摘要
与西方理论或公司实践不同,中国的集团型上市公司总部除担纲管理控制中心角色外,还直接从事大量的业务经营活动,并从中取得经营收益。研究发现,总部自营程度与公司所处的环境不确定程度显著相关,同时,公司成长速度也会显著影响其总部自营程度,这种影响在基于产权的正式控制较弱的集团型上市公司中更为明显。这些结果说明在中国特殊制度背景下,总部自营在本质上既是公司对外部环境不确定的一种积极应对之策,也是顺应公司追求增长需要的一种资源集聚方式。进一步分析表明,总部自营程度的提高,提升了公司整体业绩的稳定性,降低了公司整体的经营风险。本文补充了管理控制理论及企业集团总部职能领域的相关文献,并且为我国集团型上市公司总部职能定位提供参考。
Different from the Western theory and company practice, the headquarters of China's group listed companieshave played the role of the center of management and control, and they also directly engage in lots of business manage-ment activities and get benefit from them. By the results of our study, we have discovered that the degree of the man-agement carried out by the headquarters themselves(TMCOBTHT) is obviously related to the degree of the uncertaintyof the environment that the company is in, that, at the same time, the speed of the company's growth can also impactnoticeably on the degree of TMCOBTHT, and that this impact has been more obvious in the group listed companiesbased on the relative weakness of the formal control over the property right. These results indicate that, under the back-ground of China's special system, TMCOBTHT is, in nature, both a kind of active counter policy and a kind of theway of the resources agglomerations that follow the need of the company seeking growth. Our further analysis showsthat the increase of the degree of TMCOBTHT has upgraded the steadiness of company's performance as a whole, andhas reduced the management risks of the whole company. In this article, we have complemented the theory of the man-agement control and the relative literature in the field of the function of the headquarters of the enterprise group, andhave offered reference for the positioning of the function of China's listed company of the type of the group.
出处
《管理世界》
CSSCI
北大核心
2014年第1期144-155,188,共12页
Journal of Management World
基金
北京市属高等学校人才强教深化计划(PHR2011006128)
北京工商大学国有资产管理协同创新中心项目(批准号:GZ20131002)的资助
国家自然科学基金项目(71302001)
教育部人文社会科学研究基金项目(12YJA7901132
12YJC6302293)的阶段性成果
