企业集团持股模式、管控系统与契合绩效的研究——基于210家企业集团的经验数据

发布时间：2018-05-19 11:24

本文选题：持股模式 + 管控系统　；参考：《会计研究》2017年04期

【摘要】：中国企业集团在股权投资领域经历了30多年的实战而仍然在找寻满意的持股模式。持股模式与管控系统的契合将力保企业集团的持股进入"形神兼备"的境界。这是基于集团视野的管理会计思维拓展的现实课题。本文使用权变理论,从企业集团母公司对子公司持股模式和管理控制系统之间的不同组合模式出发,论证了两者之间的契合程度对持股效果即股东权益效应的影响。通过对210家企业集团的问卷调查与实证研究,结果表明:通常,运营导向型持股模式和财务导向型持股模式下,其持股模式与管理控制系统处于契合状态,而混合型持股模式下,其持股模式与管理控制系统处于不契合状态。进一步地,运营导向型持股模式和财务导向型持股模式在持股价值、市场开拓与产品创新和财务绩效方面得分相近,并高于混合型持股模式;而财务导向型持股模式下的母子公司间博弈行为要少于运营导向型持股模式。
[Abstract]:After more than 30 years in the field of equity investment, Chinese enterprise groups are still looking for a satisfactory shareholding model. The combination of shareholding mode and management system will ensure that enterprise group shares enter the realm of "both form and spirit". This is based on the group vision of management accounting thinking expansion of the reality of the subject. Based on the theory of the change of the right of use, this paper demonstrates the influence of the degree of agreement between the parent company of the enterprise group on the ownership of subsidiary company and the management and control system, that is, the shareholder's equity effect. Based on the questionnaire survey and empirical study of 210 enterprise groups, the results show that, in general, the shareholding mode and the management control system are in agreement with each other under the operation-oriented shareholding mode and the financial-oriented shareholding mode. In the mixed shareholding mode, the shareholding mode and the management control system are in a state of disaccord. Furthermore, the operating and financial oriented shareholding models have similar scores in terms of shareholding value, market development and product innovation and financial performance, and are higher than hybrid shareholding models. However, the game behavior between parent and subsidiary companies in financial-oriented shareholding mode is less than that in operation-oriented shareholding mode.
【作者单位】：北京国家会计学院教研中心;杭州电子科技大学会计学院;
【分类号】：F275;F832.51

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