【作者】 周杰； 薛有志； 王世龙；

【Author】 ZHOU Jie;XUE You-zhi;WANG Shi-long;Corporate governance research center,NanKai University;Business School,Nankai University;

【机构】 南开大学公司治理研究中心； 南开大学商学院；

【摘要】 本文以2002年-2006年实施多元化战略的集团公司为研究对象,利用分层线性模型检验了其对上市子公司经营绩效的影响。结果发现,母公司的差异显著的解释了上市子公司间经营绩效的差异,与"母合优势"理论相符。但通过进一步分析发现,母公司对子公司的影响作用在实施非相关多元化战略的集团公司更有价值,而对于只拥有相关业务的集团母公司的干预会损害子公司的经营绩效。更多还原

【Abstract】 This paper studies the group companies which implemented diversified strategies in 2002 through 2006 and tests the effects of these group companies on the business performance of their listed subsidiaries with the hierarchical linear model.The results show that the differentiation of parent companies have significantly explained the differentiation of business performances between listed subsidiaries,a conclusion consistent with the Parenting Advantage theory.However,through further analysis,we find that the effects of parent companies on subsidiaries are more valuable for the group companies which have implemented unrelated diversification strategies,while the interference of group parent companies which posses nothing but related businesses impairs the business performance of subsidiaries.更多还原