后金融危机时期我国家族企业国际化经营绩效研究——基于控制权视角

A Research on International Operating Performance of Chinese Family Firms in Post Financial Crisis Era: Based on the Perspective of Control Rights

后金融危机时期,全球经济增长放缓,贸易萎缩,企业国际化经营风险骤增。以2011—2014年中国A股市场民营企业为样本,通过实证研究探讨国际化程度对家族企业绩效的影响,结果表明:这一时期国际化程度对家族企业绩效有负向影响;从控制权程度角度进一步分析表明,家族的控制权程度与企业国际化经营绩效呈显著负相关,控制权程度比例越高,越不利于国际化经营对企业绩效的提升。这与我国家族企业目前尚处于国际化的早期阶段,治理模式、产权结构和管理经验不足有关,同时也是后金融危机时期恶劣的国际市场环境因素叠加的结果。

In the post financial crisis era,the growth of global economy slowed down,trades shrinking,and the risk of international operation of enterprises increased.In this paper,we use the private enterprises in the A-share market during 2011—2014 as the research sample to discuss the impact of internationalization on operating performance of Chinese family firms through empirical research.The result shows that the degree of internationalization has a negative impact on the performance of family firms.Further analysis from the angle of the degree of control right shows that the degree of family control rights has a significant negative correlation with the international operating performance of Chinese family firms.The higher proportion of control rights rise,the more conducive to improve enterprise performance.It is due to that internationalized management of China’s family firms is still in early stage,management mode,ownership structure and management experience is insufficient.At the same time,it is also the result of superimposed factor of harsh environment in international market in post financial Crisis Era.This paper makes up for the lack of the research on international operating performance of Chinese family firms,expand the research field and vision which is about internationalization of firms and family firms.