民营化、外资股东和嵌入性:来自中国的证据  

Privatization,Foreign Shareholder and Embeddedness:Evidence from China

作　　者：武常岐[1] 吕振艳[1] 

机构地区：[1]北京大学光华管理学院,北京100871

出　　处：《经济管理》2011年第3期51-58,共8页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金重点项目“中国企业国际化战略研究”(70532005)

摘　　要：与传统经济学研究以代理理论为主对民营化的讨论不同,本文通过整合演进理论、制度理论和代理理论,研究了民营化企业改进绩效必须解决的组织和管理问题。以2001年经历了民营化并且在1998～2003年间持续运营的企业为样本进行实证研究,发现,外资股东参与的民营化企业更有可能改进治理结构,进行组织学习和资源能力的培养。但是,这种关系会受到改制企业组织和制度嵌入性的影响。因此,如何管理好组织和制度嵌入性的双重影响,是影响民营化企业改制后绩效改善的关键。Different from traditional economic researches on privatization that are mainly based on agency theory, the focal study integrates evolutionary theory and institutional theory with agency theory to highlight the organizational and managerial problems in improving post-privatization performance. Based on the sample of State-owned enterprises that have been privatized in 2001 and have been operating in the period 1998 - 2003, our empirical test finds that：privatized firms with foreign shareholders is more capable to restructure governance, facilitate organizational learning and redeploy resources and capabilities. However, it will be influenced by the embeddedness nature of the privatized firms. Therefore, it is critical for privatized firms to enhance post-privatization performance by managing the dual effect of organizational and institutional embeddedness.

关 键 词：民营化 外资股东 绩效 嵌入性 

分 类 号：F276.5[经济管理—企业管理]