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论文编号：	3328
作者编号：	2120092368
上传时间：	2011/6/7 22:49:52
中文题目：	控股股东突发性侵占行为与代理成本的关系研究
英文题目：	The Study on the Entrenchment Behavior of Controlling Shareholder and Agency Costs
指导老师：	古志辉
中文关键字：	控股股东 侵占倾向 最优侵占比率 代理成本 伦理约束
英文关键字：	controlling shareholder entrenchment tendency optimal ratio of entrenchment agency costs ethical constraints
中文摘要：	转轨经济时期，传统制度已经消散瓦解，新的制度尚未确立或并未成熟，形成了一定的制度真空，而这种制度真空往往需要借助传统的“关系”机制加以填补。成功的企业家多是“关系”运作大师，其背后是一套错综复杂的社会关系网络，他们的经营重点往往不在企业内部而在企业外部，在于处理与政府、银行等金融机构、供应商和竞争对手的关系上，企业家的“关系”拓展能力直接决定了企业家背后所能拥有社会关系网络的广度与深度，进而决定了企业生存发展所需要的各种资源可获得性，最终决定了企业发展战略与竞争绩效。 国内少量学者对社会资本进行了实证研究，但是这些研究没有将企业家社会资本与企业战略之间的关系考虑进来，只是普遍选择企业最终产出变量——绩效作为因变量，而忽视了对过程产出变量——战略选择的研究。但从逻辑上说，企业家社会资本应该首先影响到企业战略选择，然后通过战略执行，最终影响企业绩效。相较企业绩效而言，企业家社会资本与企业战略选择之间的关系应该更为密切。我们认为，将企业战略选择纳入研究范围，不仅有助于理解中国企业成长路径，也可以深化对企业家社会资本功效的认识。 本文首先对企业家社会资本以及多元化战略的理论文献进行了梳理和阐述，然后概括总结了中国特殊的制度背景对民营企业多元化及民营企业家社会资本构成的影响，通过逻辑推理分析了民营企业家社会资本对企业多元化战略及绩效的影响效果及作用机理。在实证研究方面，本文通过多元线性回归来验证民营企业家社会资本总存量对多元化程度的影响，政治网络、经营网络、校友网络三个维度的民营企业家社会资本分别对多元化程度的影响，以及民营企业家社会资本对企业多元化和绩效的互动影响。 通过研究，本文发现民营企业家社会资本总存量与企业多元化程度之间的关系显著为正，政治网络、经营网络、校友网络三个维度的社会资本均对企业的多元化程度起正向促进作用。在对企业绩效的影响方面，本文发现企业的多元化与企业绩效之间不存在显著关系，但是民营企业家社会资本既可以直接有助于企业提高经营绩效，又可以通过首先作用于战略选择然后间接影响战略实施对多元化与绩效之间关系产生正向促进作用。
英文摘要：	In the period of transition economies, the traditional system has collapsed, the new system has not been established or is not mature, thus formatting a certain institutional vacuum, which often requires the traditional "relationship" mechanism to fill. Many successful entrepreneurs are the masters of "relationship" operation, there is always is a complex network of social relations behind them, their business focus is often not in-house but outside the enterprise, is to deal with the relationship between government, banks and other financial institutions, suppliers and competitors. The ability of entrepreneurs to expand the "relationship" will determine the breadth and depth of the social network behind them, and thus determine the availability of necessary resources for the enterprise survival, and finally determines the enterprise development strategies and competitive performance. A small amount of domestic scholars have done empirical study on social capital, but these studies did not take the relationship between entrepreneurs social capital and corporate strategy into account, they generally chose the final output variables-enterprise performance as the dependent variable, ignoring the process output variables - the strategy. But logically speaking, the entrepreneur social capital should first affect the strategy choice of the corporate, and then through the implementation of the strategy, and ultimately affect performance. Compared to corporate performance, the relationship between entrepreneur social capital and the corporate strategy selection should be more closely. We believe that add the strategic choice of companies into the study, not only helps to understand the growth path of Chinese enterprises, but also can deepen understanding of the efficacy of entrepreneur social capital. Firstly, this essay has reviewed the literature on the social capital of entrepreneurs and the theory of diversification strategy, and then summarizes how the special background of China influences the diversification and the formation of entrepreneur social capital of private enterprises. Through logical reasoning this essay analyzes the effect and its mechanism of private entrepreneur social capital on corporate diversification strategy and performance. In empirical research, this paper uses multiple linear regressions to verify the impact of the total amount of entrepreneur social capital on the diversification of private enterprises, the impact of three dimensions of social capital namely political networks, business networks, alumni network on the diverse extent of private entrepreneurs, as well as the interaction of private entrepreneurs social capital and diversification on the performance. Through research, we find that the relationship of total stock of private entrepreneur social capital and the degree of diversification is significantly positive, and political networks, business networks, alumni network all the three dimensions of social capital can promote the enterprise diversification. At the aspect of impact on firm performance, we find that there is no significant relationship between the diversification of business and enterprise performance, but social capital, not only can help companies improve business performance, but also through the first act on the strategic choices and then indirectly affect the implementation of the strategy and thus has a positive role in promoting the relationship between diversification and enterprise performance.
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