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论文编号：	6567
作者编号：	1120090726
上传时间：	2014/6/18 20:54:34
中文题目：	基于董事会-CEO关系的企业战略治理对战略变革的影响研究
英文题目：	Research on the Effect of Corporate Strategic Governance on Strategic Change Based on Board-CEO Relationship
指导老师：	周建
中文关键字：	董事会-CEO关系；战略治理；战略变革；环境不确定性
英文关键字：	Board-CEO Relationship; Strategic Goverance; Strategic Change; Environment Uncertainty
中文摘要：	在全球经济一体化进程不断加快、技术创新不断发展、市场竞争日益激烈的背景下，中国企业赖以生存的环境发生着急剧的变化。当前，我国正处于经济转型的特殊时期。宏观政治环境、经济环境、产业环境以及企业内部环境的综合变化，给我国企业的战略管理实践带来了巨大冲击，对企业的战略决策者提出了更高的要求。企业需要快速调整战略来适应环境的变化，减少环境变化的冲击，帮助企业改进绩效，建立竞争优势。董事会和CEO作为企业的战略决策主体，如何通过治理结构和治理机制的设计，有效推动动态环境下的企业战略变革决策是战略管理和公司治理领域的一个重要问题。 本文遵循“董事会-CEO关系→企业战略治理→战略变革”的逻辑结构，以处于复杂动态环境下的中国企业为研究对象，选取中国信息技术行业上市公司为样本，应用战略管理及公司治理主流学说，特别是代理理论、资源依赖理论、高阶梯队理论等观点，采用规范分析和实证分析相结合的研究方法，探索基于董事会-CEO关系的战略治理对战略变革的影响，寻求解答在复杂动态环境下的中国企业如何通过塑造董事会-CEO关系，提高战略治理水平，促进战略变革决策科学化，从而获取竞争优势，为研究公司治理与公司战略的互动机制提供来自新兴市场国家的经验证据。 本文的主要结论如下： 第一，董事会和CEO均是企业战略决策的重要主体。战略是董事会和CEO的共同职能，这两个团体对战略过程都负有直接的责任，一起发挥作用影响企业价值创造和竞争优势的生成延续。本研究印证了代理理论、资源依赖理论、高阶梯队理论等不同理论视角下董事会战略角色的合理性和重要性。表明董事会作为组织一项重要的战略资源，能够帮助组织作出关键决策，帮助组织适应重要的环境变化，是企业竞争优势的重要来源。 第二，中国上市公司的战略治理状况并不理想，董事会权力、CEO权力、董事会-CEO社会联系以及董事会战略参与总体处于较低水平。中国上市公司的董事会-CEO关系主要体现为串谋形式的合作关系，较少体现出代理理论下的控制关系。特别是国有控股公司的董事会与CEO的利益取向一致，董事会没有动机对CEO进行监督和控制。而且，董事会没有CEO的人事任免权，也没有能力对其有效监管。两者串谋共同侵占小股东的利益，而非健康的合作关系。这也反映出中国情境下的代理问题主要是大股东侵占小股东的利益，而非董事会与CEO之间的利益冲突。 第三，基于董事会-CEO关系的战略治理通过影响决策团队对战略变革必要性和可行性的集体认知，从而影响战略变革决策。董事会与CEO之间的良性互动，能够使决策团队迅速感知到企业环境中所发生的变化，并且意识到这种变化对企业的影响，对战略变革的需求做出准确判断。董事会与CEO之间良好的合作关系，会使得董事会成员愿意为CEO提供更多的战略变革信息，提高了组织实施战略变革的资源和能力，增强战略变革的信心，从而使公司更愿意实施高风险的战略变革决策。 第四，基于董事会-CEO关系的战略治理与战略变革的实证研究表明，信息技术上市公司的战略治理指数与战略变革正相关。以董事会权力、CEO权力测量的董事会-CEO竞争关系与战略变革显著负相关。董事会-CEO社会联系、董事会战略参与代表的董事会-CEO合作关系与战略变革显著正相关。环境动态性显著调节了基于董事会-CEO关系的战略治理与战略变革之间的关系。在动荡环境中，董事会与CEO的交互作用对战略变革的正向影响更为显著。 本文的创新之处体现在：① 立足董事会与CEO这两个战略决策主体，考察二者之间的关系对公司战略的影响，是对董事会-战略关系研究的深入和细化，也是对CEO对公司战略影响的补充和完善。② 从董事会-CEO关系的视角，对企业战略和公司治理融合的热点领域战略治理的内涵进行了细化。基于中国企业的实际情况，从董事会权力、CEO权力、董事会-CEO社会联系、董事会战略参与四个方面，构建了基于董事会-CEO关系的战略治理指数，并应用于信息技术行业上市公司战略治理评价，并实证研究了其对战略变革的影响。③ 实证验证了中国情境下企业战略变革的结构是否表现为企业当前在关键战略领域的资源配置模式与过去的资源配置模式的变异以及与行业集中的资源配置模式的偏离。采用销售费用率、负债权益比、管理费用率、存货销售比以及固定资产更新5个代表关键战略资源配置的指标对战略变革进行测度，展开对战略变异和战略偏离的实证分析，丰富了新兴市场国家企业战略变革的研究。
英文摘要：	In the accelerating process of global economic integration, with the development of technological innovation and market competition, the survival environment of Chinese enterprises undergoing rapid changes. At present, China is in the special period of economic restructuring. Changes in macro-political environment, economic environment, industrial environment, integrate with enterprises’ internal environment, have a great impact to strategic management practices of Chinese enterprises, and put forward higher requirements to the enterprises’ strategic decision-makers. Enterprises need to quickly adjust their strategies to adapt to changes in the environment, to reduce the impact of changes, to help enterprises improve performance and build competitive advantage. Board of directors and senior management as decision-making subjects, how governance structures and governance mechanisms designed to effectively promote strategic change decision in the dynamic environment is an important issue for strategic management and corporate governance areas. This paper follows the logical structure of "board-CEO relations →strategic governance → strategic change", chooses Chinese enterprises in the complex and dynamic environment as research object, selects Chinese information technology listed companies as the sample. Applied strategic management and corporate governance prevailing doctrine, particular the agency theory, resource dependence theory, upper echelons theory, this study utilizes methods of normative analysis and empirical study to explore the impact of strategic governance based on the board-CEO relationship on strategic change, to seek answers in complex and dynamic environments Chinese companies how to shape the board-CEO relations to improve strategic governance, promote scientific strategic changes decision in order to gain competitive advantage, which provides empirical evidence that comes from emerging market for the study of corporate governance and corporate strategic interaction mechanisms. Main conclusions of this study are as follows. Firstly, board of directors and CEO are important subjects of strategic decision-making. Strategy is the common functions of the board and senior management. The two groups are directly responsible for the strategic process, and affect value creation and competitive advantage building together. This study confirms the legitimacy and importance of strategic role of the board of directors in different theoretical perspectives, including agency theory, resource dependence theory, upper echelons theory and other perspectives. Board as an important organization strategic resource, can help organizations make critical decisions and help organizations adapt to significant environmental changes, is an important source of competitive advantage. Secondly, strategic governance of listed companies in China is not ideal, the board power, CEO power, social ties in board-CEO relationship and board involvement in strategy at a low level. China listed company's board-CEO relationship is mainly embodied in the form of partnerships with collusion, less control relations from agency theory. Particularly in state-owned holding company, the interests of board of directors and CEO are consistent. So the board has no incentive to monitor and control the CEO. Moreover, the board has no appointments right to effectively monitor. They occupy the interests of minority shareholders, rather than a healthy partnership. It also reflects the main agency problem in the Chinese context is the major shareholders occupation the interests of minority shareholders, rather than interest conflicts between board and senior management. Thirdly, strategic governance based on the board-CEO relationships affects necessity and feasibility of strategic change collective cognition of the decision-making team, thus producing an effect on strategic change decisions. With the positive interaction between the board and the CEO, the decision-making team can rapidly capture the changes in business environment have occurred, and understand the implication of these changes, make accurate judgments of the demand for strategic change. Healthy partnership between the board and CEO, will make the directors are willing to provide more information about changes to the CEO, increase the resources and capabilities that organization can utilize for the implementation of strategic change, enhance the confidence of strategic change, so the company may make and implement high-risk strategic change decisions. Fourthly, empirical study of strategic governance based on the board-CEO relationship and strategic change suggests that the strategic governance index (SGI) of information teconology listed companies has a positive correlation with strategic change. The board-CEO competition measured by board power and CEO power has a significant negative correlation with strategic change. The board-CEO cooperation measured by their social ties and board strategic involvement significantly positively related to strategic change. Environmental dynamics significantly moderates the relationship between strategic governance based on the board-CEO relationship and strategic change. In turbulent environments, the interaction of board and CEO has more significant positive impact on strategic change. This study makes several important contributions. Firstly, taking the Board and CEO as decision-making subjects, we investigate the impact of their relationship on the corporate strategy. This study can deepen the existing board-strategy and TMT-strategy studies. Secondly, from the perspective of Board-CEO relationship, this study refines the meaning of strategic governance in intersection between strategic management and corporate governance. Under the situation of Chinese enterprises, we establish the strategic governance index consisting of board power, CEO power, board-CEO social ties and board strategic involvement, then apply the SGI to evaluate the strategic governance of information technology listed companies and analyze the impact of SGI on strategic change. Thirdly, we test the rationality that we conceptualize strategic change as the variation over time in a firm’s pattern of resource allocation in key strategic dimensions that goes beyond industry-wide changes and its own past experience in Chinese context. We use five key indicators of sales expenses ratio, debt to equity ratio, administrative expenses ratio, inventory-sales ratio, fixed assets renewal rate to measure strategic change. On this basis, this study analyzes strategic deviation and strategic variance and enrichs the research of enterprise strategic change in the new emerging market countries.
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