海外背景董事对企业国际化程度的影响研究——来自中国上市公司的证据

A Study on the Impact of the Board of Directors' Foreign Backgrounds on the Degree of Companies' Internalization

董事会是否有国际化经营的知识和经验直接影响着企业的国际化战略决策和绩效,而具有海外背景的董事直接影响着董事会的国际化经验和知识。本文利用中国A股上市公司2005~2014年的面板数据,实证考察了董事会成员的海外背景对企业国际化程度的影响。结果表明,相对于董事会中没有海外背景董事的企业而言,董事会中有海外背景董事的企业其国际化程度更高,而且有海外背景的董事数量对企业的国际化程度有显著的正向影响,具体来讲,董事会中有海外工作经历的董事对企业国际化程度有显著的正向影响,表明有海外工作经历的董事是影响企业国际化程度的重要因素;而董事会中有海外教育背景的董事对企业国际化程度的影响不显著,这和中国企业处在国际化经营的初级阶段且国际化经营经验比较缺乏有关。

Whether the board hasthe knowledge and experience of international operationhas direct influence on the enterprise＇s international strategic decision and performance, and the director with overseas background directly influences the internationalization experience and knowledge of the board. Based on the panel data of A-share marketcompanies in China from 2005 to 2014, this paper examines the influence of director with overseas background on the internationalizationdegree of the enterprise. The results show that directors with overseas backgrounds are more internationalized than directors without overseas backgrounds,and the number of directors with overseas backgrounds has a significant positive effect on the degree of internationalization. In particular, the directors with overseas work experience have a significant positive impact on theinternationalization degree of the company, indicating that directors with overseas work experience are important factors influencing the degree of internationalization. However directors with overseas educational backgrounds don＇t have significant influence on the degree of internationalization, the reasonis that most Chinese enterprises are in the initial internationalization stage of operation and lack of international experience.