联系我们

论文查询结果	返回搜索

论文编号：	7570
作者编号：	1120120792
上传时间：	2015/6/15 17:11:51
中文题目：	董事会资本对公司战略转型的影响研究
英文题目：	Research of Board Capital Influence on Company Strategic Trasformation
指导老师：	薛有志
中文关键字：	董事会资本；战略转型；内部环境；外部环境；制度
英文关键字：	board capital; strategic transformation; internal environment; external environment; institution
中文摘要：	在当代社会，随着全球经济一体化格局的日益加剧，作为新兴经济体的典型代表，中国面临着来自经济体制转轨、经济增长方式转型以及产业结构升级换代等诸多方面的变革和挑战，企业战略形成的过程就是使组织内外部环境相匹配的过程，与时俱进，时事有效的转变企业经营战略的方向，与不断变化的内外部环境相适应一直是理论界与实践界研究和关注的重点。战略转型的本质就是公司打破原有组织环境与制度环境下的均衡状态所谓的“不破不立”。面对来自公司内外部多重环境所带来的机遇的挑战，如何推动公司战略转型决策的实施，驱动公司战略转型的行为；如何保障公司战略转型的实施，提升公司战略转型的效果是目前理论界和实践界面对亟待解决的两大问题。董事会作为公司治理的核心，起到了连接公司股东与管理层的桥梁的作用。当代企业中，董事会的责任不应局限于监督和控制职能，更主要的是咨询职能和资源职能，在公司战略决策的制定与实施过程中，董事会的意义所在一方面表现在董事会职能范围的拓展，另一方面，有效的董事会治理机制使董事会职能不仅局限于公司的战略决策阶段，而是贯穿于公司战略的全过程来实现企业价值最大化。如何提高董事会的监督和控制职能，如何发挥董事会的资讯和资源职能，从而有效的保障公司战略转型决策的实施是理论界重要的研究逻辑。因此，本研究将基于董事会资本这一公司治理的重要视角来研究上述问题。通过对现有相关文献的梳理，本研究首先从资源依赖理论和资源基础观的角度入手，阐述了董事会资本对于公司战略转型的影响机制，之后分别从组织理论和制度理论的视角出发，讨论了公司内外部环境因素对于董事会于战略转型之间关系的影响。在研究结构上，本研究从战略转型的视角入手，发掘了战略转型实施过程中公司面临的内外部环境因素等诸多问题，以及董事会资本的对于公司战略的意义。以此为基础，搭建了董事会资本如何对公司战略转型的理论框架模型。为了研究的深化与具体，本研究根据董事会资本的不同特征，对其划分为董事会社会资本和董事会人力资本这两个董事会资本的维度，进一步深入考察了董事会资本对公司战略转型驱动及实施的影响。由于公司战略转型是一个具有多层次多维度的综合体系，为了本研究的全面型和丰富性，依据战略转型的特征和种类，本研究从公司内部资源配置变化程度、经营行业范围变化以及国际化业务变化这三个对公司影响最为深远的转型维度进行划分，分别进行度量并加以剖析和讨论。进而，本文提出了董事会资本对公司战略转型的影响相关研究假设，在此基础上，结合组织理论和制度理论，进一步研究了企业内外部环境对董事会资本在战略转型决策实施中发挥的影响。最终构建出了本研究的实证模型，提出了相关的研究假设。通过利用2004-2013年十年间，沪深两市所有A股9983家上市公司的数据对相关假设进行了检验，得出如下研究结论：（1）董事会社会资本抑制了公司资源配置变化的程度、行业经营范围的变化以及国际业务的变化。（2）董事会人力资本深度抑制了公司经营行业范围的变化。（3）随着股权集中度的提高，董事会社会资本对公司资源配置变化程度与经营行业范围变化的抑制作用有所削弱，董事会人力资本深度对公司经营行业范围变化的负向影响也会随之削弱。（4）随着公司管理层激励的提高，董事会社会资本对公司资源配置变化程度的抑制作用有所削弱；并且董事会人力资本深度对公司经营行业范围变化的抑制作用也有所削弱。（5）随着地区市场化程度的提高，董事会人力资本深度对公司经营行业范围的抑制程度有所削弱。相比已有研究，本研究的创新主要有如下三个方面：（1）本研究从资源与环境两个视角识别公司的战略转型过程，突破了难以比较不同转型的度量模式之间异同的局限。并且对战略转型的概念进行了分层的界定，构建了以市场范围变化为导向的公司层战略转型度量指标和以资源配置变化为代表的职能层战略转型度量指标，从而不仅使研究结论更加全面、可靠，而且便于比较董事会资本对这两种类型的战略转型模式影响模式的差异。（2）本研究从内外部两个层面分别分析了董事会资本对公司战略转型的影响作用，一定程度上不仅会为公司的经营管理活动提供一定的借鉴价值，而且对于我国制定政策也同样具有启发意义。（3）国外的研究认为董事会社会资本有助于公司战略的创新与变革，本研究通过对这一假设进行实证检验，得到了相反的结论，推翻了传统的研究观点。本研究本研究从资源基础论与资源依赖理论相结合的视角出发，结合我国经济转型、体制改革特殊历史时期的国企，通过对战略转型的动因进行分析，对这一现象做出了合理的解答。
英文摘要：	In contemporary society, the pattern of global economic integration intensifies day by day. As a typical representative of emerging economies, China faces change and challenge in many aspects, such as the economic system transformation, the transformation of economic growth pattern and industrial structure upgrading. The process of organizational strategy formation is a matching process of the internal and external environment. Changing the business strategic direction timely to adapt to the changing internal and external environment has been the focus of theoretical research and attention. The essence of strategic transformation is the so-called ‘There's no making without breaking’, a process of the corporate breaking the original equilibrium state of organizational environment and system environment. Facing the opportunities and challenges from the enterprise internal and external environment, there are two issues need to be solved: 1. How to promote the decision of company’s strategic transformation; driven the behavior of companies strategic transformation? 2. How to guarantee the implementation of company strategy transformation; promote the effect of company strategic transformation? As the core of corporate governance, the board has played a bridge role between the company shareholders and the management. In modern companies, the responsibility of the board should not be limited to monitoring and control functions; the more important is the advisory function and resource function. One of the meanings of board for the company's strategic decision is the scope expanding of the functions of the board. On the other hand, an effective board governance mechanism makes the functions of the board of strategic decision-making stage is not only confined to the company, but also the whole process throughout the company strategy to maximize the value of companies. How to improve the supervision and controlling function of board? How to give full play to the information and resources functions of the board? Research on these issues and effective guarantee of implementing the decision of company strategic transformation is the important logic in the theoretical circle. Therefore, this study wills solve the problems above based on the board capital, an important perspective of corporate governance. Based on the literature review, this study starts with the resource dependence theory and the resource based view, describes the influence mechanism of the board capital to company strategic transformation. Then, from the organizational theory and the system theory, the company's internal and external environment factors’ influence to the board strategic transformation has been discussion respectively. From the aspect of the structure, this study explored many problems the company facing in the process of strategic transformation, such as internal and external environmental factors, and the meaning of board to the company strategy. Taking this as the foundation, the study sets up a theoretical framework of the influence of board capital in company strategic transformation. In order to make the research more in-depth and specific, according to the different characteristics of the board capital, this study divides the board capital into two dimensions, the board human capital and the board social capital. Because the company strategic transformation is a multi-level and comprehensive system, this study analysis the system from three most profound influence aspect: the enterprise internal resource allocation change degree, business industry scope change and internationalization of business change. Thus, this paper proposes the hypothesis of the board capital impact on company strategic transformation, and finally constructs an empirical model of the study. By using 2004-2013 all 9983 A-shares listing Corporation data of Shanghai and Shenzhen, the hypotheses are tested. The main conclusions are as follows: （1）The degree to which the changes of （a） companies' resources deployment, （b） the scope of industries in which companies operate and （c） companies' international businesses is reduced by social capital of the board. （2）The change of the scope of industries in which companies operate is reduced by human capital depth of the board. （3）As the equity intensity is increasing, the degree of the changes of （a） companies’ resources deployment and （b） the scope of industries in which company operate is less reduced by social capital of the board; the negative impact of human capital depth on change of the scope of industries in which enterprises operate is as well less. （4）With the enhancement of management incentive, the degree of company’s resources deployment is less reduced by social capital of the board; change of the scope of industries in which company operate is also less reduced by human capital depth of the board. （5）As the regional marketisation level is higher, change of the scope of industries in which company operate is less reduced by human capital depth of the board. Compared with the existing research, the main innovation of this study in four aspects as follows: (1) This research from two perspectives of resources and environment to identify the company's strategic transformation process, through the comparison between the measurement of different transformation patterns of similarities and differences between limitations. And definition of the concept of the strategic transformation, a layered, build the market scope change oriented company strategic transition layer metrics and represented by the allocation of resources change the functions of strategic transformation measures, so as to not only make the research conclusion is more comprehensive, reliable, and the board of directors of the comparison of capital for the two types of strategic transformation mode affect the difference. (2) The research from two aspects: internal and external, respectively, analyzes the influence that capital of board of directors of the company's strategic transformation, to some extent, not only can provide certain reference for the management of the company activity value, and also are instructive for policy making in China. (3) The abroad study think that the board of directors of social capital is helpful to the innovation and reform of corporate strategy, this study based on the assumption that the empirical test, the opposite conclusion, overthrew the traditional research point of view. From degree-effect of this research and this study combined the perspective of resource dependence theory, combined with our country economy special historical period of transformation, the reform of state-owned enterprises, through the analysis of dynamics of strategic transformation, has made a reasonable answer to this phenomenon. The final results of this study have realistic guiding significance for the strategic transformation behavior of contemporary companies, to make the transformation scientific, comprehensive and effective. This study also played an important role in the enlightenment and reference significance for the construction and the structure arrangement of the company board system.
查看全文：	预览  下载(下载需要进行登录)