连锁股东与企业战略定位:差异化竞争抑或趋同管理  

Cross-ownership and Corporate Strategic Positioning:Differentiated Competition or Convergent Management

作　　者：余怒涛[1] 王涵 张华玉[1] 苗瑞晨 Yu Nutao;Wang Han;Zhang Huayu;Miao Ruichen(School of Accounting,Yunnan University of Finance and Economics)

机构地区：[1]云南财经大学 [2]云南财经大学会计学院

出　　处：《南开管理评论》2024年第4期101-115,共15页Nankai Business Review

基　　金：国家自然科学基金(72262034、71862037)资助。

摘　　要：本文采用2007—2021年沪深A股企业样本考察连锁股东与企业战略定位之间的关系,研究发现:连锁股东会显著提升其持股上市公司之间的战略差异度,表现为对差异化战略的偏好。机制检验发现,连锁股东主要通过加强信息交流和提升风险承担水平进而提升企业战略差异度。进一步分析发现,连锁股东对差异化战略的推动能有效提升企业价值创造。异质性分析发现,当连锁股东为机构型和战略型及企业为非国有性质时,连锁股东对企业战略差异度的影响更强。截面分析发现,企业内部环境更稳定(上期未经历亏损或业绩下降及当期财务状况良好)和所处行业竞争更激烈时,连锁股东对企业的差异化竞争战略和战略变革的推动作用更强;面对宏观营商环境的变化冲击,连锁股东对企业战略差异度的影响在疫情前后未表现出显著差异,但对战略变革的提升作用在更稳定的营商环境下(疫情前)更强。本文是对连锁股东经济后果与企业战略影响因素研究的有益补充,同时也为如何改善战略决策提供了基于连锁股东层面的有益参考。In a complex and highly uncertain market environment,it is highly crucial for companies to timely adjust their strategies in response to the risks caused by uncertainty.Previous studies mainly focus on the impact of external environment changes and management decisions on corporate strategy,but ignore the influence of shareholders as suppliers of enterprises resources they needed.Theoretically,as providers of enterprise resources,shareholders can also influence corporate strategic decision-making to the large extent.Moreover,among the numerous types of shareholders,cross-ownership,who hold multi-listed companies within the same industry,can provide the survival resource to companies,obtain more industry information,and achieve information superiority.On the one hand,they play an extremely corporate governance role,not only providing the resources necessary for the survival and development of the enterprise but also possessing more information about the external environment including industry and other unique informational advantages.On the other hand,they might also facilitate collusion between companies they hold shares in,aiming to maximize investor interests and obtain monopoly profits.Therefore,the impact of cross-ownership on enterprises requires further empirical research.For the strategic positioning of an enterprise,which is a decision highly dependent on resources and information,can cross-ownership leverage their informational and resource advantages to drive the enterprise towards adopting a differentiation strategy to gain a competitive advantage and favorable perfomance?Or do they promote mutual imitation and learning among the enterprises they hold shares in,thereby leading to strategic convergence among these enterprises?These are the key issues what this paper is to study.Based on the sample of Chinese A-share listed companies in the Shanghai and Shenzhen stock markets from 2007 to 2022,this paper analysis the influence of cross-ownership on the strategic positioning of enterprises.On the basis of

关 键 词：连锁股东 战略差异度 投资组合 信息不对称 风险分散 

分 类 号：F272[经济管理—企业管理] F832.51[经济管理—国民经济]