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论文编号：	6503
作者编号：	1120100782
上传时间：	2014/6/12 12:59:06
中文题目：	金字塔集团治理有效性研究
英文题目：	Study on Pyramidal Group’s Governance Effectiveness
指导老师：	李维安
中文关键字：	金字塔； 企业 集团； 治理机制；有效 性
英文关键字：	pyramidal; business group; governance mechanism; governance effectiveness
中文摘要：	近十年，中国资本市场频频上演各种公司系的轰然倒塌和涌现，2013全球最大的太阳能面板和产品制造商“尚德系”的黯然失色再次将人们的视野推向“公司系”的讨论，在各类“公司系”的讨论中，金字塔集团往往不可或缺。作为发展中国家存在的典型组织结构，金字塔集团在我国广泛存在，尤其是上市公司，大多上市公司都隶属于某一金字塔集团，作为集团发展的根基，集团治理问题尤为突出。因此，结合我国实际制度环境背景探讨我国金字塔集团治理及治理有效性有重要的理论与现实意义。 本文的研究基于中国目前的制度环境，综合学者对金字塔股权结构和企业集团的理论和实证研究，从金字塔集团治理机制选择的原因及治理有效性两个方面，围绕“金字塔集团治理动机”→“金字塔集团治理行为”→“金字塔集团治理绩效”三个问题，本文逐级逐层探讨和研究了金字塔集团框架下，集团治理机制及治理有效性，以期进一步揭示金字塔集团治理的实质。具体而言，“金字塔集团治理动机”就是指企业选择金字塔集团治理机制的目的。“金字塔集团治理行为”及“金字塔集团治理绩效”是企业采用金字塔集团治理的具体表现形式，其中“治理行为”是“治理绩效”的基础，两者属于金字塔集团治理的不同层面。金字塔集团构建的目的或动机即是通过这两种途径最终体现在金字塔集团治理上，从而进一步影响集团成员企业的价值。 论文遵循从规范到实证的研究范式，主要包含导论和正文两个部分。在第一章导论中，主要介绍了本文的选题背景、研究意义、研究思路、主要概念和论文结构。正文从第二章开始，论文第二章从金字塔股权结构研究、企业集团组织研究两个方面对“金字塔集团治理动机”、“金字塔集团治理行为”和“金字塔集团治理绩效”的国内外相关理论和实证研究进行了总结和评述。并在此基础上，引入合作博弈中夏普利值，从理论上对本文进行了理论分析，从第三章开始论文进入实证分析部分，本文的研究样本为中国2004-2011年金字塔集团中成员上市公司，通过利用数据库和手工收集相关金字塔集团治理特征方面的数据，基于金字塔集团组织框架，论文实证分析了“金字塔集团治理动机”、“金字塔集团治理行为”和“金字塔集团治理绩效”，在金字塔集团框架下考察了金字塔集团治理机制及其治理有效性。 第三章本文实证研究了制度环境下，企业利用金字塔集团的治理动机。在比较分析国有和民营不同性质金字塔集团特征结构的基础上，本章实证研究了制度环境对金字塔集团特征结构的影响。本章研究结果表明，不同性质金字塔集团在特征结构上存在差异，同时制度环境对金字塔集团特征结构存在显著的影响，并且对于不同性质的金字塔集团作用不同。企业之所以选择金字塔集团的治理动机是通过内部治理适应外部环境。 在分析金字塔集团治理动机的基础上，第四章从金字塔集团治理行为出发，研究金字塔集团中成员企业治理违规行为。结合金字塔集团成员企业核心高管背景特征，利用高阶理论，本章研究了金字塔集团成员企业核心高管个人背景特征与公司治理违规行为的关系，同时研究了金字塔集团特征结构对成员企业治理违规的影响。研究结果表明中国金字塔集团成员企业上市公司高管团队背景特征影响公司治理违规行为，特别的成员企业董事长背景特征影响公司治理违规行为。同时，金字塔集团特征结构影响成员公司治理违规，研究发现金字塔成员企业层数与成员高管治理违规关系显著。在研究金字塔集团成员企业行为时需要考虑集团因素对成员公司治理行为的影响。 通过对金字塔集团治理行为的研究，第五章在金字塔集团框架下，实证研究金字塔集团结构对集团母公司持股和成员企业治理绩效的影响机理。从第五章的实证结果分析，金字塔集团的特征结构和组织结构对集团母公司持股与成员企业治理绩效均有显著的影响。其中从金字塔集团组织结构来看，研究结果表明金字塔集团母公司持股与上市公司治理绩效存在负相关关系，H和M型金字塔组织集团与集团持股具有正向调节作用。同时，从金字塔集团特征结构来看，金字塔集团层级结构和链条数对母公司持股和成员企业治理绩效具有正向的调节作用。研究结果证实了金字塔集团治理机制影响集团治理绩效。 最后一章第六章为全文总结性章节，对全文的结论进行总结并提出研究局限和研究展望。 总体而言，本文突破仅仅从金字塔股权结构和财务视角对金字塔集团的研究，在充分考虑企业集团和金字塔股权结构的双重作用下，基于金字塔集团治理有效性，本文从金字塔股权结构和企业集团两个层面研究金字塔集团治理及治理有效性，研究结果表明金字塔集团治理机制对金字塔集团成员企业治理行为和治理绩效存在一定的影响，为金字塔集团治理提供了理论和直接证据。同时，本文创新性的将目前仅仅从治理结构研究金字塔集团的视角拓展到治理机制层面，从更为宏观的视角研究金字塔集团作为一种整体治理机制的有效性。 本文研究说明，对金字塔集团的研究不能仅仅停留在金子塔股权结构和成员公司内部治理结构的考察，而需要从金字塔集团整体角度考察金字塔集团治理机制及治理有效性。另外，本文研究表明，对隶属金字塔集团成员企业治理有效性考察需要同时关注金字塔集团特征对成员企业治理行为和治理绩效的影响。
英文摘要：	Since the last ten years, different business groups have been emerged and collapsed in Chinese capital market. In year 2013, Suntech Power Holdings， the largest solar panel producing firm in the world is announced to go into bankruptcy recall people’s discussion to the business groups. Among the different discussions on business groups, pyramidal structure is always indispensable. As a typical organization structure exist in most developing countries and areas in this world, pyramidal groups is the popular structure in China too, especially the listed firms, most of the listed firms is the member firm of some pyramidal group. As the foundation of group developing, group governance problem is particularly prominent. So, combining the reality of Chinese country institutional environment to explore the pyramidal group governance models and its effectiveness in China has important practical meaning. In order to further reveal the essence of the pyramidal group governance mechanism, based on the present institutional environment of China and synthesized the research of previous scholars, from the governance mechanism of pyramidal group and governance effectiveness, focus on ‘the governance motivation of pyramidal group’ →‘the governance behavior of pyramidal group’ → ‘the governance performance of pyramidal group’, this paper studied and discussed the governance mechanism and governance effectiveness of pyramidal group step by step. To be specific, ‘the governance motivation of pyramidal group’ is the reason why firms choose the pyramidal group, and ‘the governance behavior of pyramidal group’ and ‘the governance performance of pyramidal group’ are the way to get effective pyramidal group governance. By controlling the organization and appointing and dismissing of key top management team， pyramidal group influence firm value in different governance levels and ways. This paper follows the paradigm from normative to empirical analysis, and includes two main parts which are introduction and text. In chapter one, we introduces the background, research meaning, research method, main conceptions and paper structure. The main body of the text is starting from the chapter two, in chapter two, we summarize and review the theory and empirical research from ‘the governance motivation of pyramidal group’, ‘the governance behavior of pyramidal group’ and ‘the governance performance of pyramidal group’. Further more, by introducing Shapley value of game theory, we analysis the pyramidal group governance theoretically. The paper is starting the empirical research from chapter three, and the sample is the listed firms of pyramidal group. By using the database and collecting the data about the governance characteristics of pyramidal group by hand, we study the governance mechanism and its effectiveness from the perspectives of ‘the governance motivation of pyramidal group’, ‘the governance behavior of pyramidal group’ and ‘the governance performance of pyramidal group’ based on pyramidal group organizational framework. In chapter three, the research empirically analyses the governance motivation of pyramidal governance group. After comparing the pyramidal characters between private and state owned companies, we empirically analyse the relationship between institutional environment and pyramidal group structure. The results indicate both similarities and differences between different nature pyramidal groups. At the same time, the institutional environment has significant influence on the pyramid group structure, and the effects of different nature pyramid group mechanism are different. The reason why the group chooses the pyramidal group governance style is to adapt to the external environment. Based on analyzing the governance motivation of pyramidal group, charter four investigate the governance behavior of pyramidal group brtween the key top management team and its governance behavior. Within the framework of pyramidal group, we study the relationship between the background characteristics of key management and corporate governance violations based on the upper echelon theory, at the same time we research the effect of the structural characteristics of the pyramidal group on its member firms governance violations. The results show that the background characteristics of key management have effect on corporate governance violations, and the background characteristics of Chairman of the board have effect on corporate governance violations. Furthermore, the structural characteristics of the pyramidal group have effect on its member firms governance violations, specifically, there is significant effect relationship between the level of pyramidal group and its member firms governance violations. So when study the behavior of member firms of pyramidal group, we should consider the factor of the parent corporate. Based on analyzing the governance motivation and governance behavior of pyramidal group, chapter five investigates the relationship among organization structure, parent company shareholding and firm governance performance in the organization view. The results discover that group structure has a mediate effect between pyramidal structure and listed membership firm performance, among there is a minus relationship between the ratio of pyramidal structure and listed membership firm performance, and there is a minus mediate effect between H and M pyramidal structure. At the same time, the levels and the number of chain of pyramidal group have positive regulation effect on the relationship between shareholding of the parent company and the performance of the member firms, and the result shows the effectiveness of the control right governance. At the last charter, the charter six, we summarize all the conclusions of this paper, and point the limitations of the research and the future research direction. In general, this paper has broken the research perspective only in shareholding structure and finance of the pyramidal group. In this paper, we study the effectiveness of pyramidal group governance in the view of shareholding structure and corporate group, and the study shows that pyramidal group governance mechanism have effect on the value and behavior of member corporate, and provides theory and empirical evidence on pyramid group governance. At the same time, this paper innovatively expands the research level from governance structure to governance mechanism, and from a more macro perspective to study the pyramidal group as a governance mechanism and its effectiveness. In this paper, the result shows that study of the pyramid group can't just stay on the members of the corporate internal governance structure, we need to the pyramidal group governance and its effectiveness from the overall view. Additionally, when study the effectiveness of corporate governance of the pyramidal group, we need to pay attention to the effect of pyramidal group characteristics on its member firms behavior.
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