治理结构如何影响海外市场进入模式决策——基于中国上市公司对欧盟主要发达国家对外直接投资的数据

How Does Corporate Governance Structure Affect Foreign Market Entry Mode Decisions?Evidence from Chinese Listed Companies' OFDI into Main EU Developed Countries

文章基于中国上市公司对欧盟主要发达国家对外直接投资的数据,从所有权结构、董事会结构和管理层激励三方面研究了治理结构对企业海外市场进入模式决策的影响机制。结果表明:国有股比例较高、监事会规模较大的企业更有可能选择绿地投资;高管报酬总额比例较高的企业更有可能选择并购;独立董事比例较高的企业更有可能选择合资。此外,机构投资者持股比例较高、董事长与总经理两职合一的企业更倾向于并购或合资;高管持股比例较高的企业更倾向于绿地投资或合资;而股权集中度、董事会规模对海外市场进入模式选择没有显著影响。文章对于如何通过完善公司治理机制推动中国企业"走出去"提供了重要的经验证据。

By using the data of Chinese listed companies' outward FDI(OFDI)into main EU developed countries,this paper examines the impact of corporate governance structure on foreign market entry mode decisions in three aspects,namely ownership structure,board structure and management incentives.It arrives at the empirical results as follows:firstly,companies with high proportion of state-owned equity and large board of supervisors are more likely to pursue greenfield investment;secondly,companies with high executive compensation are more likely to pursue mergers and acquisitions(M&As);thirdly,companies with high proportion of independent directors are more likely to pursue joint venture.In addition,institutional ownership and CEO duality are positively associated with the preference for M&As or joint venture;executive ownership is positively associated with the preference for greenfield investment or joint venture,while ownership concentration and board size have no significant effects on foreign market entry mode decisions.It provides important evidence for the advancement of the going-out of Chinese firms through the perfection of corporate governance.