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论文编号：	2603
作者编号：	1120070746
上传时间：	2010/6/13 14:19:11
中文题目：	董事会职能影响企业多元化经营绩效的实证研究
英文题目：	The Emprical Study on Director Board Functions Influencing Diversification Operation Effects
指导老师：	薛有志
中文关键字：	多元化战略；董事会职能；战略实施；公司绩效
英文关键字：	Diversification Strategy; Director Board Functions;Strategy Implementation; Corporate Performance
中文摘要：	多元化战略作为公司重要的成长向量自Ansoff（1954）提出以来一直受到国内外学者的关注，特别是Rumelt(1974)针对企业多元化类型与公司绩效关系的开创性研究更是将多元化战略的研究推向一个新的阶段。但是国内外目前研究焦点多集中于企业多元化程度、类型、进入方式等与企业价值、公司绩效关系的探讨上，并依据实证研究结果得出“多元化折价”或“多元化溢价”的结论性判断。特别是在现代企业制度下，国内外学者依据现代企业制度特征和代理理论，认为多元化折价是经理层出于提高个人报酬、声誉和控制权力等而做出的违背股东价值最大化原则的必然结果，因此作为公司治理核心的董事会如何提高和强化自身独立性以提高董事会的监督和控制职能，从而有效地抑制经理层多元化决策的私利行为就成为目前主流研究逻辑。 通过对已有相关研究的深入分析，本研究认为源于经理层代理问题驱动下的多元化决策非科学化可能是导致“多元化折价”的重要原因，但并非唯一原因，因为多元化决策科学化也不意味着“多元化溢价”，多元化战略收益的实现还有赖于战略执行过程的科学化。但在现代企业制度下，董事会掌握着多元化战略决策的制定和控制权，经理层担负着战略执行的主要工作。但研究发现经理层执行多元化战略过程中却可能存在如下问题：第一，经理层代理问题更为严重，多元化战略实施不但强化了企业内外部信息不对称和内部人控制人，而且也弱化了相关激励机制的激励效应，从而增加了经理层机会主义行为和道德风险的可能性；第二，经理层信息处理能力受限问题，不同类型多元化战略收益的差异以及信息处理量的增加，使得经理层面临严重的信息处理负担，管理能力面临挑战；第三，经理层资源扩充能力受限问题，大量研究表明制度环境是影响多元化战略收益实现的重要因素，因而如何推动企业获取外部资源支持成为企业面临的挑战，而经理层职责的重点在于对内经营企业资源而非扩充资源，因此外在资源扩充能力的局限就束缚了经理层能力的发挥。 因此作为公司治理核心的董事会，能否有效解决经理层战略执行过程中存在的问题将在很大程度上决定企业能否实现多元化战略潜在的价值效应。企业实践和理论研究表明，提高董事会对于公司战略发展的贡献程度有赖于两个因素：一是董事会职能范围的拓展，董事会所应承担的职能不应局限于控制职能，还应包括咨询职能和资源职能，更进一步研究发现，董事会作为内生于现代企业制度的必然产物其职能重点将由最初的强调控制职能逐步过渡到咨询职能和资源职能，第二，董事会职能发挥应突破单纯的战略决策阶段，而应贯穿于公司战略管理的全过程，董事会只有在战略管理的全过程中全面地发挥多种职能才能更加有效地实现企业价值最大化。 综合前述分析，本研究从多元化战略实施角度入手，考察多元化战略实施过程中经理层面临的诸多问题，以及董事会相关职能的战略意义，并在此基础上构建了董事会职能影响企业多元化经营绩效的理论模型。进一步地，结合影响董事会职能发挥的董事会属性，本研究提出了董事会相关属性影响企业多元化经营绩效的相关研究假设，并利用2005-2008年2190家沪深两地上市公司的经验数据实现检验了相关研究假设，并获得如下研究结论：第一，强化董事会职能是实现多元化战略价值效应的内在要求，董事会职能建设具有明显的战略依赖性；第二，相比较于董事会控制职能，董事会咨询职能与资源职能对企业多元化经营绩效有更为明显的正向促进作用；第三，董事会与经理层职能背景差异性（或互补性）是实现董事会咨询职能的重要途径，而且董事会咨询职能的发挥有赖于公司多元化战略的特定需要；第四，董事会资源职能的战略价值效应具有一定的外部环境依赖性。 相比较于已有研究，本研究如下理论创新：第一，在多元化战略与董事会职能关系的研究框架中，将董事会职能的研究层次从战略决策层面深入到战略实施层面，并且拓展了多元化战略管理过程中的董事会职能应用范围；第二，本研究从多元化战略实施视角，较为系统地梳理了董事会职能影响企业多元化经营绩效的内在逻辑；第三，本研究首次系统性地研究董事会控制职能、咨询职能和资源职能对于企业获取多元化战略价值效应的作用，以及董事会相关职能的实现路径和影响因素；第四，本研究系统地分析了董事会控制职能、咨询职能和资源职能等三种职能在实现多元化战略价值效应过程中的兼容可能性。而且相关研究结果对于指导现代企业科学、有效地执行多元化战略，以及董事会制度建设方面具有重要的启示和借鉴意义。 关键词：多元化战略；董事会职能；战略实施；公司绩效
英文摘要：	Diversification strategy as the firm’s important growth direction advanced by Ansoff in 1954 has attracted much attention by scholars home and abroad, especially Rumelt made the pioneering research about diversification posture and corporate performance in 1974 drived the diversification strategy research into a new stage. However research home and abroad pay more attention to the relationship between diversification level, posture and entry model and firm value and corporate performance, and further more come to diversification discount or diversification premium conclusion depending on the empirical results. Especially based on the modern business institution and agency theory, scholars home and abroad think of the diversification strategy decisions as the results of the management team violating the shareholder value maximization, because they will enjoy personal pay, fame and control righ and so on. So the modern main research logic is how the director board as the core of corporate governance finds the way to enhance its supervision and control function, and further eliminate the diversification decision by the management team for personal benefit. Based on the deep analysis of relevant research, the study suggests the non-scientific diversification strategy by the management team agency problems may not be the only driving factors leading to diversification discount. Even though the scientific diversification decision may not mean diversification premium, the diversification strategic benefits is up to the scientific diversification implementation. But in the modern business institution, the director board charges the right of making and controlling diversification decision, and the management team takes the tasks implementing the diversification. But the study finds there some problems facing the management team when implementing diversification: firstly, agency problems facing the management team is more serious, the diversification implementation enhances the information asymmetry, also weakens the incentive effects of relevant incentive mechanism, all those factors increase the possibility of the management team opportunitisic behavior. Secondly, the management faces information processing ability. Because the difference of diversification strategy benefit base on different diversification posture and the enhanced volume of processing information, all those things make the management team take the information processing burden and its management ability face challenges. Thirdly, the management team facing resource constraints. Abundant research suggests institutional environments are the important factors influencing diversification benefits realization. While the management team’s task is to operate resources not expand it, so the resource expansion limitation constrains their ability. So the director board as the core of corporate governance, whether they can solve the problems existing during diversification implementation will determine the firm can realize the potential diversification strategy to some degree. Firm practice and theoretical research suggest the potential contribution to corporate strategy by director board depend on two factors: First, we must broaden the scope of director board function. The functions taken by director board must no be limited to control function, advice function and resource function must also be included. And further research suggests the director board must transit the function emphasis from the control function to advice function and resource function. Second the board function must not be limited to strategic decision stage, and further it should be applied to the whole process of strategy management. If the director board applies all its functions, the firm can realize the potential value maximization. Based on the prior analysis, from the perspective of diversification implementation the study examines the problems facing the management team during, and the strategic meaning of board relevant functions. And based on these analyses the study constructs a model descriptive board functions influencing diversification operation performance. Furthermore according to the board attributes the study advance the relevant hypothesis board functions influencing diversification performance, and further more the study use samples data from 2190 listed companies from 2005 to 2008 listed in Shanghai and Shenzhen Stock Exchange. At last we get some research conclusion: Firstly, strengthening the board functions is the necessarily factors to realize diversification value effects. And the board function construction depends on strategy. Secondly, compared with board control function, board advice function and resource function is more positive to diversification performance; Third the difference between board and management functional backgrounds is the important means to realize board advice functions, and also the board advice function’s effects depend on corporate diversification needs; Fourthly, board resource function’s strategic value effects is influenced by institutional environments. Compared with existent research, the study has some innovations: Firstly, the study deepens the research level from strategy decision making to strategy implementation under the diversification strategy and board functions research frame. And further more the study broaden the application scope of board functions during diversification strategy management process; Secondly, the study symmetrically examines the inside logic of board functions influencing diversification performance based on diversification implementation. Thirdly, the study examines the effects of board control function, advice function and resource function for diversification value for the first time, and the realization means and influencing factors of board functions. Fourthly, the study examines the compatibility among board control function, advice function and resource function during diversification strategy value realization. And the relevant research results provide some important meaning for guiding firms to implement diversification scientifically and effectively and also provide some advice for board construction. Key Words: Diversification Strategy; Director Board Functions; Strategy Implementation; Corporate Performance
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