不确定性下子公司自主性与绩效的关系研究

How Does Subsidiary Autonomy Contribute to Corporate Performance under Uncertainty

子公司自主性与绩效关系的模糊研究结论影响了实践中集团公司对子公司管理模式的选择。文章基于现有文献将自主性分为战略自主性与经营自主性两个维度,分别探讨在不确定性下对绩效的影响。以上市子公司的数据研究发现:子公司战略自主性与绩效的关系不明显,经营自主性显著提高了公司绩效;在不确定性的情况下,对子公司战略、经营决策放权更有利。进一步分析表明,战略集权有利于子公司的长远发展。相对于传统企业,高科技企业在高不确定性的情况下需放松对子公司的战略控制;在低不确定性下对子公司实行战略集权,以保证母子公司战略决策的一致性。因此,集团公司应根据子公司所属行业、经营环境,区别对待不同类型的自主决策权,才能理清子公司自主性与绩效之间的关系。

The controversial relationship between subsidiary auton- omy and performance affects the management mode of headquar- ters-subsidiary. Previous studies treated autonomy as one variable, and studied the relationship between autonomy and performance from different standpoints through questionnaire methods. Because the contents of autonomy are very diversity and complicated, differ- ent authors figured out different conclusions from different views. Based on available literatures and the definition of autonomy, this article divided autonomy into two dimensions： strategic autonomy and operational autonomy. We use the proportion of directors belonging to enterprise group in board of directors of subsidiary to measure the strategic autonomy, and the proportion of executives belonging to enterprise group in the team of executives to measure the operational autonomy. Through researching respectively the relationship between different kinds of autonomy and performance, the paper is to figure out which kind of autonomy benefits perfor- mance and which kind of autonomy doesn＇t significantly influence performance. Based on the relevant data of listed firms in Shanghai and Shenzhen Stock Exchange in China from the year 2012 to 2015, using the soft- ware of STATA 12.0, the empirical study shows that： There doesn＇t exist a significant relationship between strategic autonomy and performance, but the man, working in the headquarters and being the chairman of subsidiary, has a positive effect on the subsidiary performance; Operational autonomy and performance has a posi- tive relationship; The greater the uncertainty subsidiary faced, the stronger positive relationship between operational autonomy and performance. Further research finds out that： Strategic integration benefits subsidiaries＇ further development; Contrast with tradition- al industry, the strategic autonomy of high-tech subsidiary has a greater positive effect on performance under high uncertainty and has a greater negative effect on performance under low uncertainty. So whether or not to improve subsidiary autonomy depends on both style of industries and extent of uncertainty. The biggest contribu- tion of the paper is to solve the fuzzy relationship between subsidi- ary autonomy and performance.