控股股东行为、资产专用性与企业成长性--来自云南白药的案例研究

Asset Specificity,Behavior of the Controlling Shareholder and Growth of the Listed Company——A Case of Yunnan Baiyao Co.

本文以云南白药为案例,探讨了资产专用性对控股股东行为的影响。研究发现控股股东可以为上市公司提供控股股东专有或者控制的地理位置、品牌资产、购销网络渠道、研发技术、人力资本、物质资源等特殊资产,从而使得这些资产具有资产专用性。由于这种专用资产的投入,使得控股股东与上市公司之间产生了捆绑效应,捆绑效应抑制了使契约关系中断的控股股东的机会主义行为,控股股东与上市公司形成了一种协作局面,这种协作对于上市公司的成长具有重要的影响。然而,受到捆绑效应影响的控股股东行为与企业的成长性之间并非是一种理想的单调函数关系,有时会表现出捆绑效应失灵的特征,由此本文提出了公司治理变量在专用资产对控股股东行为的捆绑效应和企业成长性之间的调节作用。

This article, by analyzing Yunnan Baiyao, intended to explore the impact of asset specificity on the majority shareholder. Based on research, it has been noted that the majority shareholder may provide the listed company with specific assets such as the geographic location, branding assets, network of purchase and sale, R＆D, human resources and material sources, and as a result, have caused those assets to be of specificity. The majority shareholder＇s contribution of such kind of specific assets to the listed company have generated the binding effect between the majority shareholder and the listed company, which in turn will hinder the opportunism of the majority shareholder （ i. e. , the misappropriation of the majority shareholder）. In such a case, some kind of cooperation has been formed between the majority shareholder and the listed company, which will have important effect on the growth of the listed company. However an ideal Monotone function doesn＇t exist between the behavior of the majority shareholder and the growth of the listed company. Sometimes the binding effect may cease to be effective. The article is proposed to set out the adjustment function of the corporate governance between the binding effect of the specific assets and the corporate growth.