集团管控下母子公司决策权配置模式与公司价值——基于租值耗散理论的视角

Parent-Subsidiary Allocation Mode of Decision Making Power and Value of Listed Subsidiary Company:Based on the Perspective of Rent Dissipation

基于租值耗散理论,由剩余控制权与剩余索取权是否匹配识别出集团管控下母子公司决策权配置模式并探究其对上市子公司价值的影响。以2007-2019年上市公司为样本,结果发现:(1)协同型配置模式有助于提高上市公司价值,而母公司主导型配置模式和子公司主导型配置模式则会降低公司价值;(2)协同型配置模式有利于降低关联交易、提高投资效率,促进公司价值;(3)母子公司剩余索取权、制度发展水平以及独立审计能够有效缓解母公司主导型配置模式和子公司主导型配置模式对公司价值的侵害作用。研究不仅丰富了租值耗散理论在企业集团的应用,也为集团母子公司管理控制提供实践参考。

Based on the theory of rent dissipation,this paper identifies the parent-subsidiary allocation mode of decision making power and explores the impact on the value of listed subsidiaries from whether the residual control rights should correspond to the residual claim rights.Using the listed companies from 2007 to 2019 as a sample,the results show that:(1)The parent-subsidiary synergy allocation mode can help increase the value of the listed company,while the parent dominant allocation mode and the subsidiary dominant allocation mode will reduce the value.(2)The parent-subsidiary synergy allocation model is more conducive to reducing related transactions and improving investment efficiency.(3)The residual claim rights of parent and subsidiary,the institutional environment and external audit supervision can effectively alleviate the infringement of the parent dominant allocation mode and subsidiary dominant allocation mode on the company’s value.This paper aims to enrich the research on the theory of rent dissipation at the micro level of business groups,and provides practical enlightenment for the parent-subsidiary management and control.