民营企业董事会外部关联特征的非市场战略价值效应研究

Study on the Non-market Strategy Value Effects within Characteristic of External Connection for Board of Directors in Private Enterprises

国内外诸多研究表明,相比较于市场环境,非市场环境管理对于民营企业发展而言具有更为重要的战略意义。而在现代企业制度下,民营企业董事会因其外部关联特征承担着非市场战略管理职能,文章利用我国沪深两市经验数据实证检验了民营企业董事会政治关联、金融关联特征与非市场战略绩效的关系,研究结果总体表明,相比较于金融关联特征,民营企业董事会政治关联更有助于改善企业非市场战略绩效,但两者在提升各维度非市场战略绩效方面的表现各有差异。研究结论对于指导我国民营企业董事会建设以及提升非市场战略管理水平具有重要参考价值。

Many domestic and foreign related studies have shown that managing non-market environment for private enterprise with more important strategic significance compared to the market environment.In the modern enterprise system,board of di rectors in private enterprise has the strategic management functions because of their external characteristics.Using empirical data from stock markets of Shanghai and Shenzhen,this paper detect the relationship among political connection and financial connection of board of directors in private enterprise with non-market strategic performance.The results show that the board political connection is more helpful to improve business performance compared to the financial connection.However,both var ies in enhancing the performance of each dimension’s performance.The study results give reference value for guiding the con struction of the board of directors and management level of non-market strategy for private enterprises.