股权结构对企业生存能力的影响机理——基于企业生命周期视角的双案例对比研究

Impact Mechanism of Ownership Structure on Enterprise Survival Ability:A Double Case Comparative Study from the Perspective of Corporate Life Cycle

股权结构在企业中的安排上表现为股权集中度与制衡度,两者在企业中呈现一种交错搭配的状态。目前理论界围绕股权结构安排、公司治理效应和公司绩效等之间的关系开展了很多研究,形成了"监控假说"和"侵占假说"两大对立的假说,究其原因是在讨论股权结构安排合理性时,未结合企业生命周期这一权变视角。事实上企业处于不同的生命周期时各有其不同的特点,忽视企业生命周期来寻找企业的有效股权结构,其结论不可能一致。本文采用案例研究方法,以同行业的两家公司为研究对象,从企业生命周期的视角出发,以企业生存能力理论为依据,分别建立了定性和定量两条证据链,研究了企业处于不同生命周期阶段时股权集中度与制衡度对企业生存能力的影响。研究发现,处于不同生命周期阶段的企业,不同的股权集中度与制衡度对企业的生存能力产生的影响不同。并在此基础上,建立了股权结构与企业生命周期匹配效应对企业生存能力影响的理论模型,分阶段研究了股权结构对企业生存能力的影响路径。本研究可为完善企业生命周期理论与股权结构理论以及优化企业股权结构提供指导。

Enterprise ownership structure performs the features of ownership concentration degree（OCD）and ownership balance degree（OBD）,which complement each other.As for the relationship among ownership structure arrangement,the effect of corporate governance and corporate performance,current theoretical circle has formed two opposite hypotheses：the monitor hypothesis and the occupation hypothesis.The main reason for the difference is that the perspective of enterprise＇s life cycle is not considered when discussing the rationality of ownership structure arrangement.In fact,each life cycle has its own characteristics,so the conclusion can＇t be consistent if the life cycle is ignored.Based on the grounded theory,we established the qualitative and quantitative chains of evidence respectively to study the effect that OCD and OBD have on the enterprise survival ability when the enterprises are in different life cycle stages,by studying two case companies in the same industry,from the perspective of enterprise life cycle,and the enterprise survival ability theory.The results show that,at different stages of life cycle,OCD and OBD have different impact on the viability of the enterprise.On this basis,a theoretical model was established for the influence that the matching effect of the ownership structure and corporate life cycle have on the enterprise survival ability to demonstrate the phased effect of evolution ownership structure on the enterprise survival ability.This research can improve the theories of the enterprise life cycle and the ownership structure and provide guidance to optimize ownership structure.