双循环格局下的外资股权引入对家族企业国际化的影响

The Introduction of Foreign Shareholders and the Internationalization of Family Firms Under the Dual-Cycle Pattern

基于资源和能力视角,以2010~2018年中国上市家族企业为样本,探究中国上市家族企业引入境外投资者对其企业国际化的内在影响机制。研究发现:境外投资者的存在和多元化可显著提升中国家族企业国际化经营的绩效,并提升家族企业海外收入;外资股占比与家族企业国际化存在显著的倒U形关系,企业创新在其中发挥中介传导作用。进一步研究表明,企业融资约束在外资股对家族企业国际化的影响中具有调节作用;家族企业国际化对企业发展具有差异化影响,并受到外资股的正向调节作用。

Based on the perspective of resources and capabilities,this study takes China’s listed family firms from 2010 to 2018 as samples to explore the internal impact mechanism of Chinese listed family firms’introduction of foreign investors on their internationalization.The empirical results show that:the existence and diversification of foreign investors can significantly improve the performance of Chinese family firms’international operation and increase the overseas income of family firms;there is a significant inverted U-shaped relationship between the proportion of foreign shares and the internationalization of family firms;corporate innovation plays a mediating role in it.Further research shows that corporate financing constraints have a moderating effect on the impact of foreign shares on the internationalization of family firms;the internationalization of family firms has a differentiated impact on enterprise development,and is positively moderated by foreign shares.