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企业集团子公司治理需要平衡母公司控制和子公司自主治理的协调关系。传统研究一般基于效率逻辑,从委托—代理理论出发,主要关注于母公司对子公司的管控手段这种规范结构的选择。但企业集团并非是按照正式的层级组织结构进行实际运营,而是子公司通过主导行为进行自主决策和自主治理进而构成的集团非正式网络结构才真正影响着集团的行为和绩效。此外,对于中国这样一个典型地处于经济转型时期的国家,在效率逻辑之外还必须要考虑合法性机制对企业的影响。企业集团既面临着来自政府的制度压力,尤其是政府为避免大量失业及由此带来的社会动荡而施加的就业压力,同时也面临着来自市场上拥有先进技术的竞争者的竞争压力。在这样的研究背景下,本文应用社会资本理论、网络理论及新制度理论构建了以合法性机制和效率机制的耦合视角为核心的理论模型,并据此分析了由企业集团子公司主导行为推动形成的集团非正式网络对子公司所面临的制度压力的缓冲效用,以及子公司如何应对制度和就业双重压力进行策略选择,进而实现子公司创新和成长的子公司治理机制。
Corporate group subsidiaries need to balance the control of the parent company and subsidiaries to govern their own coordination. Traditional research is generally based on efficiency logic, based on the principal-agent theory, which focuses on the selection of the normative structure of the parental control over subsidiaries. However, instead of carrying out actual operations according to the formal hierarchical structure, the informal group structure of the group formed by the subsidiary through independent decision-making and self-governance by the dominant behavior truly affects the group’s behavior and performance. In addition, for a country like China, which is typically in a period of economic transition, it is also necessary to consider the legal mechanism’s impact on the enterprise in addition to the logic of efficiency. Corporate groups face both institutional pressure from the government, especially government pressure to avoid heavy unemployment and the social unrest that ensues, as well as competitive pressures from competitors with advanced technologies in the marketplace. Under the background of such a research, this paper constructs a theoretical model with the coupling perspective of legitimacy mechanism and efficiency mechanism as the core, using social capital theory, network theory and new institutional theory. Based on this, The formation of a group of informal network of subsidiaries to face the institutional pressure of the buffer effect, and how to deal with the dual pressures of institutional and employment policy-making choices, and then the subsidiary of innovation and growth of corporate governance mechanisms.