随着中国家族企业国际化进程的加速,其在国际市场进入模式上的决策逻辑逐渐成为研究焦点。然而,既有研究普遍将家族企业视为同质化群体,忽略了家族涉入差异导致不同的战略偏好。基于社会情感财富(SEW)理论,本文区分家族管理型与家族所有型企业,探讨家族涉入在国际市场进入模式上的差异,并考察母公司绩效期望落差与股权制衡的调节作用。以2013—2021年中国主板上市家族企业及其境外子公司为样本的实证结果显示:高家族涉入的家族管理型企业因SEW维护动机更强,更倾向于选择全资进入;低家族涉入的家族所有型企业的全资偏好相对较弱。绩效期望落差加剧了母公司对SEW损失的敏感性,从而削弱高家族涉入企业的全资倾向;而股权制衡对家族涉入与全资设立境外子公司之间关系的影响并不显著。本文不仅突破了家族企业的同质性假设,也揭示了母子公司SEW异质性在国际市场进入模式决策中的关键作用,拓展了SEW理论在国际商务研究中的应用边界。
家族涉入与国际市场进入模式选择——基于社会情感财富视角的研究
摘要
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引用本文
王晓婷, 凌梦娟, 吴波. 家族涉入与国际市场进入模式选择——基于社会情感财富视角的研究[J]. 外国经济与管理, 2026, 48(3): 47-64.
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