Research On Parent-Subsidiary Corporate Governance Of Enterprise Groups Based On Subsidiary Initiative

As the important support of our country's national economy, enterprise groups, the perfect degree of its corporation governance structure directly connects with enterprise reform taken establishing the modern enterprise system as the goal. Along with the development of economy and the unceasing expansion of enterprise scale, the hierarchical structure of Parent-Subsidiary corporation gradually became the important form which the enterprise groups organizing and managing, but its essence is one kind of Principle-agent relationship, this kind of governance relation surmounted the boundary of single enterprise governance and realized the breakthrough from 'single enterprise governance evaluation' to 'Parent-Subsidiary corporation'. Simultaneously faced the increasing complex and dynamic external environment, the strategic role of subsidiary corporations had taken significant transformation and already transformed from the traditional 'multimarket entrant' and resources receiver of parent corporation to technical innovator, undertaker of important tasks and positive participant of strategy implementation.From the point of subsidiary initiative, this dissertation studied the Parent-subsidiary corporate governance of enterprise groups. On the basis of synthesis analyses of Parent-subsidiary corporate governance structure of enterprise groups, this dissertation emphatically studied the following four problems. Firstly, influence factors of subsidiary initiative. Secondly, Parent-subsidiary corporate governance of enterprise groups based on subsidiary initiative. Thirdly, took the demonstration researches of subsidiary initiative and Parent-subsidiary corporate governance of enterprise groups. Fourthly, this dissertation established the evaluation index system of Parent-subsidiary corporate governance performance of enterprise groups. Lastly, put forward some optimized strategies how to perfect the Parent-subsidiary corporate governance of enterprise groups.This dissertation summarized the relevant theories about enterprise groups, corporate governance and so on. Firstly it introduced the research background, significance and the present domestic and foreign research situation about enterprise groups, corporate governance and corporate governance evaluation system. Secondly discussed the subsidiary strategic role dynamic evolvement of enterprise groups and subsidiary initiative, then analyzed the theory basis, path and reason of subsidiary strategic role dynamic evolvement and meaning, root and influence factors of subsidiary initiative. Thirdly proposed the governance structure of Parent-subsidiary corporate governance of enterprise groups based on subsidiary initiative and used some investigative questionnaire in the special scientific research fund of college doctor subject (number:20040217003) and discussed data on the spot as the sample to do the demonstration analyses on the effect factors of subsidiary initiative and parent corporation and subsidiaries of enterprise groups by descriptive analysis and path analysis. Its results indicated:â‘ In the influence factor aspect of subsidiary initiative, procedure justice, centralization degree, managerial experience and horizontal degree, network centrality, entrepreneurship, local response degree, local partnership, relationship with local government mainly influence subsidiary initiative, but stockholder's right proportion, integration degree and the degree of be substituted actually are not related with subsidiary initiative.â‘¡There are positive relative between subsidiary initiative and Parent-subsidiary corporate governance performance of enterprise groups. Through subsidiary initiative, procedure justice, centralization degree, managerial experience and horizontal degree, network centrality, entrepreneurship, local response degree, local partnership, relationship with local government are relative with Parent-subsidiary corporate governance performance of enterprise groups. Then this dissertation proposed the conception structure of Parent-subsidiary corporate of enterprise groups based on subsidiary initiative. There are basic goal, basic principle, main characteristics, main content, element system, evaluation procedure and method. According as the theories of Fuzzy theory and BSC, establish the governance evaluation system of Parent-subsidiary corporate of enterprise groups based on subsidiary initiative from four aspects as integrate Parent-subsidiary corporate, parent corporation, subsidiary and environment. The entire index system includes 55 third class evaluation indexes, 16 second class evaluation indexes and 4 first class evaluation indexes. Simultaneously also proposed the governance performance evaluation model of Parent-subsidiary corporation of enterprise groups, we can make scientific and reasonable evaluation of Parent-subsidiary corporate governance evaluation of enterprise groups. Finally put forward some optimized strategies promoting Parent-subsidiary corporate governance of enterprise groups to achieve better governance performance from four aspects as strengthening dynamic governance of subsidiary, advancing the degree of subsidiary initiative, cultivating corporation culture of Parent Corporation, establishing efficient TMT.The innovations of this dissertation are to study Parent-subsidiary corporate governance of enterprise groups based on subsidiary initiative and establish the relative index system to evaluate the governance performance; but as a result of some limits of time, energy and ability and so on, this dissertation had not been able to do thorough research about some questions like the region influence which subsidiary lie in, the demonstration sample quantity was small and so on. This thesis will be studied deeply in the later research.