摘要
企业的发展史一般也是企业股权结构调整史,企业创始人通过用股权换取企业发展所需的各项资源、提升企业的各种能力,进而提升企业竞争优势。企业股权结构调整的方向一般有两个:一是股权流向企业外部,体现为企业外部股权属性;二是股权流向企业内部高管和员工,体现为企业内部股权属性。通过理论分析发现:与企业生命周期相匹配的股权结构会增强企业竞争优势;股权结构调整存在着边际递减效应、收入效应和替代效应,且在理论上存在最优值。
The development history of an enterprise is also the history of the adjustment of the ownership structure.The founders of an enterprise use the equity to exchange various resources needed for the development of the enterprise and enhance the various abilities of the enterprise,so as to enhance the competitive advantage of the enterprise.There are generally two directions for the adjustment of enterprise equity structure:one is that the equity flows to the outside of the enterprise,which is reflected in the external equity attribute of the enterprise;the other is that the equity flow to the internal executives and employees of the enterprise,which is reflected in the internal equity attribute of the enterprise.Through theoretical analysis,it is found that:the equity structure matching the enterprise life cycle will enhance the competitive advantage of the enterprise;there are marginal diminishing effect,income effect and substitution effect in equity structure adjustment,and there is an optimal value in theory.
作者
巩世广
耿献辉
GONG Shi-guang;GENG Xian-hui(School of economics and management,Nanjing Agricultural University,Jiangsu Nanjing 210095,China;School of public administration,Nanjing University of Finance and economics,Jiangsu Nanjing 210023,China)
出处
《科学管理研究》
CSSCI
北大核心
2020年第6期85-93,共9页
Scientific Management Research
基金
国家社科基金重大项目(20ZD045)
江苏省社科基金重大项目(K0201900192)。
关键词
股权结构
企业竞争优势
边际递减效应
替代效应
收入效应
Ownership structure
Enterprise competitive advantage
Marginal Diminishing Effect
substitution effect
income effect
