多元化战略异质性、系族企业控股权性质与ICM配置效率——基于熵指数法和中国A股市场数据的实证研究

Heterogeneity of Diversification Strategies,Controlling Interest Difference of Enterprise Groups and ICM Allocation Efficiency:Evidence from Entropy and the Chinese A-Share Market

多元化战略作为系族企业集团进行内部资源配置的重要手段,其实施效果却一直存在争议,尚未得出另人信服的结论。文章运用熵指数法和基于中国A股证券市场的样本数据,从多元化战略异质性与系族企业集团异质性两个维度进行理论推理与数量分析。实证结果表明:(1)异质多元化战略的区分,即相关多元化战略与非相关多元化战略,以及相关多元化战略程度与非相关多元化战略程度的差异,使得非相关多元化战略对内部资本市场配置效率的调节作用并不总是无益的,存在有效调节的区间;(2)系族企业集团性质,即国有控股与民营控股系族企业集团性质的差异,是影响多元化战略对集团内部资本市场配置效率的关键调节变量;(3)多元化战略异质性在系族企业集团性质这一中介变量的影响与调节之下,两者发生叠加催化效应,对内部资本市场的配置效率产生交互影响。

Despite the important role in inner capital allocation for enterprise groups,diversification strategy is still in controversy for its implementation effect,and no convincing conclusion has been reached yet.Based on the entropy index method and empirical data from Chinese A-share market,this paper analyzed the heterogeneity of both diversification strategy and enterprise group by theoretical reasoning and numerical analysis.It is concluded that:(1)the degree of diversification between related and uncorrelated heterogeneous diversification strategy is different,and the uncorrelated diversification strategy sometimes has beneficial regulatory effects on the inner capital market(ICM)allocation efficiency,indicating the existence of effective regulation intervals;(2)the difference between stateowned and private enterprise groups is the key adjusting variable affecting the ICM allocation efficiency;(3)influenced and adjusted by enterprise group characteristics,an superimposed catalytic effect occurred between the heterogeneity of diversification strategy and the enterprise group characteristics,which generated an interactive impact on the ICM allocation efficiency.