我国上市公司关联交易网络与企业成长的实证研究

发布时间：2018-01-07 20:40

本文关键词：我国上市公司关联交易网络与企业成长的实证研究　出处：《电子科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：当代企业处于快速变化的环境中,其不可能拥有自身成长所需的各种资源。企业必须从其所形成的网络组织中谋求与企业成长相关的资源,从而保持自己的核心竞争力。企业的网络化成长成为企业获得再次成长的重要因素,企业不仅可以利用企业内部资源,也可以利用从外部环境中所获得的资源,企业所在网络会显著的影响企业的业绩和行为。作为上市公司,其自身在不断成长过程会与其供应商、零售商甚至是小的顾客形成不同的网络体系,在各种各样的联系中会带给公司不同程度的资源和信息。上市公司网络关系中一种长期且稳定存在的合作关系的网络之一就是关联交易网络。本文依据社会网络研究范式,分析企业网络对于企业成长的影响,证实企业网络化成长的重要性。针对以上所提出的研究目的,以2010年上海证券交易所中制造业企业为主要研究对象,收集所有上市公司关联交易的披露信息,构建单个企业的关联交易网络,利用结构方程模型以及线性模型相结合的实证研究方法,对于所构建的模型进行验证。本文研究重点主要包括:一方面分析关联交易网络中心度、异质性、联结强度不同结构以及产业价值链位置分别对于企业成长的影响;另一方面考察关联交易网络整体以及不同的结构对于企业的盈利能力、营运能力以及增长能力的影响,从而得出最后的结论。实证研究结果显示,关联交易网络中心度、联结强度对于制造业企业成长有促进作用,而关联交易网络异质性却抑制了企业的成长,这与我国制造业相对于其他行业的特点是分不开的。产业价值链位置对于除制造业企业成长有促进作用,而对于制造业企业的成长影响不显著,说明产业价值链位置在不同行业中所发挥的作用有所差异。通过研究关联交易网络在企业成长中发挥作用的机制,得出关联交易网络整体对于企业的盈利能力、营运能力以及增长能力都有正向的影响并且在统计意义上是显著的。同时关联交易网络对于企业的营运能力作用是最大的,而对发展能力的影响次之,对于盈利能力的影响力最小。关联交易网络的不同结构以及价值链位置对于企业成长的盈利能力、营运能力以及增长能力所发挥的作用是不一致的。关联交易网络中心度能够提升企业盈利能力、营运能力和增长能力。而异质性则是抑制企业不同能力的提升。关联交易网络联结强度和产业价值链位置对企业盈利能力是抑制,而对于营运和增长能力却是促进的。本文为企业网络化成长提供实证研究依据,拓展关联交易的研究视角,为企业网络化成长构建提出相应的建议。
[Abstract]:The contemporary enterprises in a rapidly changing environment, it can not have their own resources required for growth. The enterprise must from the formation of network organization and the growth of enterprises seeking related resources, so as to maintain their own core competitiveness. Enterprise network development is an important factor to grow again enterprises, enterprises can not only use the internal resources of enterprises, can also use the obtained from the external environment of the enterprise resources, where the network will influence the enterprise's performance and behavior. As a listed company, in its growing process and its suppliers, retailers and even small customers form different network system, the company will bring different levels of resources and the information in a variety of contact. One of a long-term and stable relationship between the listed company network cooperation network is transaction network. This paper on the basis of social network research paradigm, analysis of enterprise network influence on enterprise growth, confirmed the importance of the growth of the enterprise network. According to the research purpose mentioned above, in 2010 the Shanghai stock exchange in manufacturing enterprises as the main research object, collecting all the listed company related transaction information disclosure of related party transactions, construction of a single enterprise network and empirical research methods combined with structural equation model and linear model, the validation of the model. This paper focuses on the analysis of related party transactions include: network centrality, heterogeneity on the one hand, the connection strength of different structure and industry value chain position respectively for affecting the growth of the enterprise; on the other hand, the network transaction overall, different structure for the profitability of the enterprise, the influence of working ability and growth ability, and then draws the conclusion that the most After the conclusion. The empirical results show that the related transaction network centrality, coupling strength for manufacturing enterprise growth promoting effect, and the related transaction network heterogeneity has restrained the growth of enterprises, and the characteristics of China's manufacturing industry relative to other industries are inseparable. Industry value chain position except for manufacturing the enterprise has a role in promoting growth, and to influence the growth of manufacturing enterprises is not significant, indicating its position in the industry value chain in different industries have different effects. Through the network of related transactions in the development of enterprises play a role in the mechanism of the network transactions for the whole enterprise's profit ability, operation ability and growth ability has a positive effect and significant in the statistical sense. At the same time, the network transaction is the largest operating capacity for action of enterprises, and the development ability. The second ring, the minimum for the profitability of the network influence. Transactions of different structure and value chain position for the growth of enterprise profitability, operation ability and growth ability play a role is not consistent. Transaction network centrality can enhance corporate profitability, operation ability and growth ability and the heterogeneity is. Inhibition of different enterprise ability. Transaction network connection strength and industry value chain position on the profitability of the business is inhibited, and for the operation and growth ability. This paper is to promote enterprise network growth to provide empirical evidence, expand the research perspective of the transactions, and put forward the corresponding suggestion for the construction of enterprise network growth.

【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F425

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