股东资源、CEO权力与企业国际化战略——基于上市公司OFDI的经验证据

Shareholders' Resources, Power of CEOs and Internationalization Strategy of Enterprises: A Study Based on the Empirical Evidence from Listed Companies' OFDI

异质的股东资源可能在公司治理中扮演了不同角色,而内部权力配置对股东资源与企业战略的耦合具有重要影响。以企业的对外直接投资活动作为国际化战略的测度,通过整合"资源基础理论"与"代理理论",本文研究了股东资源以及CEO权力对企业国际化战略的影响。实证研究发现:国有股东相比于民营股东在企业国际化战略上趋于保守,国内机构投资者和外资股东对企业实施国际化战略发挥了积极作用。CEO权力能够对上述关系产生如下调节效应:一方面,CEO权力的增强可能降低了机构投资者对企业国际化战略的正面影响;另一方面,强权CEO的存在也可能有助于提升国有股东的国际化意愿,并进一步强化外资股东对企业国际化战略的积极态度。

It is widely known that shareholders owning varied resources play different roles in corporate governance, while internal power configuration exerts a great impact on the coupling between shareholders＇ resources and corporate strategy. This paper, choosing outward foreign direct investment as a measure of corporate internationalization strategy and combining the ＂resource-based theory＂ with the ＂agency theory＂, conducts a research into the effect of shareholders＇ resources and power of CEOs upon corporate internationalization strategy.An empirical study shows that, compared with private shareholders, state-owned shareholders tend to be more conservative in their approach towards corporate internationalization, which, meanwhile, is enormously enhanced by domestic institutional investors and foreign shareholders. Furthermore, CEOs＇ power exerts a moderating effect on the relationship mentioned above： on the one hand, the enhancing of CEOs＇ power may reduce the positive impact of institutional investors on corporate internationalization; on the other hand, enhanced power of CEOs may also encourage state-owned shareholders to consider internationalization and further create a positive attitude in foreign shareholders towards internationalization strategies.