摘要
积极借助公司治理结构参与企业战略转型管理以确保战略转型成功已成为普遍共识。本研究利用我国沪深两市A股制造业上市公司经验数据,在实证检验企业战略转型与绩效关系的基础上,进一步实证考察了公司治理结构战略参与度对企业战略转型价值效应的影响。实证研究结果表明,以企业多元化程度变化为度量指标的战略转型程度与资产回报率负相关,但公司治理结构战略参与程度的指标对企业战略转型的价值效应具有正向调节作用。进一步地探索性检验结果表明,股东大会、董事会、监事会三者战略参与在提升企业战略转型价值效应方面兼容性与替代性并存。
It has become a consensus to ensure the success of strategic transformation by means of corporate governance structure. Based on the empirical data of listed companies of manufacturing on the A-share market of Shanghai and Shenzhen Stock Exchanges in China, the paper examines the relationship between corporate strategic transformation and performance and explores the value effects of strategic involvement of corporate governance structure on strategic trans- formation. The empirical results show that the strategic transformation measured by corporate diversification is negative- ly related to return on assets while the strategic involvement of corporate governance structure plays a positive modera- ting role in the value effects of strategic transformation. The further exploratory results show that there exist compatibili- ty and substitutability in the strategic involvement to improve value effects of strategic transformation of shareholders＇ meeting, the board of directors and the board of supervisors.
出处
《天津商业大学学报》
2015年第6期15-21,共7页
Journal of Tianjin University of Commerce
基金
天津市2013年哲学社会科学规划项目"天津市民营企业协同创新能力提升路径"(TJGL13-028)
关键词
战略转型
公司治理结构
战略参与
价值效应
strategic transformation
corporate governance structure
strategic involvement
value effects
