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论文编号：	934
作者编号：	2120072026
上传时间：	2009/5/25 3:00:48
中文题目：	公司多元化战略与董事会背景特征
英文题目：	Diversification Strategy and B
指导老师：	余娟
中文关键字：	多元化战略 董事会背景特征 高
英文关键字：	Diversification Strategy Boar
中文摘要：	国内外针对多元化战略与公司价值的研究方面存在着争议。目前“多元化折扣”是国内外学者对多元化战略最常见的批评和指责，但实践过程中不同类型的多元化战略确实能为企业带来不同的经济效应。学术界和企业界对多元化战略的争议推动着战略管理的研究焦点逐步从多元化战略本身的讨论过渡到战略执行上，如何设计合理的制度安排保证战略的成功实施已经成为战略管理的主要方向。 现代企业制度的核心是根据权力、经营、监督相互分离、相互制衡和精干效能的原则，形成由董事会、总经理和监事会组成的现代公司法人治理结构，而董事会又是公司治理的核心。因此董事会战略服务职能的发挥，影响公司多元化战略的实施效果。 本文通过对2003-2005年我国沪深两市制造业发行A股的153家上市公司研究样本，结合“高阶梯队理论”探讨了董事会背景特征如何受多元化投资战略类型差异的影响。实证研究结果表明，董事会战略服务职能的有效发挥明显受到公司战略类型差异的影响，不同类型的多元化战略对董事会的结构提出不同的要求，董事会提升自身效能的路径需要依据公司战略需要进行相应的调整；董事会职能背景构成与董事会来源构成具有明显的战略依赖性，但两者之间存在一定的“替代效应”，而董事会内部在职能背景构成方面却存在一定的“互补效应”。研究结果同时表明“董事会知识结构”与多元化战略的相互匹配有助于多元化战略的成功实施，改善了多元化企业的经营业绩。但我国目前针对董事会建设的制度性规定和政策性引导不利于董事会效能的空间拓展和提升路径的优化。
英文摘要：	There is dispute in the research of relationship between the diversification strategy and the company value in the domestic and foreign academe. At present “the diversification discount” is the most common criticism of the domestic and foreign scholars, but the different type’s diversification strategy can bring the different economic effect for the enterprise in practice. The diversification strategy dispute between the academic and the business community impel the strategic management research focus point to the diversification strategy's argument transiting gradually from the diversification strategy's discussion to the strategic execution. How to make the rational design to guarantee strategy's success implementation has already become the main direction of the strategic management. Modern enterprise system's core is according to principle that the authority, the management and the surveillance separate mutually, keep in balance mutually and make a capable potency. The modern company legal management structure is composed by the board of directors, general manager and the board of supervisors, and the board of directors is the core of the corporate governance. Therefore the exertion of the board of the directors’ function affects the implementation effect of the diversification strategy in the company. This article took the 153 listed manufacture companies that go public in shanghai and Shenzhen markets from the year 2003-2005 as the sample, and discussed how the different diversification strategy affected the background characteristic of the board of directors combining with the Upper-Echelons Theory. The empirical study result indicated that the effectiveness of the strategic function of the board of directors is obviously affected by the type of the diversification strategy. The different diversification strategy proposed different request of the structure of the board of directors. The board of directors promoting its own potential way need to make the corresponding adjustment based on the company strategy； The background constitution of the board of directors’ had the obvious strategic dependence with the board of directors origin constitution, but between both there is certainly “the substitution effect”, but interior of the board of directors actually has certainly “the supplementary effect” in the function background constitution aspect. The findings simultaneously indicated that “the board of directors’ knowledge structure” matching well with the diversification strategy is helpful for the success implementation of the strategy. It improved the multiplex enterprise's operating results. But at present the regulation of the board of directors and the policy-type guidance does not favor the spatial development of the board of directors potency and the way of promoting optimization.
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