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论文编号：	6131
作者编号：	2120122648
上传时间：	2014/5/31 11:41:28
中文题目：	董事会社会资本对公司多元化战略的影响
英文题目：	The Impact of Board''s Social Capital on the Diversification Strategy
指导老师：	李维安
中文关键字：	董事会；社会资本；多元化战略；领导权结构；制度环境
英文关键字：	the board of directors; social capital; diversification strategy; leadership structure; institutional environment
中文摘要：	多元化战略的功过是非，一直是公司经营者关注的焦点问题。在西方国家，多元化战略曾一度成为公司成功的准则。到了八十年代中期，公司经营则开始出现“归核化”的趋势。然而，在中国，许多公司依旧把多元化战略作为发展的重要手段。相关研究表明，在中国这样的新兴市场国家，多元化经营对公司绩效有一定的积极影响，因此公司选择多元化战略有其合理性和必然性。 根据公司治理理论，董事会作为公司的“智囊团”和“指路人”，在公司的战略制定及实施过程中发挥着关键作用。其中，董事会社会资本对于董事会职能的发挥具有重要意义，尤其是董事会的战略咨询职能和资源提供职能。因此，董事会的社会资本可能会对公司的战略选择具有一定影响。以往的研究主要从董事会社会资本与公司绩效、创新及成长性之间的关系入手，而战略选择作为其中重要的传导机制却并未得到足够的关注。 本文探究了在中国这样一个“关系导向”的社会中，董事会社会资本与多元化战略的关系。通过对我国A股市场制造业842个样本公司的实证研究，本文得出以下结论： 公司董事会所拥有的社会资本越多，公司更倾向于选择多元化战略，多元化经营程度越高。其中，董事通过在其他公司兼职高管所构建的横向关系网络，以及通过担任人大代表、政协委员和曾经在政府部门任职所构建的纵向关系网络，均在不同程度上为公司选择和实施多元化战略带来了积极影响。而董事通过参与行业协会或专业学会等组织所构建的横向关系网络，却并未对公司的多元化经营程度造成显著影响。 此外，本文分别考察了内部的董事会领导权结构特征和外部的制度环境特征对于主效应的调节作用。结果发现，当董事长和CEO两职合一时，董事会社会资本对多元化的影响强度更大。当企业所在地区的市场化程度较低时，部分类型的董事会社会资本对公司多元化的影响更强。
英文摘要：	The merits and demerits of diversification strategy has been the focus of operators’ attention. In western countries, diversification strategy once became a criterion of companies’ success. By the middle 1980s, companies began to "Refocus". However, there are many companies which still take diversification strategy as an important means for development in China. As researches show, in emerging markets such as China, diversification has a positive impact on corporate performance. So it is reasonable and necessary for companies to take a diversification strategy. According to the theory of corporate governance, as the "think tank" and "guiding people" of a company, the board of directors plays a very important role in the strategic decision-making and implementation. Among them, the social capital of the board of directors is meaningful to the functions of the board, especially the strategic advisory functions and resource providing functions. Previous researches mainly care about the relationship of the board’s social capital and company’s performance, innovation, growth and so on. But the strategic choice, an important transmission mechanism, has not gained enough attentions. This paper explores the relationship of the board’s social capital and the choice and implementation of diversification strategy in society of China, which is relationship-oriented. Through the empirical research on the sample of 842 manufacturing companies in China's A share market, we draw the following conclusions： The more social capital owned by the board, the more this company is likely to choose a diversified business strategy and a higher degree of its implementation will be seen. Meanwhile the horizontal relationship network constructed by directors serving in other companies as executives and the vertical relationship network constructed due to directors’ engagement as NPC delegates, CPPCC members and government officials bring positive effects on companies when they choose and implement diversification strategies. However, the horizontal relationship network built by directors joining in industrial associations and professional institutions does not affect corporative diversification degree. In addition, this paper further investigates the regulating effect of the characteristics of internal board leadership and external institutional environment on the main effect. We found the social capital of the board would be more influential on diversification strategy when the general manager is also engaged as board chairman. Furthermore, a low marketization on the local market of the company would facilitate the usage of the board’s partial social capital during the adoption and implementation of diversification strategy.
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