管理评论

›› 2019, Vol. 31 ›› Issue (1): 183-196.

• 组织与战略管理 • 上一篇    下一篇

混合所有制改革对企业战略变革的影响研究——基于结构性权力的视角

张双鹏1, 周建2,3, 周飞谷4   

  1. 1. 山东工商学院会计学院, 烟台 264005;
    2. 南开大学商学院, 天津 300071;
    3. 南开大学中国公司治理研究院, 天津 300071;
    4. 明尼苏达大学卡尔森管理学院, 明尼阿波利斯 55401
  • 收稿日期:2016-08-29 出版日期:2019-01-28 发布日期:2019-01-22
  • 作者简介:张双鹏,山东工商学院会计学院讲师,博士;周建,南开大学商学院、南开大学中国公司治理研究院教授,博士生导师;周飞谷,明尼苏达大学卡尔森管理学院硕士研究生。
  • 基金资助:

    国家自然科学基金项目（71672088）；教育部人文社科重点研究基地重大项目（15JJD630002）；山东省社会科学规划项目（18DGLJ07）。

Influence of Mixed Ownership Reform on Enterprises' Strategic Flexibility——Research from Perspective of Structural Power

Zhang Shuangpeng1, Zhou Jian2,3, Zhou Feigu4   

  1. 1. School of Accounting, Shandong Technology and Business University, Yantai 264005;
    2. Business School of Nankai University, Tianjin 300071;
    3. China Academy of Corporate Governance NKU, Tianjin 300071;
    4. Twin Cities Carlson School of Management, University of Minnesota, Minneapolis 55401
  • Received:2016-08-29 Online:2019-01-28 Published:2019-01-22

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摘要：

混合所有制改革实施的目标之一在于改变国有企业战略的灵活性，而所引起的资本力量对比以及进入公司治理的委托权力改变可能是影响战略变革的重要机制。研究选取了我国2010-2013年沪、深两市A股271家国有制造业上市公司，基于代理理论和高阶团队理论，通过区分股权权力和董事会与管理层的结构性权力，研究了混合所有制改革对企业战略变革的影响。研究结果表明：股权权力适当集中并缩短链条，能促进战略变革程度；结构性权力主要集中在董事会的非均衡性会促进变革程度。进一步研究还发现，股权权力与董事会结构性权力的交互以及董事会与管理层结构性权力的交互会提高对战略变革的推动作用。研究结论显示，混合所有制改革中股权权力与结构性权力的变动是影响战略变革的主要权力路径，混合所有制改革重塑两种主要权力会改变战略变革决策在高管互动中的形成规律。

关键词: 混合所有制改革, 战略变革, 股权权力, 结构性权力

Abstract:

One of the goals for mixed ownership reform is to enhance the strategic flexibility of state-owned enterprises. The consequent change in the balance of capital power and the corporate governance power may be the key mechanism underlying the strategic change. Drawing upon 271 state-owned manufacturing companies listed in Shanghai and Shenzhen stock exchanges in the period from 2010 to 2013 and based on agency theory and upper echelon theory, the study explores mixed ownership reform's impact on the enterprises' strategic change through distinguishing ownership power and structural power. The result shows that concentration of ownership power and decreased separation of control can improve the strategic change; structural power inequality especially in board can improve the change degree. Further research finds interactions of ownership power and board structural power, board structural power and management structural power both exacerbated the positive relationship between structural power inequality and strategic change. The research shows fluctuation on ownership power structural power is the main power for strategic change impact path and by reshaping the two major powers in the mixed ownership reform, the main power changes the strategic decision making rules in the executive interactive activities.

Key words: mixed ownership reform, strategic change, ownership power, structural power