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论文编号：	6523
作者编号：	1120100793
上传时间：	2014/6/13 14:26:20
中文题目：	企业跨境上市对竞争优势的影响研究：战略风险治理的视角
英文题目：	Study on the Effect of Enterprises’ Cross-border Listings on Competitive Advantages: The Perspective of Strategic Risk Governance
指导老师：	周建
中文关键字：	跨境上市；战略风险治理；竞争优势；中介效应
英文关键字：	Cross-border Listings; Strategic Risk Governance; Competitive Advantages; Mediating Effect
中文摘要：	作为战略管理核心构件之一的战略风险管理，强调在现行制度框架内，通过对风险控制的流程、方法进行优化等管理手段来降低和控制风险。由于无法触及“如何从顶层制度安排层面确保企业由正确的人正确地作出战略决策并正确地实施”这一深层次问题，战略风险管理注定了难以从根本上降低和控制企业战略风险的结局。而一旦上升到顶层制度安排层面来确保战略风险控制的有效性，就已经不是单纯的治理问题或战略风险管理问题，而是属于二者的交叉领域，即战略风险治理问题。 改革开放30多年以来，中国经济实力不断增强，目前已成为全球第二大经济体。然而，中国资本市场的发展相对滞后，企业“融资难”成为普遍现象。而美国是全球最大的经济体，拥有更加发达而开放的资本市场，越来越多的中国企业选择赴美上市。中国企业赴美上市后，企业所面临的法律制度、利益相关者等内外部环境会发生较大变化。 作为自适应组织，企业会根据内外部环境变化调整其战略风险控制相关的顶层制度安排，同时，这一制度安排的调整也会进一步影响企业战略行为和绩效。因此，作为旨在降低和控制战略风险、维护全体利益相关者长远利益的顶层制度安排的战略风险治理，并不是企业跨境上市所引发的连锁反应的最后一块“多米诺骨牌”。基于此，本文提炼的核心研究问题是：中国企业跨境上市引发的内外部环境变化，是否改变了企业战略风险控制相关的顶层制度安排，进而影响企业竞争优势？ 针对上述问题，本文首先基于代理理论、资源基础观和高阶梯队理论，采取理论分析与经验证据相结合的方法，系统梳理了影响企业战略风险的制度安排层面的影响因素，在此基础上构建了用于评价企业战略风险控制相关顶层制度安排水平的战略风险治理指数；然后，基于“环境变动-战略风险制度安排-经济后果”逐层递进的分析逻辑，剖析了企业跨境上市、战略风险治理与竞争优势的相互关系；最后,以中国在美上市企业及其配对企业为研究样本，采用更为严格的样本匹配方法来控制IPO效应的影响，同时采用能有效控制跨境上市自选择问题的Heckman两步回归法和其他内生性问题处理方法，在此基础上展开实证研究，得出以下几个结论： 第一，中国企业赴美上市有助于提升竞争优势。中国企业赴美上市之后，企业受到更高素质投资者和更发达资本市场中介等企业利益相关者的监督，从而为企业提升公司治理水平和加强投资者利益保护提供了制度上的保障，进而有利于提升企业的竞争优势。这也说明，作为国家所倡导的“走出去”国际化战略的一部分，资本国际化战略是企业构建和保持竞争优势的重要手段。 第二，本文所构建的战略风险治理指数能有效评价企业战略风险控制相关顶层制度安排的水平。公司治理评价既是公司治理研究的传统话题，同时又是不断有新知识和新观点融入的研究课题。在系统梳理战略风险治理内涵的基础上，本文借鉴国内外主流的公司治理评价的原则和方法，构建了战略风险治理的评价指数，并按照主流的指数有效性检验方法，进行并通过了战略风险治理指数的有效性检验。 第三，在控制内生性问题之后，战略风险治理在跨境上市与竞争优势之间起中介作用。中国企业到美国上市之后，一方面，由于受到美国更完善法律和更发达资本市场中介体系的约束，企业会强化股东利益保护的制度安排；另一方面，企业能更有效地利用美国更发达的资本市场体系来优化企业董事会和管理层的配置，提升企业战略风险控制能力及降低风险偏好程度。上述变化有助于企业战略风险水平的降低，进而能在同等条件下获取更多战略资源，或者以更低成本获取所需战略资源，最终有助于企业竞争优势的生成和延续。 本文的创新点主要体现在以下几个方面： 第一，采用更为严格的样本匹配方法来控制IPO效应的影响，在操作方法上是对已有跨境上市相关研究的有益补充。在研究企业跨境上市对竞争优势影响的过程中，大多数已有研究采取纵向对比或按照“母国相同、行业相同、规模相当”的原则来选取参照样本进行横向对比的办法，其缺陷在于难以有效控制潜在IPO效应对研究结论的干扰。本研究采用“母国相同、行业相同、规模相当和上市时间相近”的原则来选取参照样本，这样能更有效地控制潜在IPO效应的干扰，提高研究的可靠性。 第二，构建了企业战略风险治理的评价指数，为企业战略风险控制相关的顶层制度设计提供了更具操作性的理论借鉴与指导。本文从多理论视角，采取理论分析与经验证据相结合的方法，系统梳理了企业战略风险的主要影响因素，构建了战略风险治理及评价的理论模型。在此基础上，借鉴公司治理评价的已有经验，构建了用于衡量企业战略风险治理水平的战略风险治理指数，进行并通过了指数的有效性检验，丰富了公司治理评价的内涵。 第三，基于战略风险治理视角，实证检验了企业跨境上市对竞争优势的影响路径。公司治理和战略风险管理是新上市企业面临的两个重大挑战，大多数已有研究侧重从公司治理或战略风险管理的单一视角对跨境上市的经济后果进行研究。本研究把代理理论、资源基础观和高阶梯队理论相结合，从战略风险治理视角研究企业跨境上市对竞争优势的影响路径，丰富了跨境上市相关研究的视角，也为中国在美上市企业竞争优势提升实践提供了新的经验证据和理论指导。
英文摘要：	As one of the core components of strategic management, strategic risk management underline reducing and controlling strategic risks by optimizing the risk-control process and methods within the current institutional framework. Because of unable to touch the deep-seated problems, i.e, how to design a set of top-level institutional arrangements so as to ensure strategic decisions are made correctly by the right people, strategic risk management is doomed to unable to fundamentally reduce and control strategic risks. It is no longer a simple governance problem or strategic risk management problem when involving top-level institutional arrangements, but belongs to the cross field of strategic risk management and corporate governance, namely the strategic risk governance problem. After more than 30 years’s reform and opening-up, China has become the world's second largest economy. However, China's capital market are relatively underdeveloped, financing difficulties are common phenomena for Chinese companies. As the world's largest economy, the United States has a more developed and more open capital market, so more and more Chinese companies choose to list in the U.S.. The internal and external environments such as legal system and firm’s stakeholders changed greatly after going public. As adaptive organizations, enterprises will adjust their top-level strategic-risk-control-related institutional arrangements according to internal and external environmental changes, at the same time, these adjustments will further affect enterprises’ strategic behavior and performance. As a top-level institutional arrangement aimed to reduce and control strategic risks and then protect the long-term interests of all stakeholders, strategic risk governance is not the last piece of "dominoes" triggered by enterprises’ cross-border listings. Based on the above analysis, this dissertation raised the core research questions as follows: whether the internal and external environmental changes caused by Chinese enterprises’ cross-border listings have caused changes in the top-level strategic-risk-control-related institutional arrangements, and then affected enterprises' competitive advantages further? Focusing on the above research questions, based on the agency theory, resource-based view and upper echelon theory, and adopting the method of combining theoretical analysis and empirical evidence, this dissertation analyzes the top-level institutional factors that affect enterprises’ strategic risks, and then builds a strategic risk governance index to evaluate the quality of strategic-riks-control-related institutional arrangements; Secondly, based on the logic of "environment changes, strategic-risk-related institutional arrangements, and then the economic consequences", this dissertation analyzes the relationships between enterprises’ cross-border listings, strategic risk governance and competitive advantages; In the end, sampling with Chinese companies listed in the U.S. and its matching companies listed in China, adopting a more stringent sample matching method to control IPO effect more effectly, at the same time adopting Heckman two step regression method to control the self-selection problems and other endogenity controlling methods, this dissertation conducts a series of empirical studies and came to the following conclusions: First, Cross-border listings can help improve Chinese enterprises’ competitive advantages. After going public, Chinese enterprises will be supervised by more qualified investors and stakeholders such as more developed capital market intermediaries, so there are stronger institutional guarantees for enhancing corporate governance and strengthening the protection of investors’ interests, and then help to enhance enterprises’ competitive advantages. The results also suggest that, as a part of internationalization strategy of "going out" advocated by Chinese government, capital internationalization strategy is an important means for enterprises to build and maintain competitive advantages. Second, the dissertation constructs a strategic risk governance index which can effectively evaluate the quality of companies’ top-level strategic-risk-control-related institutional arrangements. Corporate governance evaluation is not only the traditional research topic in corporate governance field, but also a research topic that constantly infused by new knowledge and new ideas. By reviewing the connotation of strategic risk governance in previous studies, and by referring the mainstream principles and methods of corporate governance assessment at home and abroad, this dissertation builds a strategic risk governance index, and verify this index by the mainstream methods of effectiveness tests. Third, strategic risk governance is a mediator between Chinese enterprises’ cross-border listings and competitive advantages after controlling the endogenity problems. This suggests that, on one hand, due to the rigorous restrictions caused by more perfect laws and more developed capital market intermediaries, Chinese cross-border listed companies will strengthen shareholders' interests protection related institutional arrangements, on the other hand, companies can optimize the configuration of the board of directors and management by making use of the more developed capital market system effectively, thus improve the abilities of strategic risk controlling and reduce the degree of risk appetites. These changes will help to reduce the level of strategic risk, which can further help companies to obtain more strategic resources under the same condition, or to obtain the required strategic resources at a lower cost, thus eventually contribute to the building and maintaining of competitive advantages. The contributions of this study are as follows: First, this dissertation adopts a tighter sample matching method to control IPO effect, this provids a good complement to existing cross-border listings related researches as sample matching methods as concerned. In the studies on the effects of enterprise cross-border listings on competitive advantages, most researchers adopted longitudinal comparison, or adopted horizontal comparison by matching samples according to the principle of “the same home country, the same industry, the similar size”, The largest defect of this method is that it is difficult to control the potential IPO effect and leads to biased conclusion. This dissertation matches samples according to the principle of “the same home country, the same industry, the similar size, the close IPO date”, so that this dissertation can control the interferences of potential IPO effect more effectively and improve the research’s reliability. Second, this dissertation builds a strategic risk governance evaluation index, thus provides a more operational theory reference and guidance for designing the top-level strategic risk control related regime. Summarizing the major factors of the strategic risk from multiple theoretical perspectives by combining theoretical analysis and empirical evidences, this study constructs a theoretical model of strategic risk governance. On this basis, this dissertation builds a strategic risk governance index used to measure the quality of strategic risk governance by referring the experience of existing corporate governance assessments, and then verifies the index by empirical studies, thus enriched contents of corporate governance assessments. Third, this dissertation tests the impact mechanisms of cross-border listings on competitive advantages from the perspective of strategic risk governance. Corporate governance and strategic risk management are two major challenges faced by newly listed companies, most of existing researches analyzed the economic consequences of cross-border listings from a single perspective of corporate governance or strategic risk management. Integrating the agency theory, resource-based view and upper echelon theory, This dissertation analyzes and testes the impact mechanisms of cross-border listings on competitive advantages from the perspective of strategic risk governance, thus enriched the perspectives of cross-border listings related researches, and provides new empirical evidences and theoretical guidances for the practices of competitive advantages’ promoting for Chinese enterprises listed in the U.S..
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