治理结构如何影响海外市场进入模式决策——基于中国上市公司对欧盟主要发达国家对外直接投资的数据
7764 
3126
财经研究 2015 年 第 41 卷第 03 期, 页码：88 - 99
摘要
参考文献
摘要
文章基于中国上市公司对欧盟主要发达国家对外直接投资的数据,从所有权结构、董事会结构和管理层激励三方面研究了治理结构对企业海外市场进入模式决策的影响机制。结果表明:国有股比例较高、监事会规模较大的企业更有可能选择绿地投资;高管报酬总额比例较高的企业更有可能选择并购;独立董事比例较高的企业更有可能选择合资。此外,机构投资者持股比例较高、董事长与总经理两职合一的企业更倾向于并购或合资;高管持股比例较高的企业更倾向于绿地投资或合资;而股权集中度、董事会规模对海外市场进入模式选择没有显著影响。文章对于如何通过完善公司治理机制推动中国企业"走出去"提供了重要的经验证据。
[1]李平,徐登峰.独资还是合资——我国企业跨国直接投资进入模式的影响因素研究[J].经济管理,2010,(5):57-63.
[2]李建伟.独立董事制度研究——从法学与管理学的双重角度[M].北京:中国人民大学出版社,2004.
[3]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGI NK的经验研究[J].南开管理评论,2008,(1):4-14.
[4]许绍双,田昆儒.机构投资者公司治理角色的识别:一个基于持股比例的博弈分析[J].南开管理评论,2009,(5):65-69.
[5]杨青,朱晓洋,Yurtoglu B B,等.公司复杂性,最优董事会及其独立性选择[J].金融研究,2012,(8):125-138.
[6]赵俊强,廖士光,李湛.中国上市公司股权分置改革中的利益分配研究[J].经济研究,2006,(11):112-122.
[7]左晶晶,唐跃军.高管过度激励、所有权性质与企业国际化战略[J].财经研究,2011,(6):79-89.
[8]Amighini A A,Rabellotti R,Sanfilippo M.Do Chinese state-owned and private enterprises differ in their internationalization strategies?[J].China Economic Review,2013,(27):312-325.
[9]Bhaumik S K,Driffield N,Pal S.Does ownership structure of emerging market firms affect their OFDI?The case of Indian automotive and pharmaceutical sectors[J].Journal of International Business Studies,2010,41:437-450.
[10]Brouthers K D,Hennart J F.Boundaries of the firm:Insights from international entry mode research[J].Journal of Management,2007,33(3):395-425.
[11]Carpenter M A,Pollock T G,Leary M M.Testing a model of reasoned risk-taking:Governance,the experience of principals and agents,and global strategy in high-technology IPO firms[J].Strategic Management Journal,2003,24(9):803-820.
[12]Datta D K,Musteen M,Herrmann P.Board characteristics,managerial incentives,and the choice between foreign acquisitions and international joint ventures[J].Journal of Management,2009,35(4):928-953.
[13]David P,Kochhar R,Levitas E.The effects of institutional investors on level and mix of CEO compensation[J].Academy of Management Journal,1998,41(2):200-208.
[14]Ellstrand A E,Tihanyi L,Johnson J L.Board structure and international political risk[J].The Academy of Management Journal,2002,45(4):769-777.
[15]Fernández Z,Nieto M J.Impact of ownership on the international involvement of SMEs[J].Journal of International Business Studies,2006,37(3):340-351.
[16]Filatotchev I,Strange R,Piesse J,et al.FDI by firms from newly industrialised economies in emerging markets:Corporate governance,entry mode and location[J].Journal of International Business Studies,2007,38(4):556-572.
[17]Gao G Y,Murray J Y,Kotabe M,et al.A“strategy tripod”perspective on export behaviors:Evidence from domestic and foreign firms based in an emerging economy[J].Journal of International Business Studies,2010,41(3):377-396.
[18]George G,Wiklund J,Zahra S A.Ownership and the internationalization of small firms[J].Journal of Management,2005,31(2):210-233.
[19]Ghosh A,Moon D,Tandon K.CEO ownership and discretionary investments[J].Journal of Business Finance&Accounting,2007,34(5-6):819-839.
[20]Guillén M F,García-Canal E.The American model of the multinational firm and the“new”multinationals from emerging economies[J].Academy of Management Perspectives,2009,23(2):23-35.
[21]Hausman J,McFadden D.Specification tests for the multinomial logit model[J].Econometrica,1984,52(5):1219-1240.
[22]Hofstede G.The cultural relativity of organizational practices and theories[J].Journal of International Business Studies,1983,14(2):75-89.
[23]Lai J H,Chen L Y,Chang S C.The board mechanism and entry mode choice[J].Journal of International Management,2012,18(4):379-392.
[24]Lien Y C,Piesse J,Strange R,et al.The role of corporate governance in FDI decisions:Evidence from Taiwan[J].International Business Review,2005,14(6):739-763.
[25]Liu X,Lu J,Chizema A.Top executive compensation,regional institutions and Chinese OFDI[J].Journal of World Business,2014,49(1):143-155.
[26]López-Duarte C,Vidal-Suárez M M.Cultural distance and the choice between wholly owned subsidiaries and joint ventures[J].Journal of Business Research,2013,66(11):2252-2261.
[27]Lu J Y,Liu X H,Wright M,et al.International experience and FDI location choices of Chinese firms:The moderating effects of home country government support and host country institutions[J].Journal of International Business Studies,2014,45(4):428-449.
[28]Musteen M,Datta D,Herrmann P.Ownership structure and CEO compensation:Implications for the choice of foreign market entry modes[J].Journal of International Business Studies,2009,40(2):321-338.
[29]Sanders W G,Carpenter M A.Internationalization and firm governance:The roles of CEO compensation,top team composition,and board structure[J].The Academy of Management Journal,1998,41(2):158-178.
[30]Song L,Yang J,Zhang Y.State-owned enterprises’outward investment and the structural reform in China[J].China&the World Economy,2011,19(4):38-53.
[31]Strange R,Filatotchev I,Buck T,et al.Corporate governance and international business[J].Management International Review,2009,49(4):395-407.
[32]Tao B,Jin Z M,Qi X G.Chinese firms’outward FDI entry mode choice:The role of ownership and network[J].Journal of Innovation Management,2013,1:108-124.
[33]Tihanyi L,Johnson R A,Hoskisson R E,et al.Institutional ownership differences and international diversification:The effects of boards of directors and technological opportunity[J].The Academy of Management Journal,2003,46(2):195-211.
1并购和合资的定义如下:企业对海外分支机构的持股比例在90%及以上为并购,90%以下为合资。
1这里并非指单一机构投资者对一家企业的持股比例增大,而出现“一家独大”的情况,而是指多个机构投资者同时介入一家企业。
1上市公司董事会成员中应当至少包括1/3的独立董事。
1这种情形的企业共有43家,涉及投资决策55条。
[2]李建伟.独立董事制度研究——从法学与管理学的双重角度[M].北京:中国人民大学出版社,2004.
[3]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGI NK的经验研究[J].南开管理评论,2008,(1):4-14.
[4]许绍双,田昆儒.机构投资者公司治理角色的识别:一个基于持股比例的博弈分析[J].南开管理评论,2009,(5):65-69.
[5]杨青,朱晓洋,Yurtoglu B B,等.公司复杂性,最优董事会及其独立性选择[J].金融研究,2012,(8):125-138.
[6]赵俊强,廖士光,李湛.中国上市公司股权分置改革中的利益分配研究[J].经济研究,2006,(11):112-122.
[7]左晶晶,唐跃军.高管过度激励、所有权性质与企业国际化战略[J].财经研究,2011,(6):79-89.
[8]Amighini A A,Rabellotti R,Sanfilippo M.Do Chinese state-owned and private enterprises differ in their internationalization strategies?[J].China Economic Review,2013,(27):312-325.
[9]Bhaumik S K,Driffield N,Pal S.Does ownership structure of emerging market firms affect their OFDI?The case of Indian automotive and pharmaceutical sectors[J].Journal of International Business Studies,2010,41:437-450.
[10]Brouthers K D,Hennart J F.Boundaries of the firm:Insights from international entry mode research[J].Journal of Management,2007,33(3):395-425.
[11]Carpenter M A,Pollock T G,Leary M M.Testing a model of reasoned risk-taking:Governance,the experience of principals and agents,and global strategy in high-technology IPO firms[J].Strategic Management Journal,2003,24(9):803-820.
[12]Datta D K,Musteen M,Herrmann P.Board characteristics,managerial incentives,and the choice between foreign acquisitions and international joint ventures[J].Journal of Management,2009,35(4):928-953.
[13]David P,Kochhar R,Levitas E.The effects of institutional investors on level and mix of CEO compensation[J].Academy of Management Journal,1998,41(2):200-208.
[14]Ellstrand A E,Tihanyi L,Johnson J L.Board structure and international political risk[J].The Academy of Management Journal,2002,45(4):769-777.
[15]Fernández Z,Nieto M J.Impact of ownership on the international involvement of SMEs[J].Journal of International Business Studies,2006,37(3):340-351.
[16]Filatotchev I,Strange R,Piesse J,et al.FDI by firms from newly industrialised economies in emerging markets:Corporate governance,entry mode and location[J].Journal of International Business Studies,2007,38(4):556-572.
[17]Gao G Y,Murray J Y,Kotabe M,et al.A“strategy tripod”perspective on export behaviors:Evidence from domestic and foreign firms based in an emerging economy[J].Journal of International Business Studies,2010,41(3):377-396.
[18]George G,Wiklund J,Zahra S A.Ownership and the internationalization of small firms[J].Journal of Management,2005,31(2):210-233.
[19]Ghosh A,Moon D,Tandon K.CEO ownership and discretionary investments[J].Journal of Business Finance&Accounting,2007,34(5-6):819-839.
[20]Guillén M F,García-Canal E.The American model of the multinational firm and the“new”multinationals from emerging economies[J].Academy of Management Perspectives,2009,23(2):23-35.
[21]Hausman J,McFadden D.Specification tests for the multinomial logit model[J].Econometrica,1984,52(5):1219-1240.
[22]Hofstede G.The cultural relativity of organizational practices and theories[J].Journal of International Business Studies,1983,14(2):75-89.
[23]Lai J H,Chen L Y,Chang S C.The board mechanism and entry mode choice[J].Journal of International Management,2012,18(4):379-392.
[24]Lien Y C,Piesse J,Strange R,et al.The role of corporate governance in FDI decisions:Evidence from Taiwan[J].International Business Review,2005,14(6):739-763.
[25]Liu X,Lu J,Chizema A.Top executive compensation,regional institutions and Chinese OFDI[J].Journal of World Business,2014,49(1):143-155.
[26]López-Duarte C,Vidal-Suárez M M.Cultural distance and the choice between wholly owned subsidiaries and joint ventures[J].Journal of Business Research,2013,66(11):2252-2261.
[27]Lu J Y,Liu X H,Wright M,et al.International experience and FDI location choices of Chinese firms:The moderating effects of home country government support and host country institutions[J].Journal of International Business Studies,2014,45(4):428-449.
[28]Musteen M,Datta D,Herrmann P.Ownership structure and CEO compensation:Implications for the choice of foreign market entry modes[J].Journal of International Business Studies,2009,40(2):321-338.
[29]Sanders W G,Carpenter M A.Internationalization and firm governance:The roles of CEO compensation,top team composition,and board structure[J].The Academy of Management Journal,1998,41(2):158-178.
[30]Song L,Yang J,Zhang Y.State-owned enterprises’outward investment and the structural reform in China[J].China&the World Economy,2011,19(4):38-53.
[31]Strange R,Filatotchev I,Buck T,et al.Corporate governance and international business[J].Management International Review,2009,49(4):395-407.
[32]Tao B,Jin Z M,Qi X G.Chinese firms’outward FDI entry mode choice:The role of ownership and network[J].Journal of Innovation Management,2013,1:108-124.
[33]Tihanyi L,Johnson R A,Hoskisson R E,et al.Institutional ownership differences and international diversification:The effects of boards of directors and technological opportunity[J].The Academy of Management Journal,2003,46(2):195-211.
1并购和合资的定义如下:企业对海外分支机构的持股比例在90%及以上为并购,90%以下为合资。
1这里并非指单一机构投资者对一家企业的持股比例增大,而出现“一家独大”的情况,而是指多个机构投资者同时介入一家企业。
1上市公司董事会成员中应当至少包括1/3的独立董事。
1这种情形的企业共有43家,涉及投资决策55条。
引用本文
吕萍, 郭晨曦. 治理结构如何影响海外市场进入模式决策——基于中国上市公司对欧盟主要发达国家对外直接投资的数据[J]. 财经研究, 2015, 41(3): 88–99.
导出参考文献，格式为：
