组织下滑与国际化选择:产权与治理的调节效应研究

Organizational Decline and Internationalization:The Moderating Ownership and Governance

组织下滑是大多数企业面临的普遍问题,当企业处于下滑状态时,会不会选择变革、前瞻与冒险相结合的国际化行为?本文基于2008—2013年中国上市公司的数据,通过实证分析得出组织下滑是影响企业选择国际化战略的重要因素,同时,企业的产权性质与治理安排在其间产生了显著的调节作用。具体结论如下:(1)随着组织下滑程度提高,企业行为更具刚性,不倾向于选择国际化战略;(2)产权性质影响组织下滑状态下的国际化选择,如果企业为家族所控制,则这些企业在困境中更具变革和冒险精神,进而具有更大的动机进行国际化;(3)治理安排同样影响组织下滑状态下的国际化选择,随着下滑程度提高,如果控制性股东拥有的实际控制权越高,企业会更有动力选择国际化,如果CEO持股比例越高,企业选择国际化的可能性则会减小。本文对进一步理解组织下滑与国际化选择之间的关系,特别是实际控制权和CEO持股在其中的调节作用机制,以及家族企业行为具有一定的意义。

Firms are facing a new competition because of technological revolution and globalization, and the uti- lization of global telecommunication technology and shipment system makes the internationalization come into fact. The globalization of finns can achieve resources and offset their own shortage via scale economy by exploring inter- national market. But on the other hand, the complexity, risk and uncertainty of the international operation still ex- ists, as the new entrants to the international market, Chinese firms are lacking capability of verifying and controlling risks in the global market. Therefore, Chinese firms are facing severe challenges during their internationalization. As a strategy selection,internationalization means more opportunities and profits, more and more firms are trying to set up their competitive advantage through the change of internationalization even it is not easy for these firms to start their internationalization process. Organizational decline is a common problem to modem firms. The organizational decline in this paper focuses on organizational output which is below its target value. There are two main opposite opinions about organizational decline and innovation among scholars. Threat-igidity model explains organizational decline will restrain risks and reduce the organizational change and adaption. The prospect theory advocates organizational decline will help to innovate, holds the point that the managers will more likely select to take risk when they are facing unexpected perform- ance. Compared to other scholars focusing on the research and development, this paper alms at internationaliza- tion. Compared to research and development,it has more broad and deep character,like risk,complexity and innovation. Based on threat-rigidity model, prospect theory and agent theory, this paper focuses on organizational decline and internationalization, and the family control, control right and CEO equity holding will adjust the relationship be- tween organizational decline and internationalization. So this research will have a distinctive value to study the rela- tionship between organizational decline and internationalization under the ownership and governance arrange- ment. This paper draws the conclusion through empirical analysis based on the data of public firms during the year 2008 to 2013 in China that the decline is a key influencing factor for firms to select the strategy of internationaliza- tion, and the firm＇ s ownership and governance arrangement also have a visible adjective role to firms＇ international- ization. The main points are as below ： （ 1 ） with the increase of decline, the firms will not select the strategy of inter- nationalization. （2） The firm＇ s ownership will affect the selection of internationalization. If the firms are controlled by family, they will have the spirits of change and taking risk, and they will more likely to select the strategy of in- ternationalization ; （ 3 ） the firm＇ s governance arrangement will also affect the selection of internationalization. With the increase of decline, the firms will have more motivation to select the strategy of internationalization under the control of dominant shareholders with high control right ; but the firms will have less possibility to select the strategy of internationalization under the CEO with higher equity holding. This paper will be helpful to further understand the relationship of organizational decline and the selection internationalization, especially how family control, control rights and equity holding will affect it. And it also has a reference to companies＇ management means. The future study can combine exterior conditions with interior governing structure to analyze the relationship between organiza- tional decline and internationalization from different industries and different firms.