组织演化理论视角下的股权结构与子公司生存——环境突变、冗余资源的调节作用

摘要/Abstract

摘要： 本文运用组织演化理论、公司治理和资源基础观理论，以1932家非国有企业的子公司为样本，研究了股权结构、子公司冗余资源等因素对子公司应对环境变化能力的影响，对环境变化和子公司生存状况的动态演化进行了分析。研究发现，在环境较稳定时，合资子公司的失败危险高于独资子公司；而当环境发生突变时（如经济危机），合资子公司的失败危险则低于独资子公司。冗余资源、资源使用效率和能力的不同是导致子公司在环境变化中生存状况差异的一个重要因素，子公司的股权结构在一定程度上会影响这种效率和能力。本研究证实了子公司的自治程度有助于培养其应对环境变化的能力，从而提高子公司的生存率。以往研究对股权结构与绩效关系多采用静态分析，本文将环境变化和冗余资源引入到分析框架中进行动态分析，丰富了该领域的研究成果。

关键词: 股权结构, 冗余资源, 环境突变, 生存分析

Abstract: Understanding why organizations are affected so differently by environmental change is fundamental to theories of industrial organization and evolutionary. One possible explanation for differential effects is that the impact of environmental change on performance and survival depends, to some extent, on an organization's autonomy.Based on onevolutionary theory of organization, the effect of slack resources of subsidiaries and ownership structure of subsidiaries on the ability of them dealing with environmental change is studied,and the analysis of dynamic evolution in environmental change and the survival of subsidiaries is carried out by piecewise-exponential model. To investigate this problem, a model is tested that examines differences between wholly owned subsidiaries and joint ventures at founding and during environmental change, while addressing the role of resources in this process. Furthermore, empirical research is made based on the sample of 1932 non-state-owned enterprises' subsidiaries on Guangdong province in China. Most data comes from the enterprise database in Guangdong province administration for industry and commerce.It is found that the wholly ownedsubsidiaries have low mortality rates when compared to joint ventures (JVs) in the stable environment, but that their mortality rates increase more rapidly during an environmental jolt. The differences in slack resources, the utilization efficiency and ability of resources is an important factor leading to the difference of subsidiaries survival in the environment change, whereas these capabilities is influenced by subsidiary autonomy to some extent, and the autonomy is influenced by ownership structure. The results not only disentangle the effects of unobserved heterogeneity in learning, adaptation and evolution processes of subsidiaries, but also indicate that subsidiary autonomy helps cultivate their competitiveness and the ability of dealing with environmental changes, and then reduce the mortality rates of subsidiary. Going beyond the traditional focus on static analysis of the relationship between ownership structure and the survival of subsidiaries, the theory perspectives for research on the issue is enriched by this paper.

Key words: ownership structure, slack resources, environmental jolt, survival analysis

中图分类号:

C936

于飞, 刘明霞. 组织演化理论视角下的股权结构与子公司生存——环境突变、冗余资源的调节作用[J]. 中国管理科学, 2014, 22(5): 138-148.

YU Fei, LIU Ming-xia. The Relationship of Ownership Structure and Survival of Subsidiary Based on Evolutionary Theory：The Moderating Effect of Environmental Jolt and Slack Resources[J]. Chinese Journal of Management Science, 2014, 22(5): 138-148.

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