【作者】 孙慧敏；

【导师】 赵锡斌；

【作者基本信息】 武汉大学 ， 企业管理， 2011， 博士

【摘要】 始于2007年底的世界金融危机不仅引发了人们对金融创新与金融监管的反思,随之而来的企业倒闭和破产、失业率上升、工人罢工、甚至于“国家破产”(冰.岛)等日益恶化的连锁反应又再一次将世界的目光投向环境变化与组织绩效的关系——这一长期以来为学界关注的课题之上。与此同时,中国上市公司在中国证券市场发展的20年风风雨雨中,已经成为各行业推动经济建设与发展的中流砥柱。中国制造业,又恰恰是我国国民经济的重要支柱产业。基于此,本文选取中国制造业上市公司为样本,对上市公司组织环境与组织绩效之间的关系进行了规范研究和实证研究,这对于揭示组织环境因素的变化对上市公司绩效的影响程度及影响规律,指导上市公司在不同的生存环境下提高环境认知水平并做出正确的战略选择,提升公司的市场竞争力等都具有重要的理论和实践意义。本文以组织环境与上市公司绩效的关系为研究内容,运用我国上市公司特别是制造业上市公司1998年以来的数据为样本,选取投入资本回报率为绩效衡量指标和环境特征因子、上市公司内部组织资源及行为特征因子为环境变化衡量指标,建立了宏观环境因素、行业环境因素、内部组织环境因素与上市公司绩效的回归模型,并应用数理统计的方法对影响因素进行了相关分析和假设检验。采用定量分析与定性分析相结合的方法得出了如下结论：1、与上市公司绩效呈正相关的因素有：政策的完善性与政府相关管制、GDP增长率、城镇居民家庭人均可支配收入、行业集中度、行业内无形资产占总资产比、组织的年均资产总额、无形资产总额、公司总资产周转率、公司的进出口业务占主营业务收入之比、第一大股东持股比例、公司国有控股、第二-第十大股东持股量的集中度、公司股权激励制度等。2、与上市公司绩效呈负相关的因素有：全社会R&D投资占GDP的比例、多元化程度、公司的购并重组战略、独立董事的比例、五大高管人员的持股比例、公司是否有违规行为、公司在其它市场挂牌上市等因素。最后,本文依据实证分析的结果,强调了上市公司外部环境的变化(包括本行业环境因素的变化以及外部宏观环境的变化)必须纳入到决策的范围之中,同时组织内部环境要素、资源及能力,特别是制度性的环境要素对组织长期绩效的影响也是管理者需要关注的重要决策考虑。更多还原

【Abstract】 The worldwide financial crisis starting in late 2007 not only raised our thought of financial innovation and financial supervision and regulation, but the following business failures and bankruptcies, rising unemployment rate, strikes, and even "national bankruptcy" (Iceland, as an example), and other deteriorating chain reactions will draw the world’s attention once again to the relationship between environmental change and organizational performance----a classic and enduring topic in academic field. At the same time, China’s listed companies, during the difficult development of China’s stock market in the past 20 years, have become the mainstay in the economic construction and development of many industries. China’s manufacturing industry, is exactly the important pillar industry of our national economy.In view of the situation, this paper selects the listed manufacturing companies in China as samples, doing both normative and empirical research on relationship between the listed companies’organizational environment and their performance, which has important theoretical and practical significance in revealing the influence of the changes of the organizational environmental factors on the performance of listed companies, guiding the survival of listed companies in different environments to improve the level of environmental awareness and make the right strategic choices to enhance the market competitiveness.This paper is intended to study the relationship between listed companies’environment and their performance, using their data from 1998 as samples, selecting ROCI as the indicator of performance and environmental characteristics factor, listed company’s internal resources and behavior characteristics as the indicator of environmental change. On this basis, this paper establishes a regression model between listed companies’ performance and macro environmental factors, industrial environmental factors and their internal environmental factors. And the author uses mathematical statistical methods to conduct correlation analysis and hypothesis test.This paper, through the method of quantitative analysis and qualitative analysis, concludes that:The factors that are positively related to the performance of listed companies are:the perfection and government policy and related government control, GDP growth rate,urban per capita disposable income of households, industry concentration, industry intangible assets to total assets ratio, average total assets of the company, the net worth of intangible assets, turnover of total assets,the company’s intangible assets growth rate,the company’s import and export business accounted for the main business income ratio, the proportion of the largest shareholder, State-owned holding company,the concentration amount of the second-the tenth largest shareholders, equity incentive system and so on.The factors that are negatively related to the performance of listed companies are:R & D investment in the whole society-GDP ratio, diversification, restructuring the company’s acquisition strategy, the proportion of independent directors, the five executives of the shareholding, the company’s illegal acts, companies listed in other markets and so on.Finally, this paper, based on the results of empirical analysis, emphasizes that the changes in the external environment of listed companies (including changes in environmental factors in the industry and external macro-environment changes) must be included in the scope of the decision-making. At the same time, environmental factors within the organization, resources and capabilities, in particular, the influence of institutional factors which have much influence on company’s long-term performance should also be particularly considered when managers make decisions.更多还原