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随着企业集团在国民经济发展中扮演的角色越来越重要,企业集团治理也越来越受到理论界与实务界的重视。本文从子公司董事会角度刻画了集团对子公司的治理,并分析了企业集团如何根据所处环境的不确定性程度调整其治理结构。此外,本文还通过分析集团子公司治理对子公司创新行为的影响,考察了集团子公司治理的有效性。通过对手工整理的主板上市公司的数据进行回归分析,本文发现当外部环境提供丰富的资源时,集团倾向于分权,从而促进子公司充分利用资源实施创新行为。本文的研究结论丰富了关于企业集团治理、组织结构、子公司创新的研究,同时为集团管理者正确处理母子公司之间的关系提供了一定的实践启示。
With the growing importance of business groups in the development of the national economy, the governance of business groups is increasingly valued by both theorists and practitioners. This paper depicts the governance of the subsidiaries from the perspective of the board of directors of the subsidiaries and analyzes how the corporate groups adjust their governance structures according to the degree of uncertainty of the environment in which they are located. In addition, this paper also examines the effectiveness of the governance of the group’s subsidiaries by analyzing the influence of the governance of the group’s subsidiaries on the innovation behavior of the subsidiaries. Through the regression analysis of hand-sorted data of listed companies on the main board, this paper finds that when the external environment provides abundant resources, the group tends to decentralize, thus promoting subsidiaries to make full use of resources to implement innovative behavior. The conclusion of this paper enriches the study of corporate governance, organizational structure and subsidiary innovation, and provides some practical enlightenment for the managers of the corporation to correctly handle the relationship between parent company and subsidiary company.