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论文编号：	4395
作者编号：	2120102284
上传时间：	2012/6/7 22:48:06
中文题目：	股权结构对企业战略转型的影响研究
英文题目：	Study of the Influence of Ownership Structure on Corporate Strategic Transformation
指导老师：	薛有志
中文关键字：	战略转型 股权结构 股权集中度 股权性质 管理层持股
英文关键字：	strategic transformation, ownership structure, ownership concentration, arrtibutes of control rights, managerial ownership
中文摘要：	随着中国经济发展模式的不断演变，企业层面的战略转型已成为适应外部环境、实现可持续发展的必然选择。然而，现实环境中，对于企业生死攸关的战略转型决策，往往会受到内外部各种因素的影响。公司治理结构作为一种制度安排，是企业战略转型得以发生和推进的平台，会对转型决策产生根本性的影响。进一步研究中发现，在现有公司治理机制与战略转型的互动研究中，大多是从管理者特征、董事会特征、总经理任期和继任机制、高层管理团队特征等视角进行研究，而往往忽视了更深层次隐藏在企业最基本的规则层面上的制度安排——股权结构特征对战略转型的影响机理和因素分析。股权结构是现代公司治理结构的基础，决定了公司治理中各方权益主体的战略选择的差异，最终对转型决策产生影响。相应地，探索企业不同股权结构特征对战略转型的影响，对于指导我国企业进行科学的战略转型决策及配套的股权结构的动态优化具有一定的价值。因此，本文以委托-代理理论和资源基础理论为基础对股权结构对企业战略转型的影响机理进行分析，提出假设，进而以沪深两市制造业上市公司为样本进行筛选，通过数据回归等实证方法验证了假设，得出结论：股权集中度水平与企业战略转型呈正相关关系；国有控制权公司不易发生战略转型；管理层持股比例与企业战略转型呈正相关关系。上述研究结论表明，股权结构对企业的战略转型确实存在显著的影响作用。为了切实提高我国企业战略转型能力，从而使公司能够持续发展，完善股权结构是有效的路径之一，故针对本文得出的结论，作者提出三点建议，即保证一定水平的股权集中度、加大国有股减持力度以促进股权多元化和加大管理层持股力度。
英文摘要：	With China's economic development model continues to evolve, the strategic transformation of the enterprise level has become the inevitable choice to adapt to the external environment and to achieve sustainable development. Various and numerous factors that affecting the enterprise strategy transformation, and the corporate governance structure as a fundamental institution, has a profound influence on the strategy transformation. Furthermore, the existing studies of interactive relations between the corporate governance mechanisms and the strategic transformation show that most perspectives concentrate on the manager characteristics, characteristics of the board of directors, general manager of term of office and succession mechanisms, the senior management team characteristics. However, these studies tend to ignore the most basic rules that hidden in the level of the enterprise as an institutional arrangement - the characteristics of ownership structure, which has an effect and analysis on the strategic transformation mechanism. Accordingly, to explore the effect that different characteristics of the ownership structure on the strategy transformation has a certain value for the guidance of China's enterprises to carry out strategic transformation’s scientific decision-making and interrelated equity structure dynamic optimization. Therefore, the paper use principal - agent theory and resource-based theory as basic theory to analysis the influential mechanism that equity structure on the corporate strategy transformation, making hypothesis, and then use Shanghai and Shenzhen manufacturing listed companies as study sample, validated the assumptions through the empirical method of data regression, concluded that: Ownership concentration level has a positive effect on the corporate strategic transformation; Compared to non-state-owned companies, in government-owned corporation, strategic transformation not likely to happen; There is a positive correlation between the proportion of managerial ownership and corporate strategic transformation. The above findings show that equity structure has an significant effect on the enterprises’ strategic transformation. In order to improve China's enterprises’ strategic transformation capacity, enabling the company to sustainable development, improve the ownership structure is one of the valid path, so aiming at the conclusion of this paper, I put forward three proposals： Ensure a certain level of ownership concentration； Reduce the rate of state-owned shares to make equity structure more complex and promote managerial ownership.
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