控股股东卷入、两权偏离与营销战略风格——基于第二类代理问题和终极控制权理论的视角

发布时间：2018-09-14 15:52

【摘要】：营销战略风格的激进或保守与公司治理因素有怎样的内在联系?营销战略风格如何影响公司未来业绩?本文从第二类代理问题和终极控制权理论出发,通过理论分析和基于上市公司数据的实证检验发现:(1)控股股东卷入程度越低、控股股东控制权和现金流权偏离程度越高,上市公司营销战略风格越趋向于激进,说明被第二类代理问题左右的控股股东更倾向于拿中小股东的钱卷入高风险的营销战略;(2)过度激进的营销战略虽然能在一定程度上促进营业收入增长(做大),但是将显著损害公司的盈利水平和持续发展潜力(做强)。本文主要理论贡献在于从第二类代理问题和终极控制权理论的视角,解析了上市公司营销战略风格的成因,揭示了公司治理对营销战略的作用机制,对于中国等新兴市场的公司治理和营销管理实践具有借鉴意义。
[Abstract]:What is the internal relationship between the radical or conservative marketing strategy style and corporate governance factors? How does the marketing strategy style affect the company's future performance? Starting from the second kind of agency problem and the theory of ultimate control, through theoretical analysis and empirical test based on listed company data, this paper finds that: (1) the lower the involvement of controlling shareholders, the higher the deviation between controlling shareholder's control and cash flow right. The more aggressive the marketing strategy style of listed companies, It shows that the controlling shareholders who are influenced by the second kind of agency problems are more likely to involve themselves in high-risk marketing strategies with the money of minority shareholders; (2) while excessive radical marketing strategies can promote the growth of operating income to some extent (bigger), Is will significantly damage the company's profitability and sustainable development potential (stronger). The main theoretical contribution of this paper lies in the analysis of the causes of marketing strategy style of listed companies from the perspective of the second kind of agency problem and the theory of ultimate control, and reveals the mechanism of corporate governance acting on marketing strategy. For China and other emerging markets of corporate governance and marketing management practice has reference significance.
【作者单位】：复旦大学管理学院;上海理工大学管理学院;
【基金】：国家自然科学基金项目“大股东治理战略研究:基于大股东制衡与外部监管的实证与实验”(70802015) 教育部博士点新教师基金项目“信息披露组合效应与信息操作行为研究”(200802461116)资助
【分类号】：F274;F832.51;F224

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