【作者】 辛琳；

【导师】 孙永正；

【作者基本信息】 苏州大学 ， 企业管理， 2011， 博士

【副题名】基于中小板上市公司的分析

【摘要】 从当今中国社会表象来看,中国社会是一个由人情、亲情、乡情和友情构成的网络,社会系统与经济系统相互作用过程中体现出特别的影响和规制,研究中国情景下的嵌入绩效机制具有一定的价值。同时,社会系统与经济系统的关系一直是人文社科研究的核心问题,嵌入性概念的提出为我们提供了链接两大系统的桥梁。组织绩效问题一直是经济学、管理学关注的本源性问题,嵌入理论使产业和组织理论得到更精确的阐释,而本文所研究的嵌入-绩效理论致力于解释社会系统与经济系统的嵌入性是通过何种路径与机制影响公司经营绩效。国外关于嵌入性与公司经营绩效关系的研究主要从关系嵌入和结构嵌入展开,在此基础上,从制度嵌入、空间嵌入、虚拟嵌入等角度进行了深入研究。国内学者对于嵌入性与公司经营绩效关系的研究主要表现为一个主干三大分支,一个主干是关于嵌入性本体的研究,即网络嵌入对绩效影响的机制研究。三大分支分别按照嵌入范围、创新角度、学习角度进行研究。国内外相关研究存在以下几点不同:第一,对“嵌入性”概念接纳度不同。“嵌入”一直存在于中国文化中,国内研究从中国社会嵌入性相关结论适用性起步。第二,对“嵌入性”的社会情景判断不同。源于西方的嵌入性理论肯定需要中国情景化才能具备解释力,国内学者做了很多努力。第三,对“嵌入性”所依赖的组织完整性与协调性判断不同。中国的国体与政体都有独特性,国家与社会的协调机制以及由所有制决定的企业的组织完整性也存在分歧。所以,中国化的嵌入性与公司经营绩效关系的研究必然存在不同。本文的主要工作是构建嵌入-绩效理论模型框架,并从一般企业和中小板上市公司两个角度进行验证和刻画。采用的研究逻辑是理论→实证→理论,采用的研究方法是规范研究与实证研究相结合。论文主要研究思路是首先根据文献进行解析,获得嵌入-绩效理论模型的框架,这部分工作由第1章绪论、第2章理论基础与文献综述、第3章嵌入-绩效理论模型与假设推演来完成,其中第1章绪论的目的是对开题工作以及整个研究工作的计划与设计,包括对研究背景、研究意义、研究思路与方法、主要概念讨论以及论文框架和内容安排的说明。实质上是完成对选题的解析和确定基本研究思路的过程。第2章理论基础与文献综述主要讨论了嵌入-绩效理论的理论渊源、几个容易混淆的构念,即嵌入性、社会资本、社会网络等的关系、绩效评价文献回顾和嵌入-绩效理论当前的进展等内容。主要目的是实现文献精炼,为理论模型奠定基础。第3章嵌入-绩效理论模型与假设推演主要从理论模型构建的基本原则、嵌入性变量设计、调节变量假设、中介变量假设以及嵌入-绩效理论模型几个方面进行研究。主要目的是完成关系模型、变量设计和形成假设。前3章属于理论研究范畴。其次,根据前3章研究获得的嵌入-绩效理论模型框架进行调查问卷的设计,这个工作由第4章嵌入绩效关系调查问卷及数据处理设计完成。主要讨论了如何将理论模型中设计的自变量、调节变量、组织学习力变量等转换成可以获得数值的调查问卷问题及选项。再次,从非上市企业角度进行了两次实验,目的是验证嵌入-绩效理论框架能否获得实证结果的支持,这个工作由第5章嵌入绩效绩效理论模型初次试验及数据分析、第6章嵌入-绩效理论模型再次实验及数据分析完成。这两章从实证角度,对调查问卷进行信度、效度、因子分析、结构方程、回归等分析,根据分析结果验证理论模型的合理性以及修改建议,从而获得调查问卷修改的具体建议,并完成对嵌入-绩效理论模型的全方位验证。最后,根据非上市企业的两次实验结果,对中小板上市公司进行嵌入-绩效理论的第3次实验,并分析对比两类不同类型企业的嵌入-绩效理论模型实验结果,获得更具体的中小板公司嵌入-绩效理论模型。这个工作由第7章中小板上市公司经营绩效测定、第8章中小板公司嵌入性与经营绩效关系实证研究、第9章结论分析和相关建议完成。第7章中小板上市公司经营绩效测定,主要工作是完成对因变量经营绩效的最后测定,从财务绩效、托宾Q值、市场价值以及成长性等角度进行了界定,最后形成了由13个指标构成的中小板公司经营绩效代理变量体系。第8章主要工作是完成嵌入-绩效理论模型在中小板公司的验证,仍然从因子分析、结构方程分析入手,重点是对组织学习力中介效应、环境、组织、制度等特征因素调节效应的检验。第9章是对前述理论研究和实证研究结果的进一步分析,实现对本文构建的嵌入-绩效理论框架的定型和提升。本文的主要研究结论与观点有:(1)嵌入-绩效理论模型框架。本文认为,嵌入因素是通过组织学习力作为中介、环境组织制度特征等因素作为调节,最终对公司经营绩效产生影响;(2)嵌入因素由关系嵌入、结构嵌入和虚拟嵌入构成,其中关系嵌入对经营绩效的影响最大,结构嵌入次之,虚拟嵌入最小;(3)承担中介效应的组织学习力由发现能力、发明能力、选择能力、推广反思能力、执行能力和知识管理能力等六大能力构成;(4)承担调节效应的环境因素包括环境动态性、竞争强度、行业特征,组织因素包括战略导向和生命周期,制度因素包括所有制类型和政治关联度;(5)公司经营绩效包含三大维度,历史维度、虚拟经济贯通实体经济维度、现在及未来维度。具体有主观绩效、财务绩效、托宾Q值A、托宾Q值B、托宾Q值C、托宾Q值D、市场价值A和市场价值B等8大指标。此外,还获得了一些可操作性的工具:(1)嵌入-绩效理论调查问卷;(2)中小板上市公司综合绩效评价体系。根据研究结论,本文提出了如下建议:(1)关系嵌入管理建议。企业应关注与供应商、客户等供应链内部主体,与同行、管理机构、科研机构、金融机构等供应链外部主体的关系管理,主要应从关系稳定性、关系强度等方面进行管理,注重关系的持续度、紧密度、诚信度以及互惠程度;(2)结构嵌入管理建议。企业应关注结构嵌入的管理,包括网络密度、中心性和居间性的管理,具体表现为对往来的供应商、客户、管理机构、科研机构、同行、金融机构等的数量管理、网络位置的管理等。包括在产品研发、生产和市场知识获取方面对合作关系的使用(cent2,即中心性2)、建立尽可能多的外部关系(cent1,即中心性1)、通过市场渠道收集更多的市场信息(cent3,即中心性3)、担任牵线企业,实现信息资源的共享(inte,即居间性)、多培养与管理机构、科研机构、金融机构、同行等的往来关系(dens2\dens3,即网络密度);(3)虚拟嵌入管理建议。企业应加强与供应商、客户、管理机构、科研机构、金融机构、同行等的非面对面接触,可以通过电子邮件、电话、短消息等方式建立联系,促进经营绩效的提升;(4)组织学习力管理建议。企业应培养发明能力、发现能力、选择能力、推广反思能力、执行能力和知识管理能力,这六大能力构成企业的组织学习力,组织学习力强了,嵌入对绩效的影响会更大,通过嵌入管理可以更好地提高企业的经营绩效;(5)组织、制度、环境因素管理建议。企业应注重组织因素、制度因素、环境因素的管理,具体包括制定清晰的战略导向、明确企业生命周期、建立合适的政治关联度、关注竞争环境的变化。本文可能的创新有:(1)对企业绩效理论的拓展。将经济管理一直简化的社会网络影响因素——嵌入性,引入管理学黑箱研究,试图综合新制度经济学和新经济社会学的研究成果对企业绩效理论进行修正;(2)测量方法和数据挖掘方法的多角度尝试:采用社会网络分析法结合问卷调查法对嵌入性从多个角度测量;采用熵值法和二元语义决策模型同时测量公司综合经营绩效;采用历史角度、市场视角、虚拟经济贯通实体经济视角等界定公司经营绩效。更多还原

【Abstract】 Observed from the present social representations, Chinese society can be described as a network constituted by human relationship, natural affection, fellow relationship and friendship. As immoral familism, this network is sure to demonstrate special effects and regulations in its interaction process with economic system, which endows the study of embedded performance mechanism with certain value. Meanwhile, the relationship between social and economic systems has been being the core problem in the studies of humanities and social sciences while the proposal of embeddedness provides us with the key of linking the two major systems. Moreover, organizational performance is the original issue on which both economics and management have been focusing while the theory of embeddedness makes the explanation of industrial and organizational theories more precise and the theory of embedded performance is the study of path and mechanism in which the social system influences the economic system performance through embeddedness.Foreign researches of the relationship between embeddedness and enterprise management performance mainly begin with relational and structural embeddedness and expand to further researches in systematic embeddedness, spatial embeddedness and virtual embeddedness. Domestic studies are mainly presented as one trunk and three branches: one trunk refers to the studies of embeddedness ontology, namely, the studies of mechanism through which network embeddedness influences the performance; three branches refer to the studies in three perspectives (range of embeddedness, innovation points and learning points). The differences between foreign and domestic studies are manifested in the following three aspects. First, the acceptances of“embeddedness”are different.“Embeddedness”has always been working in Chinese culture. Therefore, domestic studies begin with the application of embeddedness theories in Chinese society. Second, the judgments of social situations in which embeddedness works are different. The theory of embeddedness which originated from western countries must be situationalized in China in order to explain Chinese network. Domestic scholars have made great efforts in realizing this goal. Third, the judgments of organizational integrity and coordination on which embeddedness relies on are different. Chinese state system and regime have its uniqueness which results in the fact that enterprises’organizational integrity which is decided by national and social coordination mechanism and ownership is different from that in Western countries. As a result, domestic studies must be different from foreign ones. The major work of this paper is to construct a model framework of embedded performance theory and then to verify and depict it from the observation of general enterprises and small and medium-sized listed companies. The research logic adopted in this paper is theory→empirical→theory; the research method adopted is a combination of normative research and empirical research. The empirical research methods include: entropy method to obtain every index weight of financial performance evaluation system in small and medium-sized listed companies; binary semantic model of fuzzy decision to obtain index weight of non-financial performance evaluation system in small and medium-sized listed companies; questionnaire to obtain quantitative data of subjective embeddedness and non-financial performance indexes, structural equation modeling and regression analysis in order to verify and analyze the theoretical hypothesis. The main conclusions of this study include: (1) model framework of embedded performance theory. The paper argues that embedded factors exert their influences on enterprise management performance with organizational learning ability as intermediary and environmental organizational system as regulation; (2) embedded factors are made up of relational embeddedness, structural embeddedness and virtual embeddedness. Relational embeddedness can be analyzed in two dimensions: relational stability and relational intensity which can be measured by the sustainability degree, intimacy degree, credit degree and reciprocity degree; Structural embeddedness is constituted by network density, centrality and intermediary; Virtual embeddedness refers to the non-face-to-face contact between a enterprise and its six partners (supplier, clients, regulatory agencies, research institution, financial institutions and peers). Among the three kinds of embeddedness, the relational one exerts the greatest influence on management performance and is followed by structural and virtual ones; (3) The organizational learning ability which acts as intermediary composes of the ability to discover, invent, select, extend and reflect, execute and manage knowledge; (4) The factors which acts as regulation includes environmental factors (environmental dynamics, competitive intensity, industry characteristics), organizational factors (strategic direction and life cycle), institutional factors (type of ownership and political correlation); (5) enterprise management performance can be analyzed in three dimensions: historical dimensions, dimensions in which virtual economy perforates real economy, present and future dimensions. Specific indexes include subjective performance, financial performance, Tobin’s Q, market value, etc. A number of operational tools are also obtained in the course of study: (1) questionnaire of embedded performance theory; (2) evaluation system of small and medium-sized listed companies’comprehensive performance.According to research findings, this paper proposes five recommendations: (1) relationship embeddedness: Enterprises should be concerned with both subjects within the supply chain (supplier and clients) and subjects without the supply chain (peers, regulatory agencies, research institution and financial institutions). The management should be mainly conducted in the aspects of relational stability and relational intensity which means the degree of sustainability, intimacy, credit and reciprocity should be focused on; (2) structural embeddedness: enterprises should strengthen the network density, centrality and intermediary to realize the structural management, which refers to the management of number and network positions of six major subjects. To be specific, the management includes the use of correlation in getting product development, production and access to market information (cent2, the centrality 2), establishment of as many external relations (cent 1, the centrality 1), obtain of more market information through market (cent 3, the centrality 3), acting as the third party to realize the sharing of information and resources (inte, the intermediary ), the fostering of correlation with regulatory agencies, research institutions, financial agencies and peers (dens2\dens3, the network density); (3) virtual embeddedness: enterprises should strengthen their non-face-to-face contact with six major subjects via e-mail, phone calls and messages in order to promote their performance; (4) organizational learning ability: enterprises should cultivate six components of organizational learning ability, namely, the ability to discover, invent, select, extend and reflect, execute and manage knowledge. Better learning ability will intensify the influence of embeddedness, which will in turn greatly promote enterprise management performance; (5) organizational, systematic and environmental factors: enterprises should be concerned with the management of the three kinds of factors, which includes making clear strategic direction, clarifying the life cycle, establishing proper political correlation, paying attention to competition environmental change. These factors will influence the final effect in the promotion of performance, especially the external competition, speed of environmental change and strategic directions play the role of guidance and desert more attention.The possible innovations in this paper are: (1) embeddedness---one influential factor on social network---has been always simplified by economic management and is brought into the management black-box to be studied with the hope of modifying the theory of enterprise performance on the basis of research finding of new institutional economics and new economic sociology; (2) measurement methods and data mining methods are tried from different angles: social network analysis and questionnaire are adopted to measure embeddedness; entropy method and binary semantic model of fuzzy decision model are adopted at the same time to measure the comprehensive management performance; historical dimension, market dimension and dimensions in which virtual economy perforates real economy are adopted to define management performance; factor analysis, structural equation modeling and regression analysis are adopted to obtain data.更多还原