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论文编号：	968
作者编号：	2120071987
上传时间：	2009/5/26 13:56:09
中文题目：	政府干预对中国上市公司多元化战
英文题目：	An Empirical Study of the Infl
指导老师：	薛有志教授
中文关键字：	政府干预;多元化战略;最终控制人
英文关键字：	Government Intervention;Divers
中文摘要：	政府干预与企业多元化战略的关系是国内外学术界和企业界关注的焦点之一。1997年东南亚金融危机爆发后，实行多元化经营的韩国起亚等大企业、大财团相继倒闭，使得韩国政府开始大力推行专业化政策。与此同时，中国政府逐步认识到大型企业集团的弊端和多元化战略实施中的风险，并进行了大刀阔斧的改革。那么，政府干预是如何影响企业多元化战略的呢？ 本研究在既往有关政府干预与多元化战略关系研究的基础上，探索性地将政府干预时间特征、政府干预地区特征、政府干预层级特征和企业特征变量的概念引入政府干预对多元化战略影响的框架之中，依循“时间-空间-主体-客体”的分析逻辑，通过实证分别检验了政府政策变化、地区市场化程度、最终控制人类型以及企业规模、企业成长率等对政府干预与多元化战略关系的调节效应，揭示了政府干预影响多元化战略的背后逻辑和内在机理。同时，本研究在总结政府干预影响企业战略路径的基础上，着重分析了政府干预对多元化进入方式、对多元化战略类型以及对多元化企业绩效的影响，并结合中国企业实际，论述了政府干预分别对多元化战略动因、多元化战略时机以及多元化水平的影响。 本研究利用2002-2007深沪上市公司为样本，截取多元化战略数据、公司财务数据和公司治理数据等，进行实证研究。结果表明：(1)对处于转轨时期的中国来讲，政府干预对企业多元化战略具有显著影响；(2)政府干预与多元化战略的关系呈现一定的周期性，政府干预对多元化战略的影响效应随时间的变化而变化；(3)政府干预与多元化战略的关系具有地域特征。市场化程度高的地区较市场化程度低的地区，公司多元化水平要高。市场化程度的提高将减弱政府干预对多元化战略的影响效应；(4)政府干预与多元化战略的关系存在层级差别。地方国有企业较中央国有企业更偏好于实施多元化战略；(5)企业特征变量使企业对政府干预具有能动的反作用。规模越大的公司，其战略行为受到政府干预的影响越弱。同时，企业成长率的提高也将抑制政府干预对多元化战略的影响效应。本研究为基于政府干预视角考察多元化战略动因，基于战略视角考察政企关系提供了理论铺垫，对于指导政府和企业实践也具有重要的现实意义。
英文摘要：	The relationship between government intervention and enterprise diversification Strategy is one of the focuses which the academia and business circles both at home and abroad pay close attention to. After the Southeast Asian financial crisis broke out in 1997, many large enterprises, big financial group such as Kia with the implementation of diversification went bankrupt, which made S.Korean government began to pursue the specialized policy. Meanwhile, Chinese government realized the drawback of large enterprise group and the risk of the implementation of diversification strategy, and carried on the drastical reform. Then, how does government intervention influences enterprise diversification strategy? This thesis is on the basis of the previous study on the relationship between government intervention and diversification strategy. The time characteristic, the regional characteristic, the level characteristic of government intervention and Enterprise's characteristic are introduced in the framework of the impact of government intervention on diversification strategy exploringly. In accordance with the analysis logic of " time- space - subject - object ", this thesis has examined the influence of the government policy, market development, ultimate controlling shareholder type, enterprise scale and enterprise growth rate on the relationship between government intervention and diversification strategy by empirical method, and has announced the logic and inherent mechanism that government intervention influences diversification strategy. At the same time, this thesis has summarized the route of government intervention influences diversification strategy, emphasizing the impact of government intervention on diversification entering way, diversification Strategy type, diversification enterprise performance. With the regard of the Chinese enterprise reality, this thesis has expounded the impact of government intervention on diversification motivation, diversification opportunity and diversification level. This thesis utilizes 2002-2007 listed companies of Shenzhen and Shanghai to be samples, and collects relative diversification data, company financial data and corporate governance data.The result shows: (1)For Chinese enterprises in transition perioding time, government intervention has remarkable influence on diversification strategy; (2)Certain periodicity appears in the relationship between government intervention and diversification strategy, the effect of impact on diversification Strategy of government intervention varies with time; (3)The relationship between government Intervention and diversification strategy possess the regional features. The company in the area with higher market-based degree has higher diversification level. The improvement of the market development will weaken the effect of impact on diversification level of government intervention; (4) The level difference exists in relationship between government intervention and diversification strategy. The local state-owned enterprise is partial to implementing diversification than the central state-owned enterprise; (5) Enterprise's characteristic variable makes enterprises have reaction that can be moved to government intervention. The strategic behavior of company with bigger scale is influenced by government intervention the more weakly. Meanwhile, the improvement of enterprise growth rate will suppress the effect of impact on diversification strategy of government intervention too. This thesis has offered theory foreshadowing for investigating diversification motivation with the government intervention visual angle and investigating the relationship between government and enterprise with the strategic visual angle. Meanwhile, this thesis has important realistic value for instructing the practice of government and enterprise.
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