Study On The Effect Of "Business Group Lineage" On The Operational Performance Of Listed Enterprises And Its Mechanism

With the deepening of reform and opening-up,constant development of market economy and continuously improving vatality of capital market,many private enterprises have entered the capital market forming the listed business group which linked by stock equity and managed by the same actual controller.On the one hand,the formation of "business group" is of great significance for improving the strength of China's private economy.On the other hand,the recent "Dunan" business group and other explosive events have triggered our rethinking of the advantages and disadvantages of the “business group” model.Studies have shown that “business group lineage” will reduce the business performance of enterprises,but its internal influence mechanism is unknown.In the context of the new economic normal,the in-depth exploration of its internal mechanism based on existing research is of great value for solving the development problems of business group and promoting the high-quality development of China's private enterprises.In terms of theory,this paper first systematically sorts out relevant literatures on the study of “business group” enterprises,including elaborating on the characteristics,formation reasons and economic results of “business group”,and on this basis,extending the research topic on the influence of group membership on the business performance of enterprises and the internal mechanism.Secondly,based on principal-agent theory,internal capital market theory and innovation theory,this paper proposes the research hypothesis.Finally,it analyzes the mediating effect of agency cost,financial expense and r&d investment on enterprise performance.In terms of empirical research,this paper takes A-share private listed enterprises from 2003 to 2017 as research samples,"business group lineage" enterprises as the research object and ROA as the operating performance of enterprises measurement,the listed enterprise is in the same actual control or not as basis,and divided the research samples into two categories: "business group" enterprises and "business group" enterprises.This paper establishes a model and uses relevant measurement methods to empirically test and analyze the impact of business performance and its mechanism on the "business group lineage" and listed enterprises member.The theoretical and empirical results of this paper show that:(1)the performance of "business group lineage" enterprises is significantly lower than that of “non-business group lineage” enterprises,and the "business group lineage" membership reduces the performance of enterprises.(2)the agency cost and financial cost of the "business group lineage" enterprise are significantly higher than that of the non-family enterprise,while the r&d investment is significantly lower than that of the “non-business group” enterprise.The membership of "business group lineage " enterprise improves the agency cost and financial cost of the enterprise while reduces the r&d investment of the enterprise.(3)agency cost and financial cost play a part of intermediary role in the impact of "business group lineage" on business performance;research and development investment did not pass the intermediary effect test and did not play an intermediary role.The innovation of this paper lies in the following aspects: first,based on relevant research in the field of "business group" enterprises,different from previous literatures that focus on the economic results generated by "business group lineage" and ignore the research design of internal influence mechanism,this paper concludes the difference of the impact of "business group member" identity on the performance and its internal mechanism of enterprises based on the theoretical analysis and the empirical analysis results,which enriches the relevant research in the field of pedigree enterprises.Second,this paper takes the enterprise equity link as the starting point to deeply explore the influence of enterprise organizational structure can have on enterprise performance,and comprehensively considers the intermediary role of agency cost,financial cost and r&d investment in the influence process,expanding the scope of research on enterprise operating performance.Thirdly,through the study of agency cost,financial cost and mediating effect of r&d investment,the scope of application of principal-agent theory,internal capital market theory and innovation theory is broadened.