CAJ | 학술논문

协同效应最大化作为企业集团持续发展的源动力与价值目标,是防范母子公司“孤岛现象”和战略短视的长效机制.本文结合理论分析与实证调研,构建母子公司协同效应的三维结构分析框架：以两层级内部结构为基点,采用社会网络理论将母子公司协同效应的生成路径还原为交易型和非交易型,根据协同收益分配模式将子公司层面协同细分为自主式和指令式,并通过样本数据实证检验其价值相关性.结果显示,子公司个体协同由于非交易型协同的显著作用能够有效提升其业绩质量,但交易型协同却在一定程度上损害了子公司价值;母子公司整体协同亦能够有效提升企业集团整体价值,其中交易规模和协同稳定性是关键驱动因素;由此可明确母子公司协同效应内部差异化的价值作用机理.
협동효응최대화작위기업집단지속발전적원동력여개치목표,시방범모자공사“고도현상”화전략단시적장효궤제.본문결합이론분석여실증조연,구건모자공사협동효응적삼유결구분석광가：이량층급내부결구위기점,채용사회망락이론장모자공사협동효응적생성로경환원위교역형화비교역형,근거협동수익분배모식장자공사층면협동세분위자주식화지령식,병통과양본수거실증검험기개치상관성.결과현시,자공사개체협동유우비교역형협동적현저작용능구유효제승기업적질량,단교역형협동각재일정정도상손해료자공사개치;모자공사정체협동역능구유효제승기업집단정체개치,기중교역규모화협동은정성시관건구동인소;유차가명학모자공사협동효응내부차이화적개치작용궤리.
How to cultivate and develop the coordinated ability is one of the important subjects in the field of enterprise group finan- cial management, So more and more theory scholars and practical experts pay a lot of attention to this subject research and creating the maximal synergy has also becoming the driving power and the value goal of business groups, which can effectively avoid some irrational practices such as ＂information islands＂ and nearsighted strategy. But the existing research is not intensive enough to help the enterprise groups develop and realize the synergy effect. So based on the basic theoretical analysis and investigation results, we build the three-dimensional structure analyzing framework of syn- ergy between the parent and subsidiary corporation. The synergy is divided into transactional synergy and non-transactional synergy adopting the social network theory. And then the subsidiary level＇s synergy is also divided into autonomous and instructing types based on cooperative income distribution pattern. Finally we collect some first-hand data including 18 groups and their 151 subsidiaries. Then we test the correlation between the different dimensional synergy and related matching value, and thus reach the following conclu- sions： On the one hand, the individual synergy of the subsidiary can improve its performance effectively and the non-transactional syn- ergy increases the organization vale significantly, but at the same time, the transactional synergy has damaged the value of the sub- sidiary in some degree. And on the other hand, the holistic synergy between the parent and subsidiary corporations can also promote the value of the enterprise group as a whole, and what needs to be stressed is that the transaction scale and synergy stability are more important driving factors than other variables. Through the system- atically theoretical analysis and this effectively cross-testing, we can get the internal mechanism how the synergy affects the group value and we also hope that our research can help the enterprise groups better understand the synergy.