企业集团内部网络治理实证研究——基于中国上市公司的分析.docVIP

企业集团内部网络治理实证研究 ——基于中国上市公司的分析Huang Rong-jie1，Peng Zheng-yin2 1 Economics and Management Department of , P.R.China, 214021 2 School of Management of TJUFE, P.R.China, 300222 摘要随着经济的快速发展，企业集团的发展也呈现出内部网络化的新趋势。而企业集团内部网络治理问题则成为近年研究的新热点，国内外很多学者开始对此问题作了初步探索。本文在回顾了其他学者的相关理论的基础上，就企业集团内部网络治理问题进行了较为系统、深入的研究。文章首先分析了由企业集团母公司、子公司及关联企业作为内部网络成员，所形成的各种内部网络关系对企业集团；并且从内部网络关系强度、独立董事以及关系型三个方面探讨了其治理效应问题，并据此提出了研究假设。文章最后以我国上市企业集团为样本，进行了实证分析，结果表明单个集团内部关系强度、独立董事及关联经理数量对集团的绩效产生了正向的治理效应，而关联交易频率、关联经理的任职数量与集团绩效不存在显著相关性。 关键词企业集团关系内部网络治理Abstract: With the rapid development of the economy, the Business Groups show the new tendency of interior networking too. And the problem of the Governance of Interior Network of Business Groups becomes a new hot topic recent years. So many experts begin to probe into this field at home and abroad. After reviewing the related theories on other scholars’, this paper gives a systematic and thorough study on the governance of interior network of business groups. At first, this paper analyses the relationship among the mother company and the subsidiaries, which are the interior members of the business groups. And then, the paper discusses the governance effect from the views of interior network intensity, independent directors and the intermediate relationship. According to the discussion results, the paper proposes the five assumptions. At last, on the basis of some of the China’s listed business groups, this paper gives an empirical analysis. The results show that the internal related intensity, the numbers of the independent directors and interlock mangers in one group have the positive effect on the group’s governance performance, while the times of the related transaction and the number of posts of an interlock manger has little effect on it. Key words: Business groups, Governance, Interior network, Relationship 1 问题的提出19世纪末20世纪初，随着社会化大生产和市场经济的不断发展，企业集团这种现代经济组织形式在欧美一些发达国家逐渐形成，随后这种组织形式遍及世界，在经济活动中扮演着重要的角色。进入20世纪90年代，随着信息技术及经济全球化环境的发展，使得企业集团面临着一个全新的环境——更为挑剔的顾