基于共生理论下的子母公司合作关系与绩效表现的实证研究——来自上市公司与跨国公司的经验证据

An Empirical Research on Cooperation Relationship and Performance of Subsidiary and Parent Company Based on Symbiosis Theory——Empirical Evidence from Listed Company and Multinational Corporation

本文通过OLS回归分析和案例研究两种方法考察了基于共生理论的子母公司关系。其中为了剔除内生性问题,采用工具变量法和两阶段最小二乘法进行回归,实证结果表明母公司权益比与子公司企业绩效呈正相关关系。此外,通过对德尔福公司的案例分析,我们还发现母公司的控制有利于子公司,尤其是海外子公司的发展和成长。因此有理由认为,母公司加强对子公司的控制有利于实现子母公司之间的互惠共生。

The article inspects relationship and performance between parent and subsidiary company based on symbiosis theory in methods of OLS regression analysis and case study. The empirical results shows that parent company equity ratio is positively correlated with the enterprise performance of subsidiary company through the application of the instrumental variable method and two-stage least squares regression for removing endogenous problems. In addition, we also find that the parent company＇ s control in favor of the subsidiary, especially the development and growth of overseas subsidiaries through the case study of Delphi company. It is reasonable to believe that it is advantageous for the subsidiary and parent company to achieve reciprocity symbiosis in strengthening control by parent company.