CEO创始人身份、终极控股股东两权分离与企业国际化——基于控制权配置理论的研究

CEO’s Founder Identity,the Separation of Two Rights of the Ultimate Controlling Shareholder and the Internationalization of the Enterprise——Research Based on Control Allocation Theory

随着"一带一路"倡议的深入实施,越来越多的中国企业选择在全球范围内配置资源、寻求增长机会,通过实施国际化战略实现持续增长。CEO作为对企业战略选择和执行有重大影响的职业经理人,其个人特质及职业特征决定了其对待国际化战略的态度,而创始人作为对企业有着高度归属感和认同感的管理者,对企业国际化也有着自己的考量。然而,有关"创始人+CEO"这一在中国企业中大量存在的联合身份特征,究竟能否影响以及如何影响企业国际化的研究却较为鲜见。因此基于控制权配置理论,从公司内部治理角度以"创始人+CEO"的联合身份特征出发构建企业国际化战略决策过程模型,引入终极控股股东两权分离度作为中介变量来解释CEO创始人身份对企业国际化的具体影响路径,并剖析CEO掌控力对这一因果关系链的调节作用机理。实证结果显示:(1)CEO创始人身份对企业国际化具有显著的正向影响;(2)终极控股股东的两权分离度越高,越不利于企业国际化;(3)CEO的创始人身份通过抑制终极控股股东两权分离度影响了企业国际化;(4)CEO掌控力强化了CEO创始人身份对终极控股股东两权分离度的抑制作用;(5)CEO掌控力强化了CEO创始人身份通过抑制终极控股股东两权分离度影响企业国际化的中介机制。研究一方面为控制权配置理论在企业国际化领域的应用提供了新的证据,拓展了企业国际化驱动影响因素的研究维度;另一方面丰富了CEO创始人身份的经济后果研究。研究对于微观层面企业国际化战略的发生机制、公司控制权的合理配置、公司股权结构的优化以及宏观层面"一带一路"倡议的有效实施均具有积极的借鉴和启示。

With the in-depth implementation of the“Belt and Road”initiative,more and more Chinese companies choose to allocate resources on a global scale,seek growth opportunities,and achieve sustained growth through the implementation of an international strategy.As a professional manager who has a significant influence on the choice and implementation of corporate strategy,the CEO’s personal and professional characteristics determine his attitude towards internationalization strategies.The founder,as a manager who has a high sense of belonging and identification with the company,also has his own consideration of the internationalization of the company.However,there is relatively little research on whether and how the“founder+CEO”,a joint identity feature that exists in a large number of Chinese companies,affects the internationalization of companies.Therefore,based on the theory of control rights allocation,we build a corporate internationalization strategic decision-making process model from the perspective of corporate internal governance with the characteristics of the“founder+CEO”joint identity,and introduce the separation of the two rights of the ultimate controlling shareholder as an intermediary variable to explain the specific influence path of the CEO’s founder identity on corporate internationalization,and analyze the regulation mechanism of CEO control on this chain of causality.The empirical results show that:(1)CEO’s founder identity has a significant positive impact on the internationalization of a company;(2)The higher the degree of the separation of the two rights of the ultimate controlling shareholder,the less conducive to the internationalization of the company;(3)CEO’s founder identity affects the internationalization of the company by suppressing the degree of the separation of the two rights of the ultimate controlling shareholder;(4)CEO control strengthens the inhibitory effect of CEO founder identity on the separation of the two rights of the ultimate controlling shareholder;(5)CEO’s control strengthens the intermediary mechanism that the CEO’s founder identity affects the internationalization of the company by restraining the degree of separation of the two rights of the ultimate controlling shareholder.On the one hand,the research provides new evidence for the application of control rights allocation theory in the field of corporate internationalization,and expands the research dimension of factors driving corporate internationalization;on the other hand,it enriches the research on the economic consequences of CEO founder identity.The research has positive reference and enlightenment for the generation mechanism of the micro-level corporate internationalization strategy,the reasonable allocation of corporate control rights,the optimization of the company’s equity structure,and the effective implementation of the“Belt and Road”initiative at the macro level.