掏空效应还是支持效应?大股东影响公司战略的经济效果——基于中国医药制造企业前向一体化和多元化选择的实证分析  

Tunneling or Propping? Block Stockholders' Influence on Corporate Strategy and Further on Performance:——An Empirical Analysis based on the Selection of Forward Integration or Diversification by Chinese Drug Manufacturers

作　　者：薛有志[1,2] 郭勇峰[1,2] 

机构地区：[1]南开大学商学院 [2]南开大学公司治理研究中心,天津300071

出　　处：《未来与发展》2012年第3期102-108,95,共8页Future and Development

基　　金：国家自然科学基金项目"基于多元化战略的上市公司治理优化研究"(批准号70772050);教育部新世纪优秀人才支持计划(批准号NCET-09-0489)

摘　　要：本文以中国医药制造上市公司九年数据为样本,实证分析了股权结构影响公司战略选择的经济效果。结果表明:在医药制造公司中,实施前向一体化战略对公司绩效没有显著的正面或负面影响,而实施多元化战略对公司绩效存在显著的负面影响,这说明在公司选择扩张投资时,前向一体化战略与多元化战略相比更为理性;同时,股权集中度提高会促进公司实施前向一体化战略,但会制约公司实施多元化战略,这说明当存在大股东且股权集中时,大股东会监督经理使其实施对公司来说更理性的战略。本文的结论是,大股东在影响公司战略选择时,支持效应会大于掏空效应。This paper,through a sample of the listed drug-manufacturing companies in China during 9 years,conducts an empirical analysis on the economic effect of ownership structure on corporate strategy.The analysis shows,in drug-manufacturing companies,forward integration has no significant positive or negative effect on corporate performance,while diversification has significant negative effect on corporate performance.This means,when a company chooses to make expanding investment,a forward integration strategy is more rational than a diversification strategy.Meanwhile,it shows,higher degree of ownership concentration will,on the one hand,be conducive for a company to choose a forward integration strategy,but on the other hand,impede the companies＇ tendency for diversification.This means,when there are block stockholders in a company,and the ownership structure is relatively concentrative;the block stockholders will normally play the role of supervising the CEO so that he/she will adopt strategies which are more rational for the company.The conclusion of this paper is,when block stockholders are exerting influence on the selection of strategies,the propping effect is greater than the tunneling effect.

关 键 词：公司战略 股权结构 前向一体化 多元化 掏空效应 支持效应 

分 类 号：F272.3[经济管理—企业管理]