	Research on the Impact of Divestiture on Enterprises’ High-Quality Development ——Based on the Moderating Effect of Board Governance
指导老师：	薛有志
中文关键字：	资产剥离；企业高质量发展；董事会治理；全要素生产率；环境不确定性
英文关键字：	Divestiture; Enterprises’ High-quality Development; Board Governance; Total Factor Productivity; Environmental Uncertainty
中文摘要：	2017年中央经济工作会议指出，中国经济发展已经进入新时代，由经济高速增长阶段转向高质量发展阶段。在高速增长阶段，中国经济增长的动力主要来自于要素投入的增加；在高质量发展阶段，经济发展由粗放型发展向资源节约型发展转变，核心是在不增加资源投入的基础上提高产出，实现规模与质量的优化。高质量发展是一个概念体系，包括宏观经济层面、中观产业结构与区域经济层面，以及微观层面。企业作为微观层面的主体，通过组织调整资源和结构，提高核心竞争力，实现企业高质量发展，是支撑更高层次高质量发展的重要力量。近年来，许多企业通过资产剥离调整业务范围，希望能够借此提升盈利水平与经营效率，提高企业自身价值。尽管现有文献已经对企业资产剥离行为的影响因素与经济后果进行了相关研究，但对于资产剥离的具体作用路径以及实施情境关注较少，是否能够契合中国环境的高质量发展要求也未可知。因此，探索资产剥离对企业高质量发展水平的作用效果及影响机理，并揭示公司治理对该作用过程的影响，是资产剥离研究中亟待解决的关键问题。 本文基于动态能力理论，从资源配置视角出发，首先考察了资产剥离对企业高质量发展水平的影响，并从战略、财务、组织信息三个维度出发，解析资产剥离的具体作用路径。在此基础上，本文进一步考虑公司治理制度安排，揭示董事会治理在资产剥离提高企业高质量发展水平中的作用。此外，针对中国企业目前所面临的复杂的、动荡的外部环境，本文进一步探究环境不确定情境对董事会作用效果的影响，为董事会能够在资产剥离提高企业高质量发展水平的过程中更好地发挥治理作用提供了经验证据。本文的主要研究结论如下： 第一，资产剥离有助于提升企业的盈利能力与全要素生产率，实现高质量发展，且这种促进作用具有一定的可持续性。作为企业释放资源的有效机制，资产剥离能够从一个业务中释放资源并重新投入到更有助于未来增长的业务。企业实施资产剥离决策，可以提高资源配置效率，优化提供产品与服务的能力，有利于提升企业高质量发展水平。同时，当资产剥离强度提高，能够释放和重新配置更多资源时，对提升企业经营生产效率和企业盈利能力的帮助更大，有助于提高企业高质量发展水平。 第二，资产剥离通过提升战略聚焦程度与提高信息透明度两条路径缓解组织资源错配，优化资源配置效率，助力企业高质量发展。基于战略维度，资产剥离能够帮助企业将资源集中在主营业务及其相关领域，实现战略聚焦，推动战略变化，从而提升企业高质量发展水平；基于组织信息维度，资产剥离有助于组织复杂性降低，内部信息披露更加充分，同时有利于市场过滤有噪声的信号，降低了信息不对称，提高信息透明度，从而推动企业提升高质量发展水平。 第三，董事会治理对资产剥离与企业高质量发展水平之间关系具有显著的调节作用。其中，董事会人力资本与社会资本的提高，能够促进董事会有效履行咨询和监督职能，为组织提供更多资源，监督管理层的经营决策行为，能够增强资产剥离对企业高质量发展的促进作用；董事会独立性水平越高，越能够有效地发挥董事会监督作用，通过降低代理成本，增强资产剥离对企业高质量发展的促进作用效果；领导权结构方面，董事长与总经理两职兼任会导致董事会与管理层的权力距离缩小，监督作用受限，减弱资产剥离对企业高质量发展的促进作用。 第四，环境不确定性越高，董事会治理在资产剥离与企业高质量发展之间的调节作用效果越明显。随着环境不确定性的增强，董事会人力资本、董事会社会资本以及董事会独立性对资产剥离促进企业高质量发展的正向调节作用得到强化。一方面，高度不确定的环境使得企业对董事会提供的资源更为依赖，环境不确定性越高，董事会的咨询建议越有价值，能够更好地履行董事会咨询职能。另一方面，当环境不确定性提高时，决策更加复杂，对管理层行为的监督和预测难度有所提高，董事会监督职能的作用得以增强。 本文针对中国企业的资产剥离展开研究，围绕资产剥离对企业高质量发展的影响以及董事会治理在资产剥离实施中发挥的作用，做出较为深入和详细的探讨，具有重要的理论意义与现实意义。首先，揭示了资产剥离与企业高质量发展关系，证明了企业实施资产剥离决策和提高资产剥离规模，有助于提高全要素生产率与盈利水平，促进企业高质量发展；其次，在资产剥离研究中引入治理情境，拓展了动态能力理论与委托代理理论的应用，推动了战略管理与公司治理理论的发展；最后，证实了资产剥离在战略维度和组织信息维度上的作用路径，有助于指导中国企业的资产剥离实践活动。
英文摘要：	The 2017 central economic work conference pointed out that China's economic development has entered a new era, which is from rapid economic growth to high-quality development. At the stage of rapid economic growth, the main driving force comes from the increasing input of production factors in China's economy; whereas at the stage of high-quality development, the mode of economic development has changed from extensive to resource-saving. The core is to improve output without increasing resource input and realize the optimization of scale and quality. High quality development is a conceptual system, including macro level, meso level (industrial structure, regional economy) and micro level. As the main body at the micro level, enterprises, which are the significant players to support higher-level and high-quality development, improve their core competitiveness through organizational adjustment to achieve high-quality development. In recent years, many enterprises have adjusted their business scope through divestiture, in order to improve profitability and operating efficiency and improve market value. Although the existing literature has conducted relevant research on the influencing factors and economic consequences of enterprises’ divestiture, it pays less attention to the specific action path and implementation situation of divestiture. Meanwhile, whether the divestiture can meet the high-quality development requirements of China's environment is unknown. Therefore, exploring the impact of divestiture on the high-quality development of enterprises, clarifying the path of divestiture, as well as revealing the safeguard and supervision function of corporate governance system on the implementation of divestiture have become the key to enterprises' scientific decisions on divestiture. Based on the dynamic capability theory and the perspective of resource allocation, this thesis first investigates the impact of divestiture on the high-quality development of enterprises, and analyzes the specific action path of divestiture from the three dimensions of strategy, finance and organizational information. On this foundation, it further considers the institutional arrangement of corporate governance and reveals the role of board governance in improving the enterprises’ high-quality development by divestiture. In addition, in view of the complex and turbulent external environment faced by Chinese enterprises, this thesis further explores the impact of environmental uncertainty on the effect of the board of directors, which provides empirical evidence for the board of directors to better play a governance role in the process of divestiture, so as to improve the high-quality development of enterprises. The main conclusions are as follows: First, divestiture helps enterprises sustainably improve the profitability and total factor productivity and achieve high-quality development. As an effective mechanism, divestiture can release resources from a business and reinvest them into businesses that are more conducive to future growth. The implementation of divestiture can improve the efficiency of resource allocation, optimize the ability to provide products and services, and improve the level of high-quality development. At the same time, when the degree of divestiture is higher, the enterprise can release and reallocate more resources, which will be more helpful to improve the operation, production and profitability, and contribute to the higher quality development of the enterprise. Second, divestiture alleviates the mismatch of organizational resources and optimizes the efficiency of resource allocation by improving the degree of strategic focus and information transparency, so as to help enterprises develop with high quality. From the strategic perspective, divestiture can help enterprises concentrate on their main business and related fields, realize strategic focus and promote strategic changes, in order that enterprises can improve the level of its high-quality development. Based on the dimension of organizational information, divestiture reduces organizational complexity and makes internal information disclosure more sufficient. Besides, it helps the market filter noisy signals, reduce information asymmetry and improve information transparency, so as to promote enterprises to achieve high-quality development. Third, board governance has a significant moderating effect on the relationship between divestiture and the high-quality development level of enterprises. Among them, the improvement of human capital and social capital can promote the board of directors to effectively perform its consulting and supervision responsibilities, provide more resources for the organization, supervise the management's business behavior, and then enhance the function of divestiture in promoting the high-quality development of enterprises. The higher the level of independence of the board of directors, the more effective it can play the role of supervision, and advance the effect of divestiture on the high-quality development of enterprises by reducing agency costs. In terms of leadership structure, concurrently serving as chairman and general manager will narrow the power distance between the board of directors and the management, limit the role of supervision, and weaken the role of divestiture in boosting the high-quality development of enterprises. Fourth, the higher the environmental uncertainty, the more obvious the moderating effect of board governance between divestiture and high-quality development of enterprises. With the increase of environmental uncertainty, the positive moderating role of human capital, social capital and independence of the board of directors on divestiture to promote the high-quality development of enterprises will be strengthened. On the one hand, the highly uncertain environment makes enterprises more dependent on the resources provided by the board of directors The higher the environmental uncertainty, the more valuable the advisory suggestions of the board of directors, while the board’s advisory function can be better performed. On the other hand, when the environmental uncertainty increases, the decision-making becomes more complex, the difficulty of supervising and predicting the behavior of the management rises, and the role of the supervision function of the board of directors is enhanced. This thesis studies the divestiture activities of Chinese enterprises, and makes a more in-depth and detailed discussion on the impact of divestiture on the high-quality development of enterprises and the role of board governance in the implementation of divestiture, which has important theoretical and practical significance. Firstly, it reveals the relationship between divestiture and high-quality development of enterprises, that is, the implementation and the expanding of divestiture will help to improve total factor productivity and profitability and promote high-quality development of enterprises. Secondly, it introduces the corporate governance situation into the research of divestiture, extends the application of dynamic capability theory and principal-agent theory, and promotes the development of strategic management and corporate governance theory. Finally, it confirms the path of divestiture in both strategic dimension and organizational information dimension, which is helpful to guide the practice of divestiture of Chinese enterprises.
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