连锁董事对公司战略和绩效的影响
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摘要
董事会是企业重要的管理机构之一,在公司战略决策方面发挥着重要作用。然而,我国上市公司董事会的一个典型特征是,董事会之间存在着极为普遍的网络联结(连锁董事)。那么,董事会的这些关系网络(连锁董事)特征是否会影响公司战略以及绩效?这正是本文致力于解答的问题。本文基于我国2000年至2010年A股上市公司的连锁董事、公司战略和绩效数据,对连锁董事的公司战略和绩效影响进行理论与实证研究。在将连锁董事操作化为行业内联结和行业外联结(其中,行业内联结是指连锁董事所在的两家企业均在同一行业,行业外联结是指连锁董事所在的两家企业隶属于不同行业),将公司战略操作化为战略选择、战略变革和多元化战略(其中,战略选择代表着公司战略的静态属性,战略变革代表着公司战略的动态属性,而多元化战略则代表着公司战略的结果属性),本文研究发现：
第一,行业内联结对战略偏离有显著的负向影响,行业外联结对战略偏离有显著的正向影响。即当公司拥有较多的行业内联结时,更可能选择遵循行业普遍采用的主流战略,而当公司拥有较多的行业外联结时,更可能选择偏离行业普遍采用的主流战略。行业内联结与战略偏离的交互作用对公司绩效有显著的负向影响,行业外联结与战略偏离的交互作用对公司绩效有显著的正向影响。这意味着,当公司选择偏离行业主流战略时,拥有较多的行业内联结对公司绩效会有不利影响,拥有较多的行业外联结会改进公司绩效。
第二,行业内联结对战略变革有显著的负向影响,行业外联结对战略变革有显著的正向影响。即当公司拥有较多的行业内联结时,更可能选择保持目前采用战略不变,而当公司拥有较多的行业外联结时,更可能选择改变目前采用的战略。行业内联结与战略变革的交互作用对公司绩效有显著的负向影响,行业外联结与战略变革的交互作用对公司绩效有显著的正向影响。这意味着,当公司进行战略变革时,拥有较多的行业内联结对公司绩效会有不利影响,拥有较多的行业外联结会改进公司绩效。
第三,行业内联结对多元化战略有显著的负向影响,行业外联结对多元化战略有显著的正向影响。即当公司拥有较多的行业内联结时,更可能选择专业化战略,而当公司拥有较多的行业外联结时,更可能选择多元化战略。行业内联结与多元化战略的交互作用对公司绩效有显著的负向影响,行业外联结与多元化战略的交互作用对公司绩效有显著的正向影响。这意味着,当公司采用多元化战略时,拥有较多的行业内联结对公司绩效会有不利影响,拥有较多的行业外联结会改进公司绩效。
第四,将上述三个结论结合起来可以发现,不同类型的连锁董事会对公司战略有不同影响,连锁董事对公司绩效的影响取决于不同类型连锁董事与公司战略的结合程度。
The board of directors is one of the important management institution in corporate, plays an important role in the strategic decision of the corporation. However, a typical characteristic of the board of directors of the listed company in China is that there is a widespread network connection between the board of directors (that is interlocking directorates). whether these features of the relationships network of the board of directors (interlocking directorates) could affect the company strategy or performance? This is what the article tries to answer. Based on the data of the interlocking directorates, the corporate strategy and the corporate performance of A-share listed companies from 2000 to 2010 in China, the paper theoretically and empirically analyzes the effects interlocking directorates on corporate strategy and performance. By measured the interlocking directorates with the intra-industry tie (The two enterprises netted by the interlocking directorates belong to the same industry) and inter-industry tie (The two enterprises netted by the interlocking directorates don't belong to the same industry), the corporate strategy with strategy choice, strategy change and diversification strategy (strategy choice, strategy change and diversification strategy respectively represent the static, dynamic and results features of the corporate strategy), the paper finds that:
Firstly, the intra-industry tie has a significant negatively impact on the strategy defection, but the inter-industry tie has a significant positively impact on the strategy defection. That is the more the company has the intra-industry ties, the more likely the company follows the mainstream strategy which the industry is generally used; and the more the company has the inter-industry ties, the more likely the company deviates the mainstream strategy which the industry is generally used. The interaction of the intra-industry tie and the strategy defection has a significant negatively impact on the corporate performance; The interaction of the inter-industry tie and the strategy defection has a significant positively impact on the corporate performance. These mean that when the company chooses to deviate the mainstream strategy of the industry, many intra-industry ties has adversely affected on the corporate performance, but many inter-industry ties will improve the corporate performance.
Secondly, the intra-industry tie has a significant negatively impact on the strategy change, but the inter-industry tie has a significant positively effect on the strategy change. That is the more the company has the intra-industry ties, the more likely the company retains the present strategy, but the more the company has the inter-industry ties, the more likely the company changes the present strategy. The interaction of the intra-industry tie and the strategy change has a significant negatively impact on the corporate performance; The interaction of the inter-industry tie and the strategy change has a significant positively impact on the corporate performance. These mean that when the company chooses to change the strategy, many intra-industry ties have adversely affected on corporate performance, but many inter-industry ties will improve the corporate performance.
Thirdly, the intra-industry tie has a significant negatively impact on the diversification strategy, but the inter-industry tie has a significant positively effect on the diversification strategy. That is the more the company has the intra-industry ties, the more likely the company chooses the professional strategy, but the more the company has the inter-industry ties, the more likely the company chooses the diversification strategy. The interaction of the intra-industry tie and the diversification strategy has a significant negatively impact on the corporate performance; the interaction of the inter-industry tie and the diversification strategy has a significant positively impact on the corporate performance. These mean that when the company adopts the diversification strategy, many intra-industry ties have adversely affected on corporate performance, but many inter-industry ties will improve the corporate performance.
Fourthly, combined the above three conclusions, we can find that the different types of the interlocking board of directors have the different effects on the corporate strategy, and the effects of interlocking directorates to corporate strategy are depend on the combining degree of the interlocking board of the different type and the corporate strategy.
第一,行业内联结对战略偏离有显著的负向影响,行业外联结对战略偏离有显著的正向影响。即当公司拥有较多的行业内联结时,更可能选择遵循行业普遍采用的主流战略,而当公司拥有较多的行业外联结时,更可能选择偏离行业普遍采用的主流战略。行业内联结与战略偏离的交互作用对公司绩效有显著的负向影响,行业外联结与战略偏离的交互作用对公司绩效有显著的正向影响。这意味着,当公司选择偏离行业主流战略时,拥有较多的行业内联结对公司绩效会有不利影响,拥有较多的行业外联结会改进公司绩效。
第二,行业内联结对战略变革有显著的负向影响,行业外联结对战略变革有显著的正向影响。即当公司拥有较多的行业内联结时,更可能选择保持目前采用战略不变,而当公司拥有较多的行业外联结时,更可能选择改变目前采用的战略。行业内联结与战略变革的交互作用对公司绩效有显著的负向影响,行业外联结与战略变革的交互作用对公司绩效有显著的正向影响。这意味着,当公司进行战略变革时,拥有较多的行业内联结对公司绩效会有不利影响,拥有较多的行业外联结会改进公司绩效。
第三,行业内联结对多元化战略有显著的负向影响,行业外联结对多元化战略有显著的正向影响。即当公司拥有较多的行业内联结时,更可能选择专业化战略,而当公司拥有较多的行业外联结时,更可能选择多元化战略。行业内联结与多元化战略的交互作用对公司绩效有显著的负向影响,行业外联结与多元化战略的交互作用对公司绩效有显著的正向影响。这意味着,当公司采用多元化战略时,拥有较多的行业内联结对公司绩效会有不利影响,拥有较多的行业外联结会改进公司绩效。
第四,将上述三个结论结合起来可以发现,不同类型的连锁董事会对公司战略有不同影响,连锁董事对公司绩效的影响取决于不同类型连锁董事与公司战略的结合程度。
The board of directors is one of the important management institution in corporate, plays an important role in the strategic decision of the corporation. However, a typical characteristic of the board of directors of the listed company in China is that there is a widespread network connection between the board of directors (that is interlocking directorates). whether these features of the relationships network of the board of directors (interlocking directorates) could affect the company strategy or performance? This is what the article tries to answer. Based on the data of the interlocking directorates, the corporate strategy and the corporate performance of A-share listed companies from 2000 to 2010 in China, the paper theoretically and empirically analyzes the effects interlocking directorates on corporate strategy and performance. By measured the interlocking directorates with the intra-industry tie (The two enterprises netted by the interlocking directorates belong to the same industry) and inter-industry tie (The two enterprises netted by the interlocking directorates don't belong to the same industry), the corporate strategy with strategy choice, strategy change and diversification strategy (strategy choice, strategy change and diversification strategy respectively represent the static, dynamic and results features of the corporate strategy), the paper finds that:
Firstly, the intra-industry tie has a significant negatively impact on the strategy defection, but the inter-industry tie has a significant positively impact on the strategy defection. That is the more the company has the intra-industry ties, the more likely the company follows the mainstream strategy which the industry is generally used; and the more the company has the inter-industry ties, the more likely the company deviates the mainstream strategy which the industry is generally used. The interaction of the intra-industry tie and the strategy defection has a significant negatively impact on the corporate performance; The interaction of the inter-industry tie and the strategy defection has a significant positively impact on the corporate performance. These mean that when the company chooses to deviate the mainstream strategy of the industry, many intra-industry ties has adversely affected on the corporate performance, but many inter-industry ties will improve the corporate performance.
Secondly, the intra-industry tie has a significant negatively impact on the strategy change, but the inter-industry tie has a significant positively effect on the strategy change. That is the more the company has the intra-industry ties, the more likely the company retains the present strategy, but the more the company has the inter-industry ties, the more likely the company changes the present strategy. The interaction of the intra-industry tie and the strategy change has a significant negatively impact on the corporate performance; The interaction of the inter-industry tie and the strategy change has a significant positively impact on the corporate performance. These mean that when the company chooses to change the strategy, many intra-industry ties have adversely affected on corporate performance, but many inter-industry ties will improve the corporate performance.
Thirdly, the intra-industry tie has a significant negatively impact on the diversification strategy, but the inter-industry tie has a significant positively effect on the diversification strategy. That is the more the company has the intra-industry ties, the more likely the company chooses the professional strategy, but the more the company has the inter-industry ties, the more likely the company chooses the diversification strategy. The interaction of the intra-industry tie and the diversification strategy has a significant negatively impact on the corporate performance; the interaction of the inter-industry tie and the diversification strategy has a significant positively impact on the corporate performance. These mean that when the company adopts the diversification strategy, many intra-industry ties have adversely affected on corporate performance, but many inter-industry ties will improve the corporate performance.
Fourthly, combined the above three conclusions, we can find that the different types of the interlocking board of directors have the different effects on the corporate strategy, and the effects of interlocking directorates to corporate strategy are depend on the combining degree of the interlocking board of the different type and the corporate strategy.
引文
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