学术论文

      促进抑或阻碍?董事会资本对企业国际化战略的影响研究

      Promoting or Obstruction:Research on the Influence of Board Capital on Enterprise's Internationalization Strategy

      摘要:
      结合中国企业特殊股东的所有权性质背景,基于资源依赖理论,着重探讨了董事会人力资本(董事会国际经验、董事会财务背景)与董事会社会资本(董事会连锁董事、董事会政治关联)对企业国际化战略的影响,以及企业所有权性质对上述关系的调节作用.以2008—2016年中国A股制造业上市公司为研究样本,结果表明:董事会国际经验与企业国际化战略正相关;董事会财务背景与企业国际化战略负相关;董事会连锁董事与企业国际化战略正相关;董事会政治关联与企业国际化战略负相关.进一步区分企业所有权性质后发现:相较于非国有企业,在国有企业中董事会国际经验、董事会财务背景以及董事会政治关联对企业国际化战略的影响效果将减弱.但与理论假设相反,研究发现相较于非国有企业,在国有企业中董事会连锁董事对企业国际化战略的影响效果将增强.
      Abstract:
      According to the nature of ownership of special shareholders in Chinese enterprises, based on the re-source dependence theory, this paper focuses on the impact of board human capital (directors' international expe-rience, director' financial background) and board social capital (interlocking director, directors' political connection) on enterprise internationalization strategy as well as the adjusting role of corporate ownership property. We test our hypotheses on a sample of listed Chinese manufacturing companies in 2008-2016, the results show that direc-tors' international experience and interlocking director are positively and significantly related to firm internationaliza-tion strategy. Directors' financial background and political connection are negatively and significantly related to firm internationalization strategy. After further distinguishing corporate ownership property, we found that:com-pared to non-state-owned enterprises, the impact of directors' international experience, directors' financial back-ground, and directors' political connection on enterprise internationalization strategy will be weakened in state-owned enterprises. But contrary to the theoretical hypothesis, this paper found that, compared to non-state-owned enterprises, the impact of interlocking director on enterprise internationalization strategy will be strengthened in state-owned enterprises.
      Author: ZHONG Xi SONG Tiebo CHEN Weihong TANG Yuanyou
      作者单位: 华南理工大学 工商管理学院,广州,510640
      刊 名: 科学学与科学技术管理 ISTICPKUCSSCI
      年,卷(期): 2018, 39(3)
      分类号: F273.1
      在线出版日期: 2018年5月7日
      基金项目: 国家社会科学基金重点项目,教育部重大攻关项目,华南理工大学中央高校基本科研业务费社会科学类项目