作　　者： ;

机构地区： 中山大学

出　　处： 《管理世界》 2015年第9期92-103,169共13页

摘　　要： 本文研究市场分割对企业异地子公司分布及效果的影响，并判断市场分割背后是政府之手（中性政府、支持之手、掠夺之手）中哪一类发挥主导作用。研究发现：市场分割导致地方国企相比民企有更少的异地子公司分布，该结论在母公司、子公司和新增子公司样本中，以及考虑了多种稳健性之后仍然成立。进一步分析子公司分布效果发现，市场分割降低了地方国企的公司价值，也增加了地方国企的过度投资；并且这些效应均随地方国企异地子公司分布的增加而减弱；但在民企中均不成立。这些结论表明市场分割主要扮演了政府的“掠夺之手”，虽然地方国企的异地子公司能一定程度上逃离这种掠夺，但由于市场分割增强了政府的资源配置权力，地方国企异地子公司的建立更加被限制。本文的研究拓展和丰富了政府之手的相关研究，其结论有助于理解我国企业子公司分布的动机及效果。 In this paper, we have studied the effect of the market segmentation(MS) on the distribution of the nonlocal subsidiaries and its results, and judged which kind of governmental hand(the neutral government, the support hand, and the robbing hand) has played the dominant role. By our study, we have discovered that the MS has made the local state-owned enterprises have fewer subsidiaries located in different areas than those of private enterprises, which is still robust in the samples of the parent firms, subsidiaries and the newly-increased subsidiaries. After we have further analyzed the effect of the company distribution of subsidiaries, we have discovered that the MS has decreased the value of the local state-owned enterprises, and increased the overinvestment of the local state-owned enterprises, that these effects have been weakened with the increase of the distribution of the nonlocal subsidiaries of the local state-owned enterprises, and that, however,this doesn 't exists in private enterprises. These conclusions indicate that the MS is mainly playing the role of the' grab-bing hand 'of the government, although the local state-owned enterprises can, to some extent, escape from this kind of' grabbing hand ', and that, however, because the MS has increased the government 's right of the resources allocation,the establishment of the nonlocal subsidiaries of the local state-owned enterprise is more confined. The results made by this article have expanded and enriched the related studies on the hand of the government, and its conclusion is helpful to the understanding of the motive of and the effect of the distribution of the subsidiaries of China 's enterprises.

关 键 词： 市场分割 中性政府 支持之手 掠夺之手 异地子公司分布

分 类 号： [F275]

领　　域： []