集团战略异质性、子公司战略地位与控制方式

Group Strategy Heterogeneity,Subsidiary Strategic Position and Control Mode

本文以2004～2008年中国隶属于集团的A股上市公司为研究样本,从集团和子公司两个层面分别考察了集团战略异质性和成员公司的战略地位与控制方式的关系及其对成员公司绩效的影响,并进行理论分析和实证检验。研究发现,在集团对成员公司采取完全控制的情况下,集团选择横向和相关多元化战略要比无关多元化战略成员公司绩效好。集团选择完全控制或完全分离的控制方式都不如选择不完全控制带给成员公司的绩效好。随着成员公司战略地位的提升,集团越是采用完全分离或完全控制的方式带给成员公司的影响越负面,绩效越差。

The paper discussed the relationship between the group strategy heterogeneity, strategic position of group member companies and the control mode as well as their influences on the subsidiaries＇ final performance theoretically and tested empirically by using the data of Listed Companies in Shenzhen and Shanghai during the year 2004 - 2008. The study found that, in the case of complete control taken by the group, the subsidiary would perform better if the group had chose related diversification strategy rather than non-related diversification strategy. Moreover, the subsidiary would per- form better if the group chose non-related diversification rather than lateral diversification strategy. The subsidiary＇ s per- formanee under groups＇ control mode selection of complete control or complete separation is no better than non-complete control. As subsidiaries promoted their strategic position, group＇ s selection of complete control or complete separation would have negative impact on subsidiaries＇ performance. If it brought more negative effect, the performance would be worse.