【作者】 王敏；

【导师】 刘斌；

【作者基本信息】 重庆大学 ， 工商管理， 2021， 硕士

【摘要】 企业集团权力配置是公司经营中的重要部分,需要权衡信息成本和代理成本,同时考虑内外部环境。因此如何在公司合理分配权力,形成最优的权力结构也是一为值得深入研究的问题。企业集团发展到一定时间和规模后,必然会面临扩张的问题。为了获得更多的资源,占据更大的市场,很多公司会选择异地扩张。而母子公司地理距离延长是企业集团异地扩张过程中不可避免的现象,深刻地影响着企业集团的行为和决策。本文认为随着母子公司地理距离的延长,子公司所面临的外部环境将越来越复杂,母公司难以全面了解子公司所在地的文化和法律,从而管理效率下降。为了保障子公司能更好地融入当地,面对问题时合理应变,企业集团会倾向于分权管理。文章主要研究母子公司地理距离是否以及如何影响企业集团权力配置。本文以2008-2017年A股上市公司为研究样本,手工搜集并整理母子公司地理距离和高铁开通信息,从管理权和业务权两个维度衡量企业集团权力,重点考察母子公司地理距离是否以及如何影响企业集团权力配置。研究表明:(1)母子公司地理距离延长容易使企业集团面临复杂的外部环境,导致严重的信息不对称问题,从而使企业集团产生显著的管理分权偏好,远距离造成的文化制度差异以及市场拓展阻碍也促进了业务分权偏好,企业集团权力配置呈现子公司导向型配置结构;(2)高铁开通压缩了母子公司间时空距离,为企业集团人员流动提供了可能,母子公司人员面对面交流的机会增多,管理分权偏好显著减弱,但伴随而生的业务分权偏好却显著增强。换句话说,高铁开通推动了企业集团权力配置结构从子公司导向型向管控型转变。上述结论在经过PSM倾向得分匹配、解释变量滞后等稳健性测试后依然成立;(3)进一步研究还发现,内部信息质量在母子公司地理距离和企业集团权力配置关系的影响中起部分中介作用。研究结果有助于企业集团做出恰当的权力配置决策。更多还原

【Abstract】 Power allocation in enterprise groups is an important part of company operation,which requires weighing information cost and agency cost,and considering internal and external environment.Therefore,how to reasonably allocate power in the company and form the optimal power structure has become a problem worthy of further study.After the enterprise group develops to a certain time and scale,it will inevitably face the problem of enterprise expansion.In order to obtain more resources and occupy a larger market,many companies will choose to expand to other places.The extension of parentsubsidiary companies geographic distance is an inevitable problem in the process of longdistance expansion of enterprise groups,which has a profound impact on the behavior and decision-making of enterprise groups.This paper holds that with the extension of the geographical distance between the parent company and the subsidiary company,the external environment faced by the subsidiary company will be more and more complex,and the parent company is difficult to fully understand the culture and laws of the location of the subsidiary,thus reducing the management efficiency.Therefore,enterprise groups tend to decentralize management in order to ensure that subsidiaries can better integrate into local areas and respond reasonably when facing problems.This paper mainly studies whether and how the parent-subsidiary companies geographic distance affects the power allocation of enterprise groups.Taking A-share listed companies from 2008 to 2017 as research samples,this paper manually collected and sorted out the geographic distance and high-speed railway opening information of parent-subsidiary companies,measured the power of enterprise groups from two dimensions of management power and business rights,and focused on whether and how the geographical distance of parent-subsidiary companies affects the power allocation of enterprise groups.The results show that:(1)The greater the geographical distance between parent and subsidiary companies,the more likely it is for enterprise groups to face complex external environment,which leads to serious information asymmetry and makes enterprise groups have significant preference for management decentralization;distant barriers to market expansion also contribute to decentralization preferences.Therefore,the power allocation of enterprise groups presents a subsidiary-oriented configuration structure.(2)The opening of high-speed railway reduces the space and time distance between parent and subsidiary companies,and provides the possibility for the flow of enterprise group personnel.The face-to-face communication opportunities of parent and subsidiary personnel increase,and the preference for management decentralization is significantly weakened,but the accompanied preference for business decentralization is significantly enhanced.In other words,the opening of high-speed railway has promoted the transformation of power allocation structure of enterprise groups from subsidiary-oriented to management and control type.The above conclusions are still valid after robustness tests such as PSM propensity score matching and explanatory variable lag.(3)Further research also finds that internal information quality plays a partially mediating role in the influence of parentsubsidiary companies geographic distance and enterprise groups power allocation.The research results are helpful for enterprise groups to make appropriate power allocation decisions.更多还原