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论文编号：	1563
作者编号：	1120060726
上传时间：	2010/1/12 12:11:56
中文题目：	中国跨国企业母公司与海外子公司治理机制研究
英文题目：	Study on the Governance Mechanism of Parent Company and Foreign Subsidiaries of Chinese Mutinational Enterprises
指导老师：	周建
中文关键字：	跨国企业治理；国际化；子公司战略角色；制度落差
英文关键字：	Corporate Governance of Multinational Enterprise; Internationalization; Strategic role of Subsidiaries; Institutional distance.
中文摘要：	面向中国企业的国际化战略与公司治理实践，以中国跨国企业为分析单位，以企业跨国经营中的公司治理为研究对象，以代理理论、资源依赖理论、制度理论等为基础，探索中国跨国企业如何在不同制度背景下有效设计治理机制，促进竞争优势的提高与企业绩效的提升。依托于63份有效问卷，采用因子分析、多元线性回归、二元Logist回归等方法进行实证分析，论证了中国跨国企业母、子公司治理的前因变量（国际化程度、全球竞争、子公司战略角色、制度落差）与结果变量（企业绩效）的影响与作用机理，并得出以下四方面结论： 第一，就母公司治理机制而言，首先，国际化是影响董事会与高管团队规模的重要因素，它增加了企业复杂性与高管团队的战略范围和难度，促使企业扩大董事会和高管团队规模。其次，全球竞争是影响董事会规模与结构的重要因素，它增加了环境波动性和战略动态性，给董事会战略决策带来挑战，促使企业增大董事会规模和外部董事比例。再次，高管薪酬机制与领导权结构设置相对失效。整体薪酬与激励性薪酬均无法反映环境波动性与战略复杂性，更无法体现与企业绩效的关联，基本失去激励意义；领导权结构也缺乏这种权变性，难以实现公司监督权与执行权的优化配置。最后，母公司治理机制间存在互动作用：一是高管团队与董事会间存在较强依存性；二是董事会结构与双重性间存在明显互补效应；三是双重性与高管团队规模间存在相互替代作用；四是董事会规模对高管整体薪酬存在单向互补作用。 第二，就子公司治理机制而言，首先，子公司战略角色与东道国竞争是影响董事会结构的重要因素。当地响应或全球整合程度较高或者东道国竞争较强时，董事会中母公司外派董事比例会下降。其次，子公司薪酬机制对母公司薪酬具有依赖性特征，从而子公司薪酬机制设计也相对失效。再次，子公司角色是影响子公司CEO来源的重要因素。当地响应程度较高时，母公司更可能委派高管担任子公司CEO以有效控制子公司。最后，子公司治理机制间存在互动作用：一是子公司治理机制中存在相互依存性特征；二是子公司董事会结构与规模间、TMT结构和规模间存在相互抑制影响；三是子公司CEO来源与TMT结构及董事会结构间存在相互促进影响；四是子公司的双重性与CEO来源间存在单向促进作用。 本研究可能的创新之处体现在：首先，将制度落差纳入到研究框架中验证了对中国MNE治理的重要影响，验证了制度落差对中国MNE治理机制和企业绩效的直接影响以及对治理机制与绩效关系的调节作用，既是对现有研究的理论突破，也扩展了制度理论和制度基础观(IBV)的研究。其次，基于企业战略与公司治理互动的视角尝试建立了中国MNE治理理论分析模型，将中国企业的国际化战略与子公司的战略角色等战略因素与中国MNE治理机制相关联，验证影响中国MNE治理的各种因素及其对绩效的影响，有利于更全面的考察中国MNE治理特征与作用机理，更深刻的揭示其前因变量与结果变量。第三，提出并验证了子公司战略角色对中国MNE子公司治理与绩效的重要影响。海外子公司的治理不仅需要考虑治理机制本身，也需要考虑子公司的战略角色，这对于子公司治理研究具有重要意义。 本文的结构安排如下：第一章绪论，介绍了研究背景与研究问题，阐明研究意义、研究内容和方法，介绍了研究框架体系。第二章文献回顾与研究述评，对国内外研究现状进行梳理与总结，识别当前研究的不足并得出对本研究的启示。第三章理论基础、模型构建与研究设计，界定了研究的核心概念，概括了依托的理论基础，构建出本研究的理论模型；然后介绍研究设计与过程、问卷设计及实证方法。第四章中国MNE治理影响因素与机制设计，从母公司与海外子公司治理两个层次提出研究假设，对变量进行定义和测量，并介绍了研究方法。第五章中国MNE母公司治理影响因素与机制设计，通过实证分析，从中国MNE母公司层面验证上一章提出的假设。第六章中国MNE海外子公司治理影响因素与机制设计，主要从海外子公司治理验证第四章提出的研究假设。第七章研究结论与展望，归纳了主要结论，指出研究的创新点及理论和实践启示，概括了存在的不足与未来研究方向。
英文摘要：	Turnning toward to the practice of the internationalization strategy and corporate governance of Chinese firms, this dissertation bases on Chinese Multinational Enterprise (CMNE) as analysis unit, and on the governance problems during the transnational operations as research object, and on the Agent Theory, Resource-Dependent Theory, Institution Theory as theoretical foundations, and explores how CMNE effectively design the governance mechanisms in different institutional background, so as to improve firm competitive advantage and performance. Relying on 63 pieces of questionare, this study applies factorial analysis, multiple linear regression and dual logist regression to make emprical analyse, and demonstrates influence and mechanism of the cause variables (level of internationalization, global competition, the strategic role of subsidiaries, and institutional distance) and outcome variables (firm performance) of the governance for the parent and subsidiaries of CMNE, at last, four conclusions were reached: First, for the governance mechanisms of parent company, 1) Internationalization is an important influence for the structure of the board and Top Mangemant Team (TMT), in that which increases firm complexities and the scope and difficulity of the strategies, so prompts to enlarge the size of the board and TMT. 2) Global competition is the key factor for the size and structure of the board, which improves the environment volatility and strategy dynamics, so brings challenge for the board strategy- making and leads to expand the size of the board and the percent of outside director. 3) The compensation mechanism and structure of the leadership are ineffective. Both the overall compensation and the incentive not only couldn’t reflect the environment volatility and stretagy complexity, but couldn’t express its relation with the performance, so it loses the basic incentive significance. The structure of the leadership also lack this contingency, so couldn’t it realize rational distribution of the superintendence and execution right. 4) There are some interactional influences in the governance mechanisms: interdependence exsits in the relationship between TMT and the board; complementation effect is in the relationship between the structure of board and duality; substitution effect exists between the duality and structure of TMT; the size of board is supplementary to the overall compensation. Second, for the governance mechanisms of subsidiaries, 1) The strategic role of subsidiaries and the competition in the host country are important influence to the structure of the board. When the local response or global integration is stronger or when the competition in the host country is more intense, the percent of the expatriate director to the board of subdiaries would decrease. 2) The compensation mechanism of subsidaries is dependent on their parent compensation, so the subsidiaries compensation mechanism is ineffective too. 3) The strategic role of subsidiaries is important to the source of subsidiaries’ CEO. When the local response is stronger, parent is more likely to expatriate excutives to hold subsidiaries’ CEO. 4) There are some interactive effects in the subdiaiares governance mechanisms: interdependence exists in the subsidiaries governance mechanisms; the reciprocal inhibition effects are in the relationship between the structure and size of the board, and between the structure and size of TMT; the mutual promotion effects are in the relationship between source of subsidairies’ CEO and the structure of TMT/ board; the duality of subsidiaries has promotor action to the source of CEO. The possible innovations or contributions of this dissertation are showed as follows. First, institutional distance is introduced into the analysis framework and verified its importance to the governance of CMNE. The exploration is took on the influence factors and effect on performance of CMNE’s governance based on the institutional environment, so it is a theoretical breakthrough to the current research and also is an expandedness for the institution theory and the institution-based view. Second, this study discovered the governane mechanism of CMNE from the perspective on the interaction of strategy and governance, so it is propitious to more comprehensively investigate the governance character and action mechanism of CMNE, and more thoroughly to explore the cause variables and outcome variables. Last, this study verifies the important influence of strategic role of subsidiaries on the performance. The governance of subsidiaries need not only consider the governance mechanism itself, but also the strategic role of subsidiaries, which has great importance to the research on governance of subsidiaries. The structure of this dissertation is showed as followed. Chapter one introduces research background and question, clarifies its significance, contents and methods, then presents research framework. Chapter two is literature review, which summarize the current research, distinguishes its deficiency and extracts the contents of this study. Chapter three defines some core concepts, summerizes the theoretical foundation and constructs the models; then introduces the research design and process, questionare design and emprical methods. Chapter four is the influence factors and mechanism design of CMNE governance, which proposes the hypothesis from the parent and subdiaries, defines the variables and introduces the methods. Chapter five verifies the hypothesis of the former chapter by the empricial analysis. Chapter six empricially verifies the hypothesis of the chapter four, from the subdidiaries governance and disscusses the results and research implications. Chapter seven summarizes the main conclusions of this study, indicates the contributions and implications for the research and practice, and lastly summarizes the dificiency and the propect of future research.
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