负向绩效反馈下企业集团对子公司扩张变革战略的影响——基于集团公司行政和资本管理渠道的实证分析

The Influence of Enterprise Group on the Expansion and Reform Strategy of Subsidiaries under Negative Performance Feedback:An Empirical Analysis based on the Administrative and Capital Management Channels of Group Companies

以2012-2018年上市公司数据为样本,实证研究负向绩效反馈对子公司扩张变革战略的影响。研究发现,相较于单体公司,子公司负向绩效反馈下的扩张变革动机更高。企业集团对子公司扩张变革战略的影响主要表现在:母公司对子公司的行政管理强化了负向绩效反馈对扩张变革战略的正向影响,对子公司的资本管理促进了扩张变革战略,负向绩效反馈削弱了资本流入对子公司扩张的正向影响。进一步研究发现:企业集团对子公司采取行政管理还是资本管理需根据子公司绩效状况权变而定;负向绩效反馈子公司的风险性扩张行为改善了经营困境。

This paper used A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2018 as research sample to investigate the impact of performance feedback on the expansion change strategy of subsidiaries.The empirical results find that:in contrast with stand-alone firms,subsidiaries are more sensitive to the performance feedback-expansion change relationships.The influence of business groups is mainly reflected in the following aspects:the administrative management of the parent company to the subsidiary company strengthens the positive influence of negative performance feedback on the expansion change strategy,the capital management of the subsidiary company promotes the expansion change strategy,and negative performance feedback weakens the positive impact of capital inflow on the expansion of subsidiaries.The further study finds that:whether the enterprise group adopts administrative management or capital management on its subsidiaries depends on the performance of the subsidiary companies;the negative performance feedback of the subsidiary companies′risk expansion behavior improves the operating difficulties.