商业研究

商业研究

• 商经理论 • 上一篇    下一篇

负向绩效反馈下企业集团对子公司扩张变革战略的影响 ——基于集团公司行政和资本管理渠道的实证分析

郑丽1，陈志军2   

  1. （1.青岛大学 商学院，山东 青岛 266071；2.山东大学 管理学院，济南 250100）
  • 收稿日期:2020-05-11 出版日期:2020-08-20
  • 作者简介:郑丽(1986-)，女，山东烟台人，青岛大学商学院讲师，管理学博士，研究方向：集团公司管理与战略管理；陈志军(1965-)，男，山东青州人，山东大学管理学院教授，博士生导师，经济学博士，研究方向：集团公司管理与战略管理。
  • 基金资助:
    国家自然科学基金面上项目，项目编号：71672102；山东省社科规划基金重点项目，项目编号：18BSJJ14。

The Influence of Enterprise Group on the Expansion and Reform Strategy of Subsidiaries under Negative Performance Feedback:An Empirical Analysis based on the Administrative and Capital Management Channels of Group Companies

ZHENG Li1, CHEN Zhi-jun2   

  1. (1.Business School, Qingdao University, Qingdao 266071, China; 2.Management School, Shandong University, Jinan 250100, China)
  • Received:2020-05-11 Online:2020-08-20

摘要： 以2012-2018年上市公司数据为样本，实证研究负向绩效反馈对子公司扩张变革战略的影响。研究发现，相较于单体公司，子公司负向绩效反馈下的扩张变革动机更高。企业集团对子公司扩张变革战略的影响主要表现在：母公司对子公司的行政管理强化了负向绩效反馈对扩张变革战略的正向影响，对子公司的资本管理促进了扩张变革战略，负向绩效反馈削弱了资本流入对子公司扩张的正向影响。进一步研究发现：企业集团对子公司采取行政管理还是资本管理需根据子公司绩效状况权变而定；负向绩效反馈子公司的风险性扩张行为改善了经营困境。

关键词: 绩效反馈, 公司扩张, 企业集团

Abstract: This paper used A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2018 as research sample to investigate the impact of performance feedback on the expansion change strategy of subsidiaries. The empirical results find that: in contrast with stand-alone firms, subsidiaries are more sensitive to the performance feedback-expansion change relationships. The influence of business groups is mainly reflected in the following aspects: the administrative management of the parent company to the subsidiary company strengthens the positive influence of negative performance feedback on the expansion change strategy, the capital management of the subsidiary company promotes the expansion change strategy,and negative performance feedback weakens the positive impact of capital inflow on the expansion of subsidiaries.The further study finds that: whether the enterprise group adopts administrative management or capital management on its subsidiaries depends on the performance of the subsidiary companies; the negative performance feedback of the subsidiary companies′ risk expansion behavior improves the operating difficulties.

Key words: performance feedback, corporate expansion, business group