企业同股不同权决策的影响因素:理论模型与实证分析  

The Influencing Factors of Corporate Decision-Making on Weighted Voting Rights:A Theoretical Model and Empirical Analysis

作　　者：齐宇 刘汉民[2] QI Yu;LIU Han-min(Management School,Guangdong Polytechnic Normal University,Guangzhou 510665,China;Management School,Jinan University,Guangzhou 510632,China)

机构地区：[1]广东技术师范大学(暨南大学管理学院),广东广州510665 [2]暨南大学管理学院,广东广州510632

出　　处：《经济体制改革》2023年第1期117-124,共8页Reform of Economic System

基　　金：国家自然科学基金青年项目:“中国情境下创业企业社会责任维度及对资源获取的影响研究”(72002052);广东技术师范大学人才引进项目“差异化投票权制度的理论与实证分析”(2022SDKYB007)。

摘　　要：从内部条件和外部约束两个维度分析企业同股不同权决策的影响因素,在构建理论模型的基础上,运用网络层次分析法(ANP)和调查问卷确定因素及指标权重。研究发现:内部条件和外部约束均会对企业同股不同权决策产生影响,且外部约束的影响程度略高于内部条件;在内部条件中,企业家对企业同股不同权决策的影响更大,而在外部约束中,影响更大的是制度环境;实际控制人类型、创新活动产出、投资者保护完善度、竞争程度分别在企业属性、企业家、制度环境、市场环境中占有最大权重,是决策时需重点考虑的指标。据此,应完善公司法,强化投资者保护;深化市场改革,维持合理竞争;培育企业家精神,增加创新活动产出。On a basis of building a theoretical model of corporate decision-making on weighted voting rights from the dimension of internal condition and external constraint,this paper explores the weights of key factors and index by Analytic Network Process and questionnaires.The results reveal that the internal conditions and the external constraints influence corporate'decision on weighted voting rights,and the impact of the latter is slightly greater than the former.From the aspect of internal conditions,entrepreneur has a greater impact on companies'decision on weighted voting rights,while from the aspect of external constraints,institutional environments'impact is greater.The critical indexes are the type of actual controller,innovation output,investor protection and competition of corporate control market because they have the greatest weight in its dimension respectively.Therefore,we should perfect the company law to strengthen investor protection,deepen market reform to maintain reasonable competition,and foster entrepreneurship to increase the output of innovation activities.

关 键 词：同股不同权 企业决策 企业家精神 影响因素 

分 类 号：F272[经济管理—企业管理]