集团战略异质性与控制权配置的关系分析

An Analysis on the Relationship of Business Group's Strategic Heterogeneity and Control Right Allocation

集团如何依据自身的战略选择合适的控制权配置方式来保障组织效率已成为目前集团管控中普遍存在和亟待解决的难点问题。基于对上述问题的探寻,以2004-2008年深、沪A股隶属于集团的上市公司为研究样本,通过探讨集团战略的业务相关性与集团持股比例的关联关系以及控制权结构和集团持股比例对集团战略的交互效应发现:集团控股股东持股比例越高,集团战略的业务相关性越强,并且控制权结构会显著调节不同类型的集团战略业务相关性与持股比例的关系。

How to select the appropriate control allocation methods in order to keep a high efficiency according to the strategy for the groups, has been a prevalent and difficult problem which has not been solved. In this paper, we take listed the companies of Shanghai and Shenzhen belonging to business groups from 2004 to 2008 as the research sample, and deeply discuss the relationship be- tween group strategy and control allocation, and the interaction effect of control structure and group shareholding percentage on the group strategy, it turns out that the higher the percentage of controlling shareholders is, the stronger the business correlation of group strategy is. Moreover, the controlling structure will significantly adjust the relationship between different kinds of group strategic relevance and shareholding percentage.