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題名:組織同形與制度內捲:中國國企改革與股市發展的動態邏輯
作者:王信賢 引用關係
作者(外文):Hsin-hsien Wang
校院名稱:國立政治大學
系所名稱:東亞研究所
指導教授:劉雅靈
學位類別:博士
出版日期:2002
主題關鍵詞:企業集團股票市場路徑依賴尋資組織焊接組織同形制度內捲嵌套business groupstock marketpath dependencycapital-seekingorganizational weldingorganizational isomorphisminstitutional involutionnestedness
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本研究具兩大主軸:一為中國「國有企業」,另一為「股票市場」,而其在理論上的意義正是組織轉型與制度變遷的動態邏輯。中國的漸進改革(gradualism)進行了二十餘年,作為制度轉型最具體而微的視角--國有企業,亦歷經擴大企業自主權、實行兩權分離到建立現代企業制度等三個改革階段,而就組織的角度而言,「抓大放小」則為建立現代企業制度重要的環節,也成為目前國有經濟改革的主要方針。就本文的研究顯示,「集團化」的目的不僅是為面對國內外市場的競爭,其還是具有顧及意識形態(維持「公有制」的表象)以及政治社會(監督與就業)功能的考量,因此,關於國有企業集團化動力來源,「市場環境」與「技術環境」所推動的,而是與整體「制度環境」(institutional environment)有莫大的關係,即是在不確定性高的環境下,為爭取稀有資源,解決企業「資金飢渴」,而透過行政力量強制進行「合併」的結果,也就是本文一再強調的「組織焊接」(organizational welding),且顯然透過組織焊接的方式「巧取豪奪」,對國有企業與其中的行為者而言,遠比經由市場來得更快、更具優勢。
九0年以後,股票市場成為繼國家財政與銀行貸款之後成為對國企「資金輸血」的主力,就此而言,如何籌集資金替企業抒困則成為地方政府與企業的共識,而隨著中國證券市場規模的擴大,「上市」則成為解決企業資金困境最立即且有效的方法,如此便誘發政府與企業彼此「通力合作」,包括財務報表的「包裝」、擴大企業規模等讓企業能順利上市集資,而此種模式的成功引發各地群起仿效而造成一種「學習效應」風潮,使企業集團迅速湧現,而為降低籌組企業集團的組織轉換成本,其組織結構多由原本的「直線職能型」(U型)轉變為「母子公司」制(H型),另外,由於制度遺產的制約,「持大股者」依然是國家,也使得企業集團的治理結構(corporate governance)產生百分之百「內部人控制」以及董事長、總經理與黨委(主導監事會)角色「三合一」的「同形化」(isomorphism)現象。
因此,中國大陸國有企業集團化的主因不在於增加企業競爭力,而是在中央政策的指導下,「資本市場」所產生的誘因以及地方政府「機會主義」(opportunism)所致,換言之,企業集團成立的動機是「尋資」(capital-seeking),其組織轉型的動力為行政力的「焊接」,而所造成的效應則是「組織同形」。針對此,本研究以「江蘇吳江絲綢集團有限公司」及其子公司「吳江絲綢股份有限公司」與「雲南冶金集團總公司」及其子公司「雲南鋁業股份有限公司」為個案,說明國有企業集團的「組織焊接」與「組織同形」現象,其中所謂的「現代企業制度」只具表象而無實際內涵,且反而因匆促將舢舨焊接成航空母艦而使企業治理結構、集團的運作與資源分配以及資金的運用等皆面臨諸多問題與困境。
而「組織同形」的結果便是國有企業的大量上市,一方面使得股市總股本中有65.76%的國有股,其所衍生的「國有股減持」問題則成為一把懸劍或不定時炸彈,無時不威脅著中國股市;另一方面,由於國有股的「非流通性」而形成各種「不規範行為」的制度溫床,其中,地方政府和集團母公司的將上市公司視為「融資工具」的投機行為,使得原本即不完善的資本市場制度進一步的扭曲,換言之,社會主義實踐的「路徑依賴」(path dependency)以及行動者「策略選擇」(strategic choices)的結果,使得中國股票市場呈現出「沒有發展的增長」現象,此即是本研究所強調的「制度內捲化」(institutional involution)。
就此看來,國有企業集團與股票市場發展間的內在邏輯關係更具意義,一方面,「組織焊接」是為爭取中央優惠政策以便能「上市集資」,而一旦上市成功,集團其他「未上市」的部分則為「資產重組」提供了「自由運作」的空間,而此種集體組織行為(策略同形)則使原本已結構不健全的股票市場,更進一步朝向「內捲」的方向發展。
國企改革問題原本是「鑲嵌」在各自所處的地方制度結構中,然而,當國企改革一旦與股票市場產生聯繫,由於股市制度設計的行政性格以及其中參與者的機會主義,使得國企改革困境演變成各種社會經濟問題環環相扣的「嵌套」現象。換言之,國企改革的問題由原本相對靜態的「鑲嵌」(embeddedness)演變成動態且複雜的「嵌套」(nestedness)。
Business groups have received increasing attention from social scientists interested in interorganizational relations and their impact on firms. The Chinese government began in the 1990s to encourage SOEs to form business groups with structural characteristics to enhance financial performance and competition. Interorganizational theory suggests that the groups are formed by comparative advantages of markets. But the Chinese business groups are different from the western capitalist ones, however. Many are organized around prior administrative bureaus and are combined but not integrated completely. There are puzzles and dilemmas in the inner management of the groups-or “organizational welding”.
In addition, much more attention needs to be focused on the remnants of the command economy if we are to understand the path-dependent aspects of China’s transitions to market economy. The position of a firm’s governing organization within the administrative hierarchy of the planned economy is a crucial variable for a wide spectrum of practices that firms are adopting over the course of the economic transition. The hierarchy itself is far from disappearing in market transition. The institution-building are constrained by the legacies and habitus of the old.
There are multiple determinants of organizational form and strategic decision of the enterprises in China, but they are not reducible to purely economic variables, such as the pressures of technical environments or patterns of competition. Therefore, one much depart from technically oriented approaches by turning our attention to institutional environment, the socially constructed normative worlds where organizations exist.
The Chinese state-owned business groups are formed by the following forces: the predomination of policies, the incentives of stock market, the opportunism of local government, and the imitation between enterprises. The environmental pressures shape organizations. Moreover, organizations in the same environment will become structurally similar-that is there exist the phenomenen“ isomorphism”. This article describes four isomorphic mechanism― competitive, coercive, mimetic, and normative― leading to this outcome and demonstrate that they are not necessary simply for competition and efficiency, but for political power and institutional legitimacy, for social as well as economic fitness. It’s institutional involution that organizational isomorphism effects.
The case of “ Wujiang Silk Group Company” and “ Yunnan Metallurgical Group General Company” offer us opportunities to explore the organizational isomorphism and institutional involution nature of the transforming economy in China.
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(二)期刊論文:
丁忠明、孫敬水,2000,「債轉股風險分析及防範政策設計」,改革,第五期:65-72。
上海證券交易所,2001,「規模擴大問題尚存──我國股票發行制度的政策效應分析」,上市公司,5月:4-28。
丁棟虹,2000,「論產權與政權關係的制度重構及其在中國的實踐」,戰略與管理,第三期:52-57。
王信賢,1999,「經濟全球化與中國大陸國家角色分析」,東亞季刊,第三十卷第四期:17-34。new window
王信賢,2000,「中國國企改革的組織焊接--『吳江絲綢股份有限公司』籌組之分析」,中國大陸研究,第十二期:37-61new window
王信賢,2000,「當代西方『中國研究』之新制度典範分析」,中國大陸研究,第八期:23-45。
王紅領、李稻葵、雷鼎鳴,2001,「政府為什麼會放棄國有企業的產權」,經濟研究,第8期:61-70。
王恕立、晏文勝、萬君,2000,「證券市場的完善與國有企業的改革」,改革,第六期:45-54。
王峮,2001,「雙重博奕中的激勵與行為――對雙軌時期國有企業經理激勵不足的一種新解釋」,經濟研究,第8期:71-78。
王鳳彬,2000,「集團公司產權管理中的幾種組織模式比較」,改革,第五期:73-78。
丘海雄、許揚先、趙巍,1997,「國有企業組織結構轉型的過程、原因及結果」,社會學研究,第2期:83-92。
包智明,1996,「比較社會學的歷史與現狀」,社會學研究,第5期:45-53。
北京思源兼併與破產諮詢事務所,1994,「中國企業兼併面面觀」,改革,第2期:89-96。
田素華,2001,「國有股權出售的國際比較」,經濟理論與經濟管理,第1期:51-56。
田寶良,2000,「中國證券市場如何為國企戰略性改組服務」,改革,第2期:95-100。
任慶和、王化成,2001,「我國上市公司重組的問題與對策」,經濟理論與經濟管理,第8期:40-44。
企業集團發展規模經濟及結構調整課題組,2001,「企業集團發展規模經濟的現狀、問題與對策」,改革,第2期:39-43。
朱武祥、郭志江,2000,「股票市場對國有股配售過程中信息披露的反應及國有股上市流通策略──中國嘉陵和黔輪胎國有股配售實例分析」,管理世界,第5期,180-186。
朱衛平,2001,「國有股減持與我國上市公司治理結構的完善」,暨南學報(哲學社會科學),第1期:71-77。
何浚,1998,「上市公司治理結構的實證分析」,經濟研究,第5期:50-57。
吳介民,1998,「中國鄉村快速工業化的制度動力:地方產權體制與非正式私有化」,台灣政治學刊,第三期:3-63。new window
吳世農、盧賢義,2001,「我國上市公司財務困境的預測模型研究」,經濟研究,第6期:46-55。
吳玉山,1999,「回顧中國大陸產權改革」,香港社會科學學報,夏季號:175-199。new window
吳安,2001,「上市公司結構存在的問題及其優化」,經濟理論與經濟管理,第5期:28-32。
吳江市工業經濟聯合會、吳江絲綢協會,1999,「抓住入世機遇,積極迎接挑戰,發展壯大吳江絲綢支柱產業」,吳江市人民政府提供之參考資料(十二月二十二日)。
吳敬璉,1994,「什麼是企業制度」,改革,第1期:17-34。
吳曉求,2001,「國有股減持修正案的設計原則、定價機制和資金運作模式研究」,金融研究,第2期:8-20。
李平、陳萍,2000,「遼寧國企改革的路徑分析──初始結構、競爭強度和政府干預」,戰略與管理,第五期:95-104。
李平、陳萍,2001,「企業集團的形成、組織和績效──遼寧60戶大型國有工業企業集團案例分析」,戰略與管理,第一期:95-104。
李培林、張翼,1999,「國有企業社會成本分析──對中國10大城市508家企業的調查」,中國社會科學,第五期:41-56。
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李劍銘,1999,「公司化改造以來我國企業治理結構的實證分析」,改革,第四期:34-41。
李劍銘,1999,「論企業治理結構的『中國模式』」,改革,第六期:12-19。
李麟,1999,「國企改革:一個假說中的兩個悖論──兼論上市公司改革的癥結與對策」,改革,第六期:27-33。
李驥、李麟,2000,「中國企業跨國投資的前提──治理結構改造」,改革,第二期:49-55。
杜贊奇,1994,「現代化的陷阱──1900-1942年中國國家政權的擴張對華北鄉村社會的影響」,戰略與管理,第四期:38-51。
周天勇,2000,「債轉股的流程機理與運行風險」,經濟研究,第一期:22-29。
周其仁,2000,「公有制企業的性質」,經濟研究,第十一期:3-12。
周叔蓮,1998,「二十年來中國國有企業改革的回顧與展望」,中國社會科學,第六期:44-58。
周放生,1995,「論非市場方式構造母子公司產權關係的途徑──談對授權持股(授權經營)的認識」,改革,第四期:69-75。
周業安,2001年,「關於當前中國新制度經濟學研究的反思」,經濟研究,第7期:19-27。
邱澤奇,1998,「在政府與廠商之間──鄉鎮政府的經濟活動分析」,東亞季刊,29(1):30-56。new window
邱澤奇,1999,「在工廠化和網絡化的背後──組織理論的發展與困境」,社會學研究,第四期:1-25。
邱澤奇,1999,「鄉鎮企業改制與地方權威主義的終結」,社會學研究,第四期:82-92。
金碚,1998,「中國大型企業的戰略管理與集團控制」,經濟管理,第十二期:6-10。
姜紹華,1999,「現階段我國企業集團發展的若干誤區」,經濟學動態,第二期:31-33。
姚項軍,2000,「從所有者與經營者效用差異的整合看國有企業法人治理結構的完善」,改革,第二期:44-48。
夏杰長,2000,「國有企業隱性失業顯性化──制度創新與時序選擇」,改革,第二期:56-60。
孫永祥、黃祖輝,1999,「上市公司的股權結構與績效」,經濟研究,第12期:23-30。
孫立平,1996,「『關係』、社會關係與社會結構」,社會學研究,第5期:20-30。
秦曉,2000,「公司治理結構的模式選擇和制度安排」,戰略與管理,第五期:92-100。
馬越,1998,「東歐私有化對中國國企改革的啟示」,香港社會科學學報,冬季號:139-159。
國有股減持課題組,2001,「國有股減持與上市公司治理結構改革」,改革,第4期:38-46。
國家計委宏觀經濟研究院企業集團課題組,1999,「我國企業集團體制模式研究」,改革,第一期:24-37。
張小軍,1998,「理解中國鄉村內捲化的機制」,二十一世紀,第2期:150-159。new window
張文魁,2000,「我國上市公司重組的特點與問題」,中國工業經濟,第12期:70-73。
張文魁,2001,「我國上市公司與控股母公司之間的自我交易和利益轉移」,改革,第二期:44-49。
張弘遠,2001,「中國大陸嫁接式市場化改革――地方政府角色與企業行為」,中國大陸研究,第一期:51-90。new window
張宗新、房延安,2000,「股權結構優化與上市治理改進」,改革,第六期:35-43。
張彥、吳言,2000,「我國證券市場長期規範發展的思考與建議」,華東經濟管理,第四期:62-64。
張維迎,2000,「產權安排與企業內部的權力鬥爭」,經濟研究,第六期:41-50。
張靜,1996,「『合作主義』理論的中心問題」,社會學研究,第5期:39-44。
陳小悅、蕭星、過曉豔,2000,「配股權與上市公司利潤操作」,經濟研究,第1期:30-36。
陳昆玉,2001,「企業競爭優勢探源――產業組織理論與企業能力理論的比較」,社會科學輯刊,第3期:66-69。
陳信元、張田余,1999,「資產重組的市場反應――1997年滬市資產重組實證分析」,經濟研究,第9期:47-55。
陳彩虹,2000,「『債轉股』與國有企業戰略性重組」,戰略與管理,第二期:51-57。
華偉,2000,「單位制向社區制的回歸──中國城市基層管理體制五十年變遷」,戰略與管理,第一期:78-85。
馮根福、吳林江,2001,「我國上市公司併購績效的實證研究」,經濟研究,第1期:54-61。
黃佩華,1994,「中國經濟的漸進式改革之路是否走到了盡頭?」,改革,第1期:71-78。
楊俊一,2001,「企業制度變遷與社會結構轉型」,社會學,第五期:67-74。
楊善華、趙力濤,1996,「中國農村社會轉型中社區秩序的重建:制度背景下的『農戶―社區』互動結構考察」,社會學研究,第5期:62-73。
楊開雲,1998,「中共十五大之後的制度改革與社會變遷――一個『新制度論』的觀察分析」,收錄於十五大後中國大陸的情勢,台北:政治大學國際關係研究中心,頁209-246。
路風,2000,「國有企業轉變的三個命題」,中國社會科學,第五期:4-27。
鄔幗俊、田志龍、王愛武,2000,「國企與私企資金環境的比較――比較兩者的融資與稅收環境及其對企業經營的影響」,改革,第二期:61-64。
熊躍根,2001,「經濟轉型國家中的『第三部門』發展:對中國現實的解釋」,社會學,第五期:52-61。
趙康、陳加豐,2001,「制度理論:多樣性、對話和未來的挑戰――制度理論國際最新研究動態介紹」,經濟研究,第7期:28-34。
劉世錦,1999,「國有企業治理結構中經營者『定位』問題分析」,改革,第五期:14-17。
劉志勇,1999,「可轉換債券:國企籌資新渠道」,中國投資與建設,第1期:12-16。
劉美平,2000,「論國有企業與股票市場之間的整合」,改革,第四期41-49。
劉國亮、王加勝,2000,「上市公司股權結構、激勵制度及績效的實證研究」,經濟理論與管理,第5期:40-45。
劉雅靈,2000,「強制完成的經濟私有化:蘇南吳江經濟興衰的制度基礎」,發表於國立政治大學政治經濟學研究論文發表會,5月。
劉德寰,1995,「當前中國企業組織的傳統特徵」,社會學研究,1995年第5期:49-55。
劉震宇,1999,「走向統一集中的我國中小企業政策」,改革,第六期:20-25。
潘美玲、張維安,2001,「彈性生產與協力網絡」,台灣社會學刊,25:201-242。
蔡禾,1996,「論國有企業的權威問題――兼論對Andrew G. Walder的討論」,社會學研究,第6期:17-24。
蔡慧玉,1994,「國家內捲化(State-Involution)論爭:再論政府與社會的理論架構」,收錄於認同與國家:近代中西歷史的比較,台北:中研院近代史研究所:155-183。
戴賢遠,2000,「國際合資企業在中國的再興與發展研究」,改革,第一期:28-32。
繆仁炳,2000,「比較公司治理,演化趨勢及其意義」,改革,第一期:23-27。
韓朝華,1999,中國企業集團的行為與制度(下),改革,第四期:42-53。
韓朝華,1999,中國企業集團的行為與制度(上),改革,第三期,87-93。
聶正安,1998,「我國大企業組織結構轉型的戰略定位」,社會科學輯刊,第6期:51-57。
魏峰,1999,「過剩,退出和公司控制權」,改革,第六期:5-11。
羅仲偉、鄭江淮,2000,「國有企業所有權控制結構的選擇與調整」,改革,第五期:47-52。
邊燕杰、約翰˙羅根,1996,「『單位制』與住房商品化」,社會學研究,第1期:83-95。
二、 英文部分:
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Aldrich, Howard E. 1999. Organizations Evolving. Thousand Oaks, California: Sage Publications.
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Bourdieu, Pierre. 1986. Distinction: A Social Critique of The Judgement of Taste. London : Routledge & Kegan Paul.
Brinton, Mary. and Victor Nee, eds. 1998. The New Institutionalism in Sociology. New York: Russell Sage Foundation.
Bull, Ivan, Howard Thomas, and Gary Willard, eds. Entrepreneurship: Perspectives On Theory Building. N.Y.: Pergamon.
Calhoun, Craig, Edward LiPuna, and Moishe Poston, eds. 1993. Bourdieu: Critical Perspectives. Cambridge, U.K. : Polity Press.
Carroll, Glenn, and Michael T. Hannan, eds. 1995. Organizations In Industry: Strategy, Structure, And Selection. New York: Oxford University Press.
Casson, Mark. 1990. Entrepreneurship. Brookfield, Vt.: E. Elgar Pub.
Chandler, Alfred. D. 1977. The Visible Hand: The Managerial Revolution in American Business. Cambridge, MA: Harvard University Press.
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Chen, Derong. 1995. Chinese Firms Between Hierarchy and Market. New York: St. Martin’s Press.
Child, John. 1994. Management in China During the Age of Reform. Cambridge, N.Y.: Cambridge University Press.
Clague, Christopher, ed. 1997. Institutions and Economic Development. Baltimore: Johns Hopkins University Press.
Clegg Stewart, Cynthia Hardy, and Walter R. Nord, eds. 1999. Managing Organizations: Current Issues. California: SAGE Publications Inc.
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Crawford, Crawford, ed. 1995. Markets, States, and Democracy: The Political Economy of Post-Communist Transformation. Boulder, Colo.: Westview Press.
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Duara, Prasenjit. 1988. Culture, Power, and The State: Rural North China, 1900-1942. Stanford, Calif.: Stanford University Press.
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Evans, Peter, ed. 1997. State-Society Synergy: Government and Social Capital in Development. Berkeley, California: University of California Berkeley, International and Area Studies.
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Eyal, Gil、Ivan Szelenyi, and Eleanor Townsley. 1998. Making Capitalism Without Capitalists: Class Formation and Elite Struggles in Post-Communist Central Europe. London: Verso.
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Haggerd, Stephan, and Roert R. Kaufman. 1995. The Political Economy of Democratic Transitions. Princeton, New Jersey: Princeton University Press.
Hall, Richard H. 1987. Organizations: Structures, Processes, and Outcomes. New Jersey: Prentice-Hall Inc.
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(二)期刊論文:
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