我国上市公司OFDI的决定因素:基于公司治理视角

Determinants of China's Listed Enterprises' OFDI:From a Corporate Governance Perspective

本文基于公司治理的视角,选取2005—2012年我国上市公司的非平衡面板数据,并首次引入境外法人投资者、合格境外机构投资者等变量,研究我国上市公司的股东结构对于企业OFDI的影响,并探讨公司高管权力对于上述股东对企业OFDI影响的修正作用。结果表明,合格境外机构投资者对于国有上市公司与非国有上市公司的OFDI均存在明显的积极影响;境外法人投资者对于非国有上市公司OFDI具有较为明显的促进作用,但对于国有上市公司OFDI却存在阻碍作用;高管权力的修正作用尚未得到确定结论,有待进一步研究。

From the corporate governance perspective, this paper attempts to find out the effect of shareholder ownership as well as its interactions with managerial power on China＇ s listed enterprises＇ OFDI. To study the effect, the paper applies the imbalanced panel data of China＇ s listed enterprises from 2005 to 2012 and adopts foreign legal in- vestors and QFII as variables for the first time. The results show that QFII exerts a positive influence on all publicly list- ed enterprises＇ OFDI. Foreign legal investors have a positive impact on promoting the OFDI of the private publicly list- ed enterprises, while they show a negative influence on the state-owned publicly listed enterprises＇ OFDI. The correction function of the senior managerial power hasn＇t been proved, yet to be further studied.