基于子公司视角的央企集团管控模式选择研究

【作者】 袁重生；

【导师】 吴冬梅；

【作者基本信息】 首都经济贸易大学 ， 企业管理， 2014， 博士

【摘要】 随着全球化分工的加速，市场竞争越来越激烈，企业改革也越来越深化，企业不但不断朝规模化发展，企业间的整合并购步伐也纷纷加快，不同规模、不同行业、不同所有制的企业都开始出现整合，目的就是为了应对市场竞争，谋求规模经济（Economies of scale）和竞争优势（Competitive Advantage）。对于国有企业来讲，在国务院国资委（SASAC）的主导下，改革也在不断深化，在进行管理提升的基础上，2014年国务院国资委又加强国资监管，推出国有资本管理平台的新思路，目的在于强化央企的竞争力，强化内部管控，优化资源配置，提升规模效益，可以说，央企集团已经成为我国国民经济的重要支柱，其公司治理结构完善程度，直接关系着我国以建立现代企业制度为目标的企业改革成败。母公司对子公司的有效管理，是所有企业集团在发展过程中所必须面临的管理问题，但目前来讲，央企集团在这些方面还做的不到位。对于管控问题，长期以来国内外理论界与实业界都将重点放在上市公司的管控上，对于集团公司内部的管控模式的研究相对较少，即使有部分学者对集团管控模式进行了研究，大部分也将影响因素放在外部环境和母公司方面，较少对子公司的影响因素给予充分的重视，忽视了子公司的重要性。同时，文献中仅仅说明某些因素对管控模式有影响，但对于能够产生何种影响，是正向还是负向，影响程度如何，都缺乏系统论述，可以说，在对影响因素进行有针对地量化分析方面还是较少。本文在研究路径上，以子公司特征指标为突破口，梳理文献，对相关概念进行界定，剖析企业集团形成的历程和途径，探求问题，提出解决思路，并就子公司特征指标对母公司集权程度的影响提出研究假设，在此基础上，选择部分中央企业母公司和子公司做为样本，开展问卷调查研究，运用统计分析，对研究假设进行验证，目的在于寻求合适的解决方法，指导集团公司顺利开展对所属子公司的管控。本文在文献综述方面，就两条线开展研究，一是母子公司定位与委托代理关系确定，二是企业资源能力特征与管控模式选择，围绕企业集团和管控模式两大核心内容，结合企业资源能力和委托代理关系开展论述，通过文献综述，提出论文的研究假设。同时对央企集团运行机理和管控机理进行分析，从企业集团和央企集团的形成模式入手，深入分析央企集团管控的途径和存在的问题，就实践中应用最广的操作管控型、战略管控型、财务管控型等三种管控模式（Managementand control model）进行比较，提出管控模式选择的影响因素。结合研究假设和筛选出的影响因素，开展实证研究。根据子公司特征解释变量与集权分权被解释变量及管控模式的假设前提，设计调研问卷，选择国务院国资委监管的央企集团进行调研，首先进行描述性统计，分析各种变量的特征，进行信度和效度检验，其次进行统计性分析，分别采用相关系数检验和路径检验两种方法，对解释变量和被解释变量之间的相关性进行分析，建立初始路径分析回归方程，采用DW进行检验，将相关性不显著的指标舍弃，重新进行整体路径检验，评价子公司特征指标的直接影响和间接影响，在此基础上，构建影响因素量化模型。经过实证研究，得到如下研究结论：子公司特征指标对母公司集权程度影响的关系方面，子公司管理水平、核心业务能力、股权比例、贡献程度、在母公司网络体系中的位置和开拓精神都正向母公司集权程度，而子公司拥有的当地政府资源则负向影响母公司集权程度；子公司与母公司的文化一致性、子公司与网络体系中其他公司的交流程度及在网络体系中被替代的程度对母公司的集权程度影响不显著，子公司特征指标对管控模式选择的程度没有直接的影响，而是通过母公司集权程度的间接中介作用对其产生影响。根据影响因素量化模型，结合本人所在的央企集团-中国港中旅集团进行验证，设计具体应用路径，明确实施步骤，从应用效果来看，母子公司管理关系进一步理顺，经营业绩也稳步提升。本文的研究特点主要有两点：注重定性分析与定量研究相结合，在定性分析基础上对其构建模型，并给出合理的经济解释；注重理论研究与实证研究相结合，将理论模型应用于实际分析验证，确保理论正确性与实用性。本文的主要创新之处在于：首先，没有拘泥于国内外学者对于外部因素和母公司层面的影响因素进行分析角度，而是基于我国企业集团的实际情况，深入研究子公司影响因素对管控模式选择程度的影响，探求新的研究视角；其次，进行影响因素量化分析，通过调研和统计分析，测定相关影响因素对管控模式的实际影响，明确影响的方向，影响的程度，影响的类型，确认到底是直接影响还是间接影响，构建影响因素量化模型，并用实证加以验证。但由于时间、精力和能力等原因限制，论文研究还存在一定的问题，如实证样本数量偏小、问卷问项设计的不够全面等等，以期在以后的研究中进一步深入和展开。更多还原

【Abstract】 With the accelerated globaldivision of labour, the market competitionbecomes more fiere, and the enterprise reform goes deepen. The companiescontinue to expand the scale, moreover, the pace of integration andacquisitions is also accelerated. Companies that in different sizes,different industries, different ownership began to intergrate, in orderto respond to the market competition, seek economies of scale and getcompetitive advantages. For state-owned enterprises, led by SASAC, thestep of reform is also fasten. In2014, SASAC strengthens the supervisionon state-owned assets and launch a new thought about building astate-owned capital management platform, and the purpose is to strengthenthe competitiveness, internal management and control of the centralenterprises, optimize the allocation of resources, and enhance economiesof scale. For central enterprises group has become an important pillarof the national economy, the degree of perfection of the corporategovernance structure is related to the goal of establishing a modernenterprise system.Whether Parent company can manage subsidiaries effectively is theproblem that all business groups in the development process must be faced,however, the Central Enterprises Group did not do well in these aspects.Talking about the control problems, for a long time, the focus of thetheorists and businessmen at home and abroad is the listed companies,however, the study on Central Enterprises Groups internal management andcontrol is still relatively few, even there are not the quantitativeanalysis.This paper took the subsidiaries’ characteristic indicators as thebreakthrough, reviewed the literature, defined the relevant concepts,analyzed the process and ways of the companies formed, explored issues,proposed the solutions, and gave the hypothesis on the effect that thecharacteristics indicators of the subsidiaries related to the parent.Then choose a part of central parent companies and subsidiaries as the samples, conducted a survey research, test the research hypothesesthrough statistical analysis, the purpose is to seek appropriatesolutions, and guide the group company to carry out the control of thesubsidiary successfully.In the literature review, the research went on two lines: first,determine the parent company positioning and principal-agentrelationship, secondly, research the characteristics and capabilities ofenterprise resource management and control mode selection. Around twocore content of the Enterprise Group and control management model, thispaper discussed the enterprise resource capacity and the agencyrelationship through literature review, proposed the hypothesis of thepaper. Meanwhile, this paper analyzed the operation mechanism and controlmechanism of the Central Enterprises Group, took the stage and pathwayof formation of enterprise groups as the entry point, deeply found outthe methods and problems of the control by the Central Enterprises Group,compared three types of manage and control modes used widely in practice:operation manage and control model, strategic manage and control model,financial management and control model, and finally proposed the factorsthat may affect the selection of manage and control mode.Based on the selected assumptions and possible affecting factors,this paper took empirical research. According to the assumptions, thispaper designed the survey questionnaires, and research on Group CentralEnterprises that SASAC regulated. First of all, by descriptive statistics,analyzing the characteristics of a variety of variables, conductreliability and validity testing. Secondly, made the statistical analysison correlation coefficient test which were used to test the correlationbetween variables and the dependent variable. Then made the regressionanalysis, through DW Test, discard the indicators that the correlationwas not significant, and then re-examined the whole path, evaluated ofthe direct and indirect effects of subsidiaries characteristic indexes,after that, established a quantitative model.After empirical research, this paper made these following conclusions:characterized the relationship between the degree of the parentcentralization and subsidiary indicators affected areas, subsidiary management, core competencies, equity ratio, the extent of thecontribution, the parent network system in the location and extent of theparent company pioneering spirit are positively related to centralization,however, government resources that owned by subsidiary is negativelyaffecting the degree of centralization of the parent company; cultureconsistency between the subsidiaries and the parent company, the degreeof exchange with other network systems in the network system, the degreeof replaced by the extent and impact of centralization of the parentcompany were not significant. Characteristic index subsidiaries had nodirect impact on the level of management and control mode selection, butshowed an indirect impact through the intermediary role of the parentlevel of centralization.Based on factors quantitative model, combined with the centralenterprises-China Travel Service Group that the author worked to verify,design specific application path, clear implementation steps, from theapplication point of view, manage the Parent-subsidiary relationship tofurther rationalize, improved operating results steadily.There are two characteristics mainly in this research, the first isthat this paper combine qualitative analysis and quantitative research,construct the model based on qualitative analysis, and gives an economicexplanation rationally; the second is that combining theoreticalresearch and empirical research, applied theoretical model to the actualanalysis to verify and ensure the correctness and practicality of thetheory.The main innovation of this paper: first of all, this paper did notanalyze from factors in external and the parent company level just likethe perspective of domestic and foreign scholars, conversely, it was basedon the actual situation of China’s Enterprise Group, choose the in-depthfactors affecting subsidiary level control mode selection, richingresearch perspective. Secondly, took factors quantitative analysis,through research and statistical analysis, determined the actual factorsimpact on the management and control mode, the impact of clear direction,the influence of the type of impact, recognized the impact directly orindirectly, built the factors quantitative models, and verified empirically. However, due to the time, energy and capacity limitations,there are still some problems in this thesis, for example, the empiricalsample size is not enough, the questionnaire is not comprehensive enough,etc. The research will continue to improve in the future.更多还原