联系我们

论文查询结果	返回搜索

论文编号：	14100
作者编号：	1120191059
上传时间：	2023/6/9 10:17:02
中文题目：	高管纵向兼任对企业专业化的影响研究
英文题目：	Research on The Influence of Vertical Interlock on Enterprise’s Specialization
指导老师：	薛有志
中文关键字：	企业专业化；高管纵向兼任；管理层自利行为；融资约束；社会网络
英文关键字：	Vertical Specialization；Vertical Interlock；Self-interest Behavior of Management；Financing Constraints；Social Network
中文摘要：	在新冠疫情冲击、数字化科技革命、地缘政治博弈加剧等大变局背景下，中国构建内循环为主、外循环赋能的“双循环”发展新格局，推进数字经济发展和优化区域产业分工体系，为企业垂直专业化发展提供平台。作为宏观经济发展的微观基础，部分企业面对国际国内市场竞争、数字经济发展等外部经营环境的风险与挑战，选择专业化发展战略，希望通过减少内部冲突提高运营效率，构建核心竞争优势，适应外部环境变化。高管作为公司治理与企业战略决策的关键环节，在企业专业化发展中占据重要地位。中国资本市场中，高管纵向兼任现象普遍存在。在高管个体认知影响企业战略行为的基础上，股东与管理层之间的网络关系，赋予了高管纵向兼任“治理机制”和“社会网络”的双重特征。一方面可以作为股东增强对企业监督控制的治理工具，另一方面，有助于拓展企业社会网络关系和获取社会资本，赋能专业化发展。因此，在国内外市场环境背景下，探索集合高管个体特征、社会网络与治理效应的高管纵向兼任对企业专业化的影响成为重要研究问题。 本研究围绕“高管纵向兼任与企业专业化”这一研究主题，基于委托代理理论、交易成本理论、高阶理论、资源依赖理论和社会资本理论，系统性探索高管纵向兼任与企业专业化的关系，补充高管治理和战略管理的研究内容，为推动我国企业专业化发展和高管治理机制设计提供实验证据。具体从以下三个方面开展研究：首先，基于高管纵向兼任“个体认知影响战略”、“治理机制”和“社会网络”三重特征，分别从委托代理理论视角、社会网络关系视角和社会资本理论视角出发，解析高管纵向兼任对企业专业化的影响。其次，重点探索和分析管理层自利行为、关联性商品劳务交易规模、关联性资本交易规模和融资约束在高管纵向兼任对企业专业化影响中的中介作用。最后，将企业数字化转型、信息披露质量和激励机制纳入高管纵向兼任影响企业专业化的研究框架，揭示企业数字化转型、信息披露质量、高管持股和管理层薪酬对高管纵向兼任与企业专业化关系的调节作用。 本研究主要结论包括：（1）高管纵向兼任有利于企业专业化程度的提升。（2）限制和约束管理层自利行为是高管纵向兼任促进企业专业化发展的中介路径；（3）高管纵向兼任推动企业专业化发展过程中，关联性资本交易规模是这一促进作用的中介路径；（4）融资约束在高管纵向兼任影响企业专业化的过程中发挥中介作用；（5）随着企业数字化转型程度的提升，高管纵向兼任对企业专业化的正向促进作用得到增强；（6）管理层薪酬激励水平能够显著正向调节高管纵向兼任对企业专业化的促进作用；（7）信息披露质量对高管纵向兼任与企业专业化关系具有正向调节作用。 本研究具有以下几点创新：第一，在理论层面构建高管纵向兼任影响企业专业化的理论框架，为高管纵向兼任后果研究提供新的研究视角。第二，基于多元治理机制共同作用的视角，在高管纵向兼任影响企业专业化的理论框架中引入其他治理情境，拓展了委托代理理论的应用。第三，基于高管纵向兼任“治理机制”和“社会网络”双重特征分析其对企业专业化的作用路径，突破高管纵向兼任的传统研究框架，拓展高管纵向兼任的研究思路。第四，基于数字经济背景，对企业数字化转型、高管纵向兼任和企业专业化关系进行探究。 依据实证研究结果，本研究对高管团队架构、公司治理体系设计与企业战略管理提出以下几点针对性建议：（1）正确审视高管纵向兼任的治理优势，善用高管纵向兼任“监督效应”，发挥其对公司专业化发展的正向促进作用。（2）鼓励企业与股东之间构建合理纵向联结关系，善用高管纵向兼任的社会网络关系和社会资本，赋能企业专业化发展。（3）推进企业数字化转型，引导高管纵向兼任与数字技术应用发挥“乘数效应”，促进企业聚焦主业，构建核心竞争优势。（4）构建科学合理激励机制，充分发挥高管纵向兼任与激励机制对企业专业化的共同治理作用。（5）重视信息披露，发挥多元治理主体的协同治理，建立健全监督治理体系，推进企业专业化发展。 本研究基于国内外市场环境，围绕“高管纵向兼任如何影响企业专业化”这一核心研究问题，探索高管纵向兼任对企业专业化的影响及作用路径，以及不同情境因素对两者关系的调节作用，具有重要的理论意义和实践意义。首先，本研究探析高管纵向兼任对企业专业化的影响，并深入剖析其具体作用路径，深化了高管纵向兼任与企业专业化关系的研究，拓展了多重身份高管的研究思路，补充了高管治理与战略管理的研究内容。其次，引入其他情境因素，剖析其对高管纵向兼任与企业专业化关系的影响，丰富了高管纵向兼任与企业专业化的研究内容。然后，通过深入探析高管纵向兼任对企业专业化的影响及作用机理，为管理人员选聘和高管团队架构提供参考依据，也为企业利用纵向社会网络和母子公司高管协同配置，促进专业化发展提供经验参考。最后，识别高管纵向兼任促进企业专业化的保障情境，为推动企业专业化发展的保障机制设计提供实证支持。
英文摘要：	The world is undergoing profound changes unseen in a century, which led by the impact of the COVID-19, the digital technology revolution, and the intensification of geopolitical game. Under this background, China is pushing to foster “dual circulation” development paradigm, encouraging the development of the digital economy, and optimizing the regional industrial division system. These development strategies provide a platform for vertical specialization. As the micro foundation for macroeconomic development. Enterprises choosing specialization development to respond to the risks and challenges of external business environments such as international and domestic market competition and the development of the digital economy, so as to improve operational efficiency by reducing internal conflicts, build core competitive advantages, and adapt to changes in the external environment. As a critical role in corporate governance and strategic decision-making, senior management occupies a significant part in firm’s specialization development. It is common for vertical interlock in China. Based on the characteristic that individual cognition affects corporate strategic behavior, the network relationship between shareholders and management endows vertical interlock with the dual characteristics of "governance mechanism" and "social network". On the one hand, it can be used as a governance tool for shareholders to enhance their supervision and control. On the other hand, it can help firms expand the social network and obtain social capital, which could help to promote their specialization development. Therefore, in the current of market environments, it is an important research issue that exploring the impact of vertical interlock on firm specialization. This study focuses on the research topic of "Vertical Interlock and Enterprise Specialization", systematically exploring the relationship between vertical interlock and enterprise specialization based on Principal-Agent Theory, Transaction Cost Theory, Upper Echelons, Resource Dependence Theory, and Social Capital Theory, which help to complement the research content of management governance and strategic management and provides experimental evidence for promoting enterprise specialization development and designing governance mechanisms in China. The research is carried out from the following three aspects: Firstly, based on the triple characteristics of vertical interlock, this paper analyzes the impact of vertical interlock on enterprise specialization from the perspective of Principal-Agent Theory, social network relationship, and Social Capital Theory, respectively. Secondly, it focuses on exploring and analyzing the mediating role of management's self-interest behavior, the size of related commodity transactions, the size of related capital transactions, and financing constraints in the influence of vertical interlock on enterprise specialization. Finally, in order to reveal the moderation effect of corporate digital transformation, information disclosure quality, executive shareholding, and managers’ compensation on the relationship between vertical interlock on enterprise specialization, this paper incorporates corporate digital transformation, information disclosure quality, and incentive mechanisms into the research framework of the impact of vertical interlock on enterprise specialization. The main conclusions of this study include: (1) Vertical interlock is conducive to the improvement of enterprises’ specialization. (2) Limiting and restricting the management's self-interest behavior is a mediating path for vertical interlock promote firm’s specialization. (3) In the process of promoting firm’s specialization via vertical interlock, the size of related capital transactions is the mediating path. (4) Finance constraints play a mediating role in the impact of vertical interlock on firm’s specialization. (5) With digital transformation of enterprises, the positive effect of vertical interlock on enterprise specialization has been enhanced. (6) The compensation incentive level of management has a positive moderating effect on the relationship between vertical interlock and enterprise specialization. (7) The quality of information disclosure has a positive moderating effect on the relationship between vertical interlock and enterprise specialization. There are several innovations as follows: Firstly, at the theoretical level, this research constructs a theoretical framework for the impact of vertical interlock on corporate specialization, which providing a new research perspective for the consequences of vertical interlock. Secondly, from the view of multiple governance mechanisms’ synergies, other governance contexts were introduced into the theoretical framework of the impact of vertical interlock on corporate specialization, which is conducive to expanding the application of the Principal-Agent theory. Thirdly, based on the dual characteristics of "governance mechanism" and "social network", this research analyzes the impact of vertical interlock on enterprise specialization, which breaks through the traditional research framework of vertical interlock, and enriches the research ideas of vertical interlock. Additionally, in the context of the digital economy, this research explores the relationship between enterprises’ digital transformation, vertical interlock and enterprise specialization. Based on the empirical research results, this study proposes the following targeted proposals: (1) In order to play the positive role in promoting the companies’ specialization, Enterprises should correctly examine the governance advantages of vertical interlock and make good use of the "supervisory effect". (2) Firms could encourage the establishment of reasonable vertical network between enterprise and its shareholders and make good use of the social network relationships and social capital, which would empower enterprises’ specialization. (3) Enterprises should promote the digital transformation, as well as exerting the "multiplier effect" between vertical interlock and digital transformation. So as, to lead firms to focus on their main business and build core competitive advantages. (4) Firms need to establish a scientific and reasonable incentive mechanism and give full play to the joint governance of vertical interlock and incentive mechanisms in enterprise specialization. (5) To promote enterprises’ specialization development, firms should attach more attention to information disclosure, guiding diverse governance subjects’ collaboration governance, and then improve a supervision and governance system, Based on the market environment, this study focuses on the core research issue, exploring the impact and the path of vertical interlock on enterprise specialization, as well as different situational factors’ moderating effect on the relationship between vertical interlock and enterprise specialization, which have both theoretical and practical significance. First, by exploring the impact of vertical interlock on enterprise specialization and analyzing the path of it, this study deepened the research of the relationship between vertical interlock and enterprise specialization, enriched the research content of executive governance and strategic management, and expanded the research ideas of vertical interlock. Secondly, through introducing other situational factors and analyzing their impact on the relationship between vertical interlock and enterprise specialization, the research content of vertical interlock and enterprise specialization is enlarged. Then, through in-depth analysis of the impact of vertical interlock on enterprise specialization, this paper provides a reference basis for the selection of management and the structure of top management teams, as well as offering an empirical reference for firms use vertical social networks and manager’s collaborative allocation to promote enterprise specialization development. Finally, this research also helps to identify the guaranteed scene for vertical interlock promoting enterprise specialization and provides empirical support for the design of the guaranteed mechanism to promote the development of enterprise specialization.
查看全文：	预览  下载(下载需要进行登录)