创业企业IPO后所有权类型集中度、董事会主导功能与多元化战略选择

Ownership Identit y Concentration, Board Leading Function and Diversification Strategic Choice after the Enterprises IPO

文章基于代理学派与资源基础理论学派关于董事会主导功能的争议,以创业板2009-2015年上市公司组成的非平衡动态面板数据为研究样本,实证分析了创业企业IPO后董事会主导功能的形成机理及作用于创业企业多元化战略形成的过程路径两个命题,进一步打开了创业企业IPO获得高额超募资金后股权结构安排如何影响创业企业战略形成的黑箱。研究结果表明,控制型董事会与家族持股比例正相关,与机构投资者持股比例负相关;咨询型董事会与家族持股比例负相关,与机构投资者持股比例正相关;家族持股比例越高越倾向于产品多元化战略,机构投资者持股比例越高越倾向于国际化战略;控制型董事会在家族持股倾向于产品多元化战略中起到部分中介作用,咨询型董事会在机构投资者持股倾向于国际化战略中起到部分中介作用。研究从股权和董事会双重治理角度揭示了创业企业战略形成的内部作用机理,依据资源基础理论和代理理论解释创业企业合理配置股权结构来实施多元化战略的治理实践,研究结论也为创业企业从IPO时的股权安排匹配未来的战略规划提供理论依据。

The establishment of the GEM market provides financing platform for Start-up Enterprises, but the high recruitment rate of capital may lead to confusion of its usage in many firms, which do not conform to the prospectus, even they deviate from their main business. Therefore, it is very important to understand the formation mechanism of the strategic decision making after enterprises IPO with high rate of raised capital. The board of directors is the central institution that affects the strategic decision making of enterprises. The resources and capabilities of enterprises are important consid- erations when the board of directors as strategic decision-makers. Based on the dispute between the principle-agency theory and the resource-based theory school about the board leading functions, us- ing the GEM 2009-2015 listed companies as a sample, Empirically analyzing the formation mechanism of the board leading function in start-up enterprises and the process mechanism acting on the formation of diversification strategy of start-up enterprises, further opening up the black box which the influence of concentration de- gree of different ownership identities on the forming of enterprise strategy after obtaining superb funding. The results show that the controlling board is positively related to the concentration of family ownership, and is negatively related to the concentration of institu- tional investors; the advisory board is negatively correlated to the concentration of family ownership and is positively related to the concentration of institutional investors. The higher the concentra- tion of family ownership, the greater likelihood of choosing product diversification strategy, The higher concentration of institutional investors, the greater the likelihood of selecting international strat- egy; The controlling board plays a part of the intermediary role in the family-owned shares tend to prefer product diversification strat- egy, The advisory board plays a part of the intermediary role in the institutional investors tend to international strategy. The conclusion of this study revealed the internal mechanism of the formation of entrepreneurial strategy from the perspective of equity and board governance, and maintained that start-up enterprises should allocate the concentration of ownership identity rationally to implement the diversification strategy based on resource theory.