本文采用 2007-2021 年沪深 A 股企业样本考察连锁股东与企业战略定位之间的关系,研究发现:连锁股东会显著提升其持股上市公司之间的战略差异度,表现为对差异化战略的偏好.机制检验发现,连锁股东主要通过加强信息交流和提升风险承担水平进而提升企业战略差异度.进一步分析发现,连锁股东对差异化战略的推动能有效提升企业价值创造.异质性分析发现,当连锁股东为机构型和战略型及企业为非国有性质时,连锁股东对企业战略差异度的影响更强.截面分析发现,企业内部环境更稳定(上期未经历亏损或业绩下降及当期财务状况良好)和所处行业竞争更激烈时,连锁股东对企业的差异化竞争战略和战略变革的推动作用更强;面对宏观营商环境的变化冲击,连锁股东对企业战略差异度的影响在疫情前后未表现出显著差异,但对战略变革的提升作用在更稳定的营商环境下(疫情前)更强.本文是对连锁股东经济后果与企业战略影响因素研究的有益补充,同时也为如何改善战略决策提供了基于连锁股东层面的有益参考.
Cross-ownership and Corporate Strategic Positioning:Differentiated Competition or Convergent Management
In a complex and highly uncertain market environment,it is highly crucial for companies to timely adjust their strategies in response to the risks caused by uncertainty.Previous studies mainly focus on the impact of external environment changes and manage-ment decisions on corporate strategy,but ignore the influence of shareholders as suppliers of enterprises resources they needed.The-oretically,as providers of enterprise resources,shareholders can also influence corporate strategic decision-making to the large extent.Moreover,among the numerous types of shareholders,cross-owner-ship,who hold multi-listed companies within the same industry,can provide the survival resource to companies,obtain more industry information,and achieve information superiority.On the one hand,they play an extremely corporate governance role,not only provid-ing the resources necessary for the survival and development of the enterprise but also possessing more information about the external environment including industry and other unique informational advantages.On the other hand,they might also facilitate collusion between companies they hold shares in,aiming to maximize inves-tor interests and obtain monopoly profits.Therefore,the impact of cross-ownership on enterprises requires further empirical research.For the strategic positioning of an enterprise,which is a decision highly dependent on resources and information,can cross-owner-ship leverage their informational and resource advantages to drive the enterprise towards adopting a differentiation strategy to gain a competitive advantage and favorable perfomance?Or do they pro-mote mutual imitation and learning among the enterprises they hold shares in,thereby leading to strategic convergence among these enterprises?These are the key issues what this paper is to study.Based on the sample of Chinese A-share listed companies in the Shanghai and Shenzhen stock markets from 2007 to 2022,this pa-per analysis the influence of cross-ownership on the strategic posi-tioning of enterprises.On the basis of the regression,,it is found that cross-ownership significantly improves strategic differentiation be-tween the listed companies they hold,which reflects the preference of cross-ownership for differentiated strategies.The mechanism test shows that cross-ownership influences strategic differentiation between the listed companies they hold via information exchange and increased risk-taking channels.Further analysis shows that the influence of cross-ownership on differentiation strategy plays an obvious role in promoting enterprise value creation.Heterogeneity analysis shows that compared with non-institutional cross-owner-ship,non-strategic cross-ownership and state-owned enterprises,when cross-ownership is institutional cross-ownership,strategic cross-ownership and enterprises are non-state-owned enterprises,the positive influence of cross-ownership on the strategic difference of enterprises is more obvious.Through cross-sectional analysis,it is found that when the enterprise is in a more stable operating state,the cross-ownership is more inclined to the differentiation strategy,which shows that the influence of the cross-ownership on the dif-ferentiation strategy is more obvious when the enterprise has not experienced losses or performance decline in the previous period and the current financial situation is good.When the competition in the industry where the enterprise is located is more intense,the cross-ownership can promote the choice of differentiated compet-itive strategy and promote the strategic change of the enterprise.Additionally,faced with the business environment changes,the positive effect of cross-ownership on strategic differentiation is not impacted by the pandemic.At the same time,in order to resume production,cross-ownership do not encourage the change of strate-gic by the company.Compared with previous studies,this paper has the following poten-tial contributions.First of all,it supplements the relevant literature on the influencing factors of enterprise strategic decision-making,which is different from the existing literature from the perspective of management characteristics,background and experience to a certain extent.This paper analyzes and tests its influence effect and internal mechanism on enterprise strategic positioning from the perspective of cross-ownership,an important resource provider and the main undertaker of strategic implementation consequences,which is a useful supplement to the relevant literature on the influ-encing factors of enterprise strategic decision-making.After that,it expands the research perspective of cross-ownership'influence on enterprise decision-making and its economic consequences.Con-sidering that the existing literature has not paid sufficient attention to whether cross-ownership can influence enterprise strategic posi-tioning and its reform decision-making through their advantages in information,resources and supervision and governance,this paper discusses the influence effect and internal mechanism of cross-own-ership on enterprise strategic positioning based on the ubiquitous phenomenon in the capital market,and expands the research on cross-ownership` economic consequences.The last,from the per-spective of portfolio,it provides theoretical and empirical evidence to correctly understand the influence effect and internal mechanism of cross-ownership on enterprises.The existing researches hold that the cross-ownership` meeting would promote the collusion between enterprises,thus showing the damage to enterprises.This paper analyzes its promotion to enterprise differentiation strategy and value creation effect from the perspective of cross-ownership`portfolio,which enriches the viewpoints and empirical evidence of cross-ownership` influence on enterprise decision-making from the perspective of portfolio.According to the above conclusions,this study has the following inspirations.In the first place,listed companies should be fully aware of the positive influence of cross-ownership,and should make use of their resource advantages and information advantages to optimize the strategic decision-making and strategic deploy-ment of enterprises to the full.Especially in the face of the current complex and uncertain macro environment,enterprises should face up to the positive role that cross-ownership can play in resisting risks and gaining growth.Secondly,because different types of cross-ownership generally have different influences on enterprise strategy,enterprises should fully consider their specific attributes when introducing cross-ownership,so as to play the positive role of cross-ownership in enterprise management decision-making.For example,companies can introduce institutional and strategic cross-ownership appropriately to give full play to their information and resource advantages,and promote the sustainable development of companies on the basis of optimizing strategic layout.Lastly,the government should attach importance to the resource advantages of cross-ownership in the capital market,pay more attention to the positive effects of cross-ownership through policy guidance or op-timization of supervision and governance measures,actively guide the rapidly and steadily development of cross-ownership,and create a stable external environment for cross-ownership` governance ef-fectually.
万方数据
维普
