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论文编号：	4142
作者编号：	1120080750
上传时间：	2012/6/4 11:12:45
中文题目：	基于董事会能力的董事会投融资战略介入研究：来自沪市制造业上市公司的经验证据
英文题目：	Research of Board’s Investment and Financing Strategic Engagement: Evidence from Manufacturing Listed Company in Shanghai Stock Exchange
指导老师：	周建
中文关键字：	董事会能力，投融资战略，战略介入，竞争优势，制造业企业
英文关键字：	Board Capabilities, Investment and Financing Strategy, Strategic Engagement, Competitive Advantage, Manufacturing Enterprises
中文摘要：	随着中国产品市场以及资本市场的建立与发展，投融资战略管理在企业成长中占据了越来越重要的地位。中国的经济增长依靠投资需求的拉动，因而投资增长与经济增长的相关度很高。然而，由于企业的投融资决策机制仍不够完善，导致投融资决策的低效化、盲目化和短期化问题严重。因此，必须有一个监督者来对管理层的决策行为进行有效控制，也需要一个指导者来帮助管理层做出更加科学的战略方针。身兼出资者代理人和委托人双重身份的董事会，需要且有必要承担决策制定的指导者和战略执行的监督者职责。基于此思路，中国企业董事会投融资战略介入问题的关键在于：中国企业董事会如何通过介入投融资战略决策过程，进而影响企业竞争优势的获取与延续？针对上述问题，本文首先在代理理论、资源基础论与资源依赖论的理论框架下，分析不同战略介入程度的董事会在投融资战略过程中的角色，归纳出董事会投融资战略介入的控制、服务与资源依赖职能；从专业能力和关系能力两个方面，提出动态环境下的董事会能力概念内涵，本文认为，董事会能力是董事会参与并影响企业投融资战略过程的凭借所在。由此，本文分别阐述了董事会投融资战略介入的角色定位和决策来源问题。其次，基于对董事会介入战略应具备的能力和职能的阐述，本文分别解释了董事会能力对融资约束、投融资决策制定和执行阶段的影响路径，最终形成董事会介入投融资战略过程进而影响其介入效果——企业竞争优势的理论模型，以此阐述董事会如何应用其专业能力和关系能力，支持和引导企业投融资战略决策寻求竞争优势的路径模式与作用机理。在通过理论分析了本文的核心研究问题之后，本文以董事会能力为概念基础，综合考虑董事会成员的专业知识与工作经验、政府关联与企业关联，以及董事会整体知识和经历的多样性程度，基于专业能力与关系能力两个维度，构建董事会能力指标体系。在实证分析部分，本文以董事会能力指标作为解释变量，企业竞争优势指标作为被解释变量，选取沪市制造业上市公司2005-2007年数据为研究样本，采用中介效应与调节效应的检验方法，考察董事会能力通过何种形式介入企业投融资决策，并最终对企业竞争优势产生怎样的影响效果。本文实证研究主要发现：（1）董事会能力和专业能力能够为竞争优势直接带来积极影响。本文认为，董事会（专业）能力短期内具有VRIN属性，董事会（专业）能力作为企业动态能力的组成部分，直接通过某种传导路径为企业带来某方面（特别是战略方面）的竞争优势。（2）董事会能力对融资战略过程具有较强的影响，对投资战略过程的影响相对较弱。董事会能力特别是关系能力，对企业融资决策创造竞争优势的战略过程具有调节性的间接影响，而专业能力则能够对融资战略过程产生重要的直接影响；董事会能够通过关系能力对投资战略过程产生调节性的间接影响，专业能力则能够减弱企业面临的融资约束，但无法对投资战略与竞争优势的关系产生影响。（3）低下的法律意识和关系能力导致中国制造业企业董事会的融资战略介入失效问题。回归结果发现，董事会凭借专业能力介入融资战略过程，却对竞争优势产生间接的负面影响，本文称之为董事会融资战略介入失效。经研究发现，随着董事会法律意识的提升，高财务杠杆对竞争优势产生的不良后果将得到缓解；而具有较强关系能力的董事会对专业能力战略介入的依赖程度较小，不过，当关系能力不能有效完成对融资决策的调节作用时，低下的法律意识则导致战略介入失效问题的出现。本文的研究贡献体现为：（1）在董事会对企业竞争优势的影响路径研究中，较早关注投融资战略在其中的传导作用，建立董事会能力介入投融资战略，并最终创造竞争优势的理论模型。（2）构建董事会能力测度指标体系，较早尝试从专业知识与经验、以及社会关联两个方面综合测度董事会能力的构成，并添加了具有中国情境特色的二级指标政府关联。（3）综合应用调节效应与中介效应的检验方法，实证分析董事会能力、投融资战略决策及竞争优势之间的影响传导路径，该两种检验方法的应用在董事会战略介入问题的实证研究领域中尚不多见。
英文摘要：	With the development of commodity markets as well as capital markets in China, investment and financing strategy management played an increasingly important role in enterprise development. The economic growth of China relied on stimulating investment demand, and thus related to investment at high degrees. However, investment and financing decision-making mechanism of China’s enterprises is still not perfect, resulting in inefficient investment and financing decisions. Therefore, there must be a supervisor to exercise effective control over the decision-making behavior of senior management, also need aninstructor to help management make better strategic policy. Thus, board of directors should assume the responsibilities of decision-making supervisor and instructor. Therefore, the key issue to board’s investment and financing strategic engagement is how board of directors involved to investment and financing strategic process and what is the path of board of directors involved in investment and financing strategy and finally affected competitive advantage? Firstly, this paper analyzed the roles of board of directors with different degrees of strategy engagement and independence based on the multi-theoretical framework. And we proposed the concept of board capabilities, thus explained the foundation of board of directors strategic engagement. And then we discussed the research question from the view of the strategic role of board of directors and the source of board of directors in decision-making. Secondly, in the third chapter, this paper discussed the capabilities and functions board of directors involved in investment and financing strategy should have. And we found the path of board capabilities affecting investment and financing strategic process, and finally constructed the dynamic framework for investment and financing strategy engagement of board of directors. We selected the data of manufacturing listed company in the Shanghai Stock Exchange from 2005 to 2007 as the research sample. This paper used empirical methods of moderating and mediating effect, verified the relations between board capabilities, investment and financing decisions and competitive advantage, as well as the conduction path. This paper found that: First, board capabilities and professional capabilities have a positive direct impact on competitive advantage. Board capabilities and professional capabilities have VRIN property in short term. Thus, as a part of corporate dynamic capabilities, board (professional) capabilities can bring competitive advantage (especially the aspect of the strategic process) through some conduction paths directly. Second, board capabilities had a strong impact on the corporate financing strategic process. And board capabilities had a weak impact on the corporate investment strategy process. Board capabilities in particular the relational capabilities had indirect impact on strategic process, and professional capacity could involve in the creating value process of financing strategy and had important direct impact on it. For the creating value process of investment strategy, the board had indirect impact on it through relational capabilities. Through weakening financing constraints, professional capabilities had indirect impact on investment decision making, but had not impact on the relationship of investment strategy and competitive advantage. Thus, the board of China’s manufacturing enterprises had higher level of financing strategy engagement, and had a positive impact on competitive advantage through transmission mechanism of financing strategies; while it had lower level of investment strategy engagement, board capabilities mainly has an indirect effect. Third, the failure of financing strategy engagement of the board in China’s manufacturing enterprises was caused by low legal awareness and relational capabilities. The regression results in the fifth chapter found that relying on the professional capabilities boards of China’s manufacturing enterprises involved in financing strategy directly. But it had indirectly negative impact on competitive advantage, and here we called it the failure of board financing strategy engagement. In this paper, with the development of legal awareness of boards, the adverse consequences of high financial leverage for competitive advantage will be eased. The boards with high relational capabilities less relied on the professional capabilities, and had no necessary to engage in financing decision-making. However, when the relational capabilities can’t be effectively to play the role of adjusting financing decision, low legal awareness will lead to the failure of board strategic engagement. This paper made several contributions that: Firstly, we reexamined the role of board’s investment and financing strategic engagement in dynamic environment, and established the dynamic framework of board capabilities involved in the investment and financing strategic process. Then we described the value creation behavior of investment and financing strategic engagement of board of directors, and the feedback effect of external environment on board capabilities. Secondly, we built the evaluation index system of board capabilities based on the dimensions of professional and relational capabilities. And we used the index of board capabilities as explanatory variable to build the empirical test equation of board’s investment and financing strategic engagement. Thirdly, we empirically researched the path in which board capabilities affect competitive advantage, performed as moderating and mediating effect, and then illustrated the conduction relationship between board capabilities, investment and financing strategies and competitive advantage.
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