摘要
公司战略选择会对其长期价值创造产生重要影响,现有研究主要考察了公司不同战略选择所带来的经济后果,而对战略选择动因知之甚少。文章基于沪深港通交易制度这一外生事件,以2011-2018年沪深A股上市公司为样本,研究发现沪深港通交易制度所引致的外资股东显著降低了标的公司战略激进度。机制检验发现,外资股东主要通过增强股东监督、改善信息环境以及加强内部控制的途径抑制标的公司战略激进度。文章不仅揭示了外资持股与公司战略选择之间的内在联系,还对促进资本市场变革和战略管理实践发展具有积极作用。
Strategic choice is an important corporate governance decision. What strategy the company needs to choose and what impact the strategy will bring to the company are the two most basic questions that need to be answered in the field of strategic management. Existing research mainly discusses the latter issue,but seldom involves the influencing factors of corporate strategic choice. Therefore,this paper is based on the important internal governance feature of equity structure,and selects the unique perspective of foreign shareholdings to investigate its impact on corporate strategic choice and its internal mechanism systematically. Considering that the capital market opening policy represented mainly by “Shanghai-Hong Kong” and “ShenzhenHong Kong” Stock Connect has a certain exogenous nature and can effectively alleviate the endogenous problems faced in the study of the economic consequences of foreign shareholdings,this paper further selects “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” Stock Connect as a substitute variable for foreign shareholdings,and constructs a multi-time DID model to study the strategic choice tendency of the target company under the background of capital market opening.We find that foreign shareholders caused by “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” Stock Connect play an active external governance role in the strategic decision-making of the target company,which is manifested in effectively reducing the overall strategic progress of the target company. The above results are still valid after a series of robustness tests including substitution of key variables. The mechanism test shows that foreign shareholders mainly play the role of external governance by enhancing shareholder supervision,improving the information environment,and strengthening internal control,thereby restraining the target company’s strategic progress. Further research finds that foreign shareholders’ restraint on the target company’s strategic progress caused by the opening of the c
作者
孙泽宇
孙凡
Sun Zeyu;Sun Fan(School of Management,Xi'an Jiaotong University,Shanxi Xi'an 710049,China;School of Accounting,Shanxi University of Finance and Economics,Shanxi Taiyuan 030031,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2021年第5期96-106,共11页
Journal of Shanghai University of Finance and Economics
基金
山西省软科学重点项目(2018042005-3)
山西省哲学社会科学规划课题(2019B139)。
关键词
外资持股
公司战略选择
沪深港通交易制度
战略管理
foreign shareholdings
corporate strategic choice
“Shanghai-Hong Kong”and“Shenzhen-Hong Kong”Stock Connect
strategic management
