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论文编号：	5433
作者编号：	2120112405
上传时间：	2013/6/7 21:51:10
中文题目：	控制权安排对企业战略转型的影响研究
英文题目：	Study of the Influence of Control Power Arrangement on Corporate Strategic Transformation
指导老师：	薛有志
中文关键字：	战略转型 控制权 控制权安排 管理层 大股东
英文关键字：	strategic transformation, control power, control power arrangement, management, major shareholder
中文摘要：	在转型经济的大背景下，国内商业环境变得愈加复杂而富有不确定性，当企业运营无法适应当下环境时，能否及时抓住时机成功进行战略转型对企业发展的可持续性十分重要，这种转型能力一定程度上已成为企业的核心竞争力。控制权安排作为公司治理中的一种权力配置，是企业决策制定与实施的重要基础，而战略转型作为公司层决策，势必会受到控制权这种权力分配的影响。以往关于战略转型的研究，学者们大都围绕组织规模、绩效、管理者特征、董事会特征、能力状况等方面探究它们与战略转型之间的关系，并且很多论述都停留在定性分析的层面，忽略了隐藏在决策主体背后的权力机制，但正是这种权力制度决定了决策主体的行为与偏好。而控制权作为一种能够对公司重要资源进行支配的权力，直接反映在公司制定重大决策上，控制权越大的主体越能对公司战略层重大决策施加影响。同时，不同决策主体的战略选择和偏好存在差异，因此，研究控制权安排对企业战略转型的影响机理对我国企业成功实现战略转型有一定的指导意义，并且丰富了战略转型的研究体系。本文以委托-代理理论和资源基础观作为研究的理论基础，将大股东和管理层选作控制权安排的研究对象提出假设，以2007年至2011年沪深两市上市公司为研究样本，通过描述性统计、逻辑回归等实证方法对假设进行了验证，得出以下结论：大股东控制权与战略转型的发生呈正U型关系，只有当大股东控制权在一定水平之上，其控制权力的增大会促进战略转型的发生；而管理层控制权越小越有利于战略转型的发生；但是如果能够很好的调整两者控制权的安排，将两者控制权的比值降低，也是可以促进战略转型发生的。由此可以看出，控制权的不同安排对战略转型是存在影响作用的，为了提高企业战略转型的能力，实现战略转型的意愿，本文最后结合研究结果提出了以下建议：在强调激励管理层降低代理成本、减小股权集中度缓解第二类代理问题的同时，具有转型意愿的企业要注意控制权在管理者和大股东之间的安排，降低两者控制权力的比例，才能够有利于战略转型意愿的实现，提高企业战略转型的成功概率。
英文摘要：	In transition economies, China’s business environment gets more complicated and uncertain. Strategic transformation ability has become core competence especially when the organization can’t suit the needs of the new environment any longer. And this is also very important for enterprises’ constant development. As a power configuration mechanism, control power arrangement is the foundation of decision making, which will have an inevitable effect on strategy of enterprise. The existing studies of strategic transformation show that most perspectives focus on the organization size, performance, characteristics of managers and directors, capability, most of which are qualitative. The power mechanism has been overlooked. However, this is decisive factor of decision-making. Control power arrangement, as one of the most important power mechanism in company governance, has direct relation with major decision making. Greater control power in hands, greater influence we have on strategic decision-making. Furthermore, there is discrepancy on strategy choice and preference between different parties, so it is practically meaningful for enterprises to research the relation between control power and strategic transformation. Also, research on strategic transformation will be refined. Based on principal-agent theory and resource-based theory, management and major shareholders are chosen as research objects, making hypothesis. And then use Shanghai and Shenzhen listed companies from 2007 to 2011 as study sample. Validate the assumptions through the empirical method of data regression and descriptive analysis. The conclusion is as follows. The relationship between major shareholders’ control power and strategic transformation is U-shaped, only when the power is great enough, the strategic transformation will come true easily with the power increasing; Management control power level has a negative effect on the corporate strategic transformation; The ratio of Management control power level and major shareholders control power level has a negative effect on the corporate strategic transformation as well. The above findings show that control power arrangement do has a significant effect on the companies’ strategic transformation. In order to improve China's enterprises’ strategic transformation capacity and live up to the transformation objective, improve the control power arrangement is one of the valid paths, so I put forward some proposals as follows: Ensure a certain level of major shareholders control power and management control power; Reduce the rate of control power between management and major shareholders. In this way, the probability of successful strategic transformation can be lengthened.
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