战略与结构匹配的影响因素——以我国台湾地区企业集团为例

随着我国市场经济的成熟,越来越多的企业开始向集团化和多元化方向发展。以往研究发现多元化战略和组织结构匹配的企业通常能够获得较好绩效,但较少探讨企业多元化战略与组织结构匹配程度的影响因素。本文以我国台湾地区1981~1998年间100家最大企业集团为样本,探讨影响企业集团多元化战略和组织结构匹配的因素。研究表明,行业集中度、金融市场制度以及所有权结构对企业集团的战略—结构匹配有显著影响:市场竞争越激烈、企业集团上市子公司越多、外国投资者所有权和政府投资者所有权所占比例越高,企业集团战略与结构的匹配程度就越高。本文的研究结果对我国企业集团未来的发展有重要的借鉴意义。     

子公司动态竞争能力培育及效应研究

市场环境的复杂性和动荡性增加了企业集团拓宽产业结构的经营风险，很多企业集团逐步减缓多元化战略的实施步伐，在动态竞争背景下塑造并提升成员企业的竞争能力成为集团获得长足发展的基本源泉。集团公司业务属性决定了资源禀赋的不同，对子公司的资源支持和管控模式也会存在差异，继而对子公司动态竞争能力的塑造和培育产生影响。 基于动态竞争理论和成长理论，以2008年至2013年中国集团属性的上市子公司为研究样本，从集团公司业务属性差异化视角对子公司动态竞争能力培育机制及效应进行实证检验；通过spss 17.0进行主成分分析和因子分析，构建子公司动态竞争能力和成长性的评价体系；基于2 032个有效研究样本组成观测数据，采用stata 10.0进行多元回归分析，检验集团公司业务属性与子公司动态竞争能力的关联性；构建外部经营环境与子公司动态竞争能力交互项，进行层次回归分析，考察外部经营环境在子公司动态竞争能力与成长性关系中的调节作用。 研究结果表明，生产经营型集团公司比纯资本运营型集团公司更有利于提升子公司动态竞争能力；子公司动态竞争能力对成长性有正向影响；基于外部经营环境的不同，子公司动态竞争能力对成长性的正向影响存在差异，外部经营环境越差，动态竞争能力对子公司成长性的积极效应越强，随着外部经营环境的完善，动态竞争能力对子公司成长性的积极作用逐渐削弱。 研究结果丰富了子公司动态竞争能力的内涵，集团公司业务属性与子公司动态竞争能力关系的验证表明了集团框架内资源协同和组织学习对子公司能力提升的重要性。同时，对子公司动态竞争能力价值创造效应及外部经营环境调节作用的探索，可以为集团公司基于外部经营环境的差异化权变选择对子公司的治理模式和治理手段提供参考。     

企业集团的理论综述与探讨

本文回顾了在企业集团研究中占主导地位的三种理论框架,即经济学(以制度经济学和资源理论为主)、社会学和政治学理论。这些理论从外部市场失效或者市场机制不完全、集团以内部市场替代外部市场并以较低的交易费用使成员企业获得产品或者要素资源、社会关系、传统以及社会规范对组织行为和结构的影响、国家和政府与企业集团的关系,以及双方之间的相互影响等角度出发,对企业集团的起因、角色和组织形式做出解释。在上述三种理论的指导下,相应的实证研究检验了企业集团内部市场的作用、资源分配体制、连锁董事以及政府政策对集团多元化战略和组织结构的影响,并取得了初步成果,本文也对今后企业集团研究的方向提出了建议。     

中央企业整体上市后的母子公司管理控制模式

在我国国有企业改革的语境中,"整体上市",是指国有企业集团的母公司通过股份制改造,形成多元投资主体的投资结构,并在境内外证券市场挂牌上市。中央企业整体上市,是借助母子公司体制和资本市场机制进行的资源重新配置。     

企业整体上市的创新动因

自2004年TCL集团通过换股吸收合并的方式实现整体上市．以及随后武钢、宝钢等大型国有企业相继实现集团公司主业或主营性资产上市以来．一时间．整体上市成为我国资本市场的热点。尽管有人认为，企业整体上市不过是一种新的炒作题材，但总体上说，有利于企业规模的扩大，有利于进一步发挥企业集团的产业优势、产品优势和管理优势。     

新创企业内部资源与外部关系的战略平衡——中国情境下的经验研究

由于受新创劣势的约束,新创企业的战略行为需平衡内部资源和外部关系.基于创业成长的演化视角,本文将创业导向和创新能力定义为内部资源,外部关系构念区分为支持型和合作型关系,分析其中的战略平衡机制.通过224家上市创业企业的经验研究显示:内部资源与外部关系中的政府支持和金融机构支持形成战略替代效应,演进模型的检验也证实新创企业对这种非市场关系资源形成路径依赖的特征;而在合作型关系中,内部资源与企业联盟之间形成互补效应的平衡机制,但是在演进模型中并没有显著的变化趋势.研究结论为我国创业企业的战略决策提供一定的实践启示,也为战略创业观点提供理论参考.     

做好统计管理工作 促进集团健康发展

当前,中国汽车行业有不少以资本为主要联结纽带的企业集团,涉及整车制造、装备、零部件企业,有的还跨行业经营,企业多元化的发展对集团统计管理工作提出了更高要求,而集团统计管理工作的完善提升能有效促进企业集团的整体发展。本文以笔者的工作实践,简述集团公司统计管理工作的意义与现状,分析集团公司统计管理工作存在的问题,论述如何开展集团公司统计管理工作。     

多元化经营与海尔成长战略

多元化战略是企业成长的重要行为。目前,我国许多企业正面临着多元化成长的问题。不少企业采取多元化战略并没有取得成功,如巨人集团的盲目多元化使其陷入了困境,人们开始对多元化经营产生了怀疑,应不应该多元化,如何选择多元化战略,成为了企业界、学术界的研究热点。本文从多元化理论出发,分析了海尔集团多元化经营的战略,得到了一些多元化经营的经验。     

中国国有企业的改制上市模式与发行效率

本文考察了我国国有企业的改制上市模式与发行效率的关系以及整体上市的意义与可行性。通过对1998～2002年间上市的360家国有企业的实证研究,证明了整体上市的国有企业发行效率较高,而分拆上市的国有企业发行效率较低。本文还通过理论分析结合案例阐明了促进分拆上市的公司进行整体上市是解决历史遗留问题、降低交易成本、提高经营效率的有效方式。     

新创企业内部资源与外部关系的战略平衡

由于受新创劣势的约束，新创企业的战略行为需平衡内部资源和外部关系． 基于创业成长的演化视角，本文将创业导向和创新能力定义为内部资源，外部关系构念区分为支持型和合作型关系，分析其中的战略平衡机制． 通过224 家上市创业企业的经验研究显示: 内部资源与外部关系中的政府支持和金融机构支持形成战略替代效应，演进模型的检验也证实新创企业对这种非市场关系资源形成路径依赖的特征; 而在合作型关系中，内部资源与企业联盟之间形成互补效应的平衡机制，但是在演进模型中并没有显著的变化趋势． 研究结论为我国创业企业的战略决策提供一定的实践启示，也为战略创业观点提供理论参考．     

Comparing corporate governance practices and exit decisions between US and Japanese firms

This study examines how widespread the similarities between US and Japanese corporate governance practices have become. Results suggest that, in spite of convergence in many areas of business practices, Japanese board structures and governance practices still differ greatly from those in the United States—particularly in Securities and Exchange Commission-mandated reforms such as independent audit and compensation committees. Our results suggest that corporate governance differences between Japanese and US firms may be driven, in part, by differences in directors’ recognition of investors’ performance expectations. In particular, results indicate that the exit barriers related to employment influence decision-making for Japanese directors more strongly than they affect US directors’ decisions. Board independence—particularly with respect to audit and compensation committee membership—reduces the height of perceived exit barriers. Results suggest that, in spite of convergence in many areas of business practices, Japanese board structures and governance practices still differ greatly from those in the United States although it does not conclude that the transition is necessarily desirable.     

大股东持股比例对代理成本影响的实证分析

本文以上海和深圳证券交易所1080家上市公司为研究样本,采用管理费用率、总资产周转率计量代理成本,采用股权集中度和股权制衡度反映大股东持股比例。对代理成本与股权集中度和股权制衡度之间的关系进行了实证分析,结果表明,代理成本与股权集中度显著负相关,与股权制衡度显著正相关。     

Ownership Structure and Firm Performance: Evidence from Israel

The study examines the effect of ownership structure on firm performance. We distinguish between family firms, firms controlled by partnerships of individuals, concern controlled firms, and firms where blockholders have less than 50% of the vote. The empirical work analyzes data on 280 Israeli firms and employs the technique of Data Envelopment Analysis. It is found that owner-manager firms are less efficient in generating net income than firms managed by a professional (non-owner) manager, and that family firms run by their owners perform (relatively) the worst. This evidence suggests that the modern form of business organization, namely the open corporation with disperse ownership and non-owner managers, promotes firm performance.     

Scale-up modes: Profiling activity configurations in scaling strategies

Scale-ups, or scaling firms, provide an important contribution to the economy. However, there is little understanding of the characteristics of their scaling strategies, compared to the high-growth strategies of start-ups and mature firms. To address this, we build on the Penrosean view of firm growth and the literature on high-growth firms to identify the critical growth-enabling activities of scaling firms with digital business models: financing, innovation, digitization, and acquisitions. Using cluster analysis of a sample of 184 Unicorn and emerging Unicorn scale-ups with digital business models, we identify four distinct activity configurations, or scale-up modes: network growers, focused scalers, organic innovators, and constricted scalers. We discuss the theoretical implications for the literature on scaling firms, Penrose's theory of firm growth in the digitization era, and firm growth research more generally.     

Incentives,Contracts, and Markets: A General Equilibrium Theory of Firms1

This paper takes steps toward integrating firm theory in the spirit of Alchian and Demsetz (1972) and Grossman and Hart (1986), contract theory in the spirit of Holmstrom (1979), and general equilibrium theory in the spirit of Arrow and Debreu (1954) and McKenzie (1959). In the model presented here, the set of firms that form and the contractual arrangements that appear, the assignments of agents to firms, the prices faced by firms for inputs and outputs, and the incentives to agents are all determined endogenously at equilibrium. Agents choose consumption—but they also choose which firms to join, which roles to occupy in those firms, and which actions to take in those roles. Agents interact anonymously with the (large) market, but strategically within the (small) firms they join. The model accommodates moral hazard, adverse selection, signaling, and insurance. Equilibria may be Pareto ranked.     

Climate change,consumer lifestyles and legitimation strategies of sustainability-oriented firms

This study explores the links between climate change, consumer lifestyles, and legitimation strategies of sustainable firms. Our findings offer new insight into this under-researched area based on qualitative case studies of four Nordic firms operating in industrial and consumer contexts. We find that climate change consciousness is a major driver for all case firms’ sustainability-focused operations, but the dynamics differed. Achieving sociopolitical legitimacy emerges as an important factor for the case firms operating in the energy sector, especially as it connects to government incentives and regulative pressures. However, cognitive legitimacy is increasingly important for them also, and the firms are trying to connect to their consumers’ lifestyles as well. In turn, for the case firms operating in the consumer (clothing) industry, functionality and the use of products are highlighted even though cognitive legitimacy based on linking to their consumers’ lifestyle is visible. Finally, the findings reveal that despite the sustainable lifestyles are increasingly important and better recognized in firm strategies and practices, other practicalities of running the business successfully in a highly competitive marketplace are relevant. Building legitimacy in such a way that captures and justifies different approaches, therefore, emerges as the connecting factor between the changing consumer behavior and pro-environmental firm practices.     

Firm capabilities and export performance of small firms: A meta-analytical review

Despite its importance, there is no clear understanding of the impact of small firms’ capabilities (networking, innovation, and marketing) on their export performance. This article attempts to address this issue with a meta-analysis of 74 recent empirical studies comprising 76 independent samples and covering more than 30 countries. We found that innovation, marketing, and networking capabilities positively influence export performance of small firms. However, the context-dependent nature of these relationships demands a more fine-grained examination. The variations in the ES of these relationships are explained by the role of external business environmental factors prevailing in the country of origin of the firm (developing/developed country and individualism/collectivism culture). We examined the divergent results provided by empirical studies using the moderator analysis. The findings of this article shed light on the role of small firms’ capabilities in enhancing export performance in different contextual settings.     

证券业的新变革——网络券商的兴起

国际网络的快速发展，改变着人类的生活方式，亦改变着企业的经营模式。善用此一高新技术以增强竞争力，是现代企业经营必须强化的课题。对证券业这种知识型的产业而言，客户重视服务、效率、准确、安全，并能以更节约方式达到理财的目的，网络上的投资理财更是证券业者必须提供的服务。尤其加入世界贸易组织的进程不远，证券业者必须思考面对国外传统大型投资银行的竞争，把握网际网络这一新科技的特性，在这虚拟的新战场树立中国投资银行经营之典范。     

International diversification and performance: A study of global law firms

This paper is an exploration of the internationalization-performance relationship in the context of contemporary knowledge intensive services. After background literature, we build theory in the context of service firms to explain how performance in international diversification largely depends on building various relevant organizational competencies. We develop two hypotheses: one concerning a reverse u-shaped internationalization-performance function for these firms in general, and another differentiating between U.S. and U.K. firms. Data on 76 U.S. and 13 U.K. firms are analyzed using hierarchical regression. The findings sustain the reverse u-shaped internationalization-performance relationship for these firms in general, but also suggest that the prospects are quite different for U.S. versus U.K. firms. Our findings add to an emerging stream of research that indicates a resolution to the hitherto ambiguous internationalization-performance relationship; and we also suggest a convergence between findings in capital-intensive and knowledge-intensive industries. The paper concludes with some implications for practitioners.     

Why the Extractive Industry Should Support Mandatory Transparency: A Shared Value Approach

The Transparency Amendment, included in the Dodd‐Frank Wall Street Reform and Consumer Protection Act, can be an important tool in curtailing the resource curse that so heavily burdens resource‐rich developing countries by shedding light on opaque payments between the extractive sector and host countries. From the get‐go, however, extractive industry companies have fiercely opposed the new mandatory disclosure requirements as set out in this regulation. The corporate opposition is for the largest part motivated by the fear of a competitive disadvantage that derives from the fact that the amendment is housed with the Securities and Exchange Commission (SEC) and thus only holds jurisdiction over those that report to the SEC. Although on the one hand watering down these corporate fears, this article draws on the “shared value approach” and empirical evidence to argue that there is a business case for transparency. This refreshing take on transparency regulation invites corporate leaders to reassess their current oppositional stance and to embrace new initiatives like the Transparency Amendment and to take a proactive stance in building a convincing global regulatory system of transparency.