组织冗余与企业多元化经营——农业上市公司的经验证据

Organizational Slack and Diversification Strategies:The Empirical Evidence of Listed Agricultural Companies

探析农业上市公司多元化经营的影响因素及作用机制,对合理阐释其战略决策及绩效差异具有重要意义,引起国内外学界的持续关注和探讨。已有研究指出,农业上市公司组织冗余存量和结构决定其战略选择和发展态势。据此,基于战略选择理论,以A股农业上市公司为样本,检验了组织冗余不同类型对其多元化经营的影响,并验证了管理层持股和股权性质的调节效应。研究发现:农业上市公司未吸收组织冗余对多元化经营产生负向作用但边际递减,管理层持股和非国有股权弱化了二者之间的负相关关系;已吸收组织冗余提高了农业上市公司的多元化经营水平,而管理层持股弱化了该正相关关系。因此,农业上市公司应合理配置组织冗余资源,充分发挥管理层持股和股权结构特征的积极作用,在聚焦农业主业的基础上实现适度多元化经营。

Exploring the influencing factors and mechanism of diversification of agricultural listed companies plays an important role in rationally explaining their strategic decisions and performance differences,which has attracted continuous attention and discussion in domestic and foreign academic circles.Previous studies have pointed out that the structure and degree of agricultural listed companies’organizational slack may determine their strategic choices and development trends.Based on the theory of strategic choices,this paper empirically tests the effects of different types of organizational slack on their diversified operations,the nature of equity and the moderating effects of managerial ownership,taking A-share agricultural listed companies from 2008 to 2017 as samples.The results show that there is a significant"U"relationship between unabsorbed organizational slack and diversification level of agricultural listed companies,while the relationship is weakened by management shareholding and non-state-owned ownership.Absorbed organizational slack has improved the diversification level of agricultural listed companies,while management shareholding has weakened the positive correlation.Therefore,agricultural listed companies should rationally allocate organizational slack,pay attention to the nature of equity and the positive role of management shareholding in inhibiting excessive diversification,and realize moderate diversification on the basis of focusing on the main business.