企业资源、控股股东性质与国际化程度.docVIP

企业资源、控股股东性质与国际化程度 ——来自中国制造业上市公司的证据 复旦大学管理学院 宋渊洋 摘要：现存的研究集中于探讨国际化程度对企业绩效的影响，而对国际化程度的影响因素研究较少。基于资源基础理论和代理理论，本文探讨了企业资源、控股股东性质对国际化程度的影响。实证研究表明，企业资源对国际化程度具有重要影响，知识资源比物质资源对国际化程度的影响更持久。具体而言，财务资源对国际化程度具有显著的正面影响，营销资源对国际化程度具有显著的负面影响，组织冗余与国际化程度呈U形关系。最后，基于转型时期的特定制度背景，本文提出并证实了控股股东性质对于企业资源与国际化程度的关系具有调节作用的假说非国有控股股东更偏好国际化战略，。 关键词：企业资源；国际化程度；控股股东性质；资源基础理论；代理理论 Firm Resources, Types of Controlling Shareholders and Internationalization ——Evidence from Chinese Manufacturing Listed Companies Yuanyang SONG （School of Management, Fudan University, Shanghai 200433） Abstract: Current studies focus on the consequences of internationalization. Based on the resource-based view and the agency theory, this article analyzes the impacts of firm resources on internationalization, and further analyzes the moderating effects of ownership property. Empirical study indicates that firm resources have an important impact on internationalization, and knowledge-based resources generate longer-lasting influences on internationalization than property-based resources. Specifically, financial resources have a significant positive impact on internationalization while the effect of marketing resources is negative and significant; a U-shaped relationship exists between organizational slack and internationalization. At last, based on China’s transitional economy, we propose and confirm that ownership property moderates the relationship between financial resources and internationalization. The effects of firm resources on internationalization are stronger in non-state-holding enterprises than in state-holding enterprises. Key words: firm resources, internationalization, ownership property, resource-based view, agency theory 一、引言 在全球经济一体化的情况下，越来越多的企业开始实施“走出去”的国际化战略，企业的国际化问题在理论界日益得到重视(Delgado-Gómez et al., 2004; Hitt et al., 2006; 王国顺胡莎, 2006; 薛有志，周杰, 2007; Berry and Sakakibara, 2008)。现存的文献集中地探讨了企业采用国际化战略的后果，即国际化程度对企业绩效的影响(Hitt et al., 1997; Lu and Beamish, 2001; 王国顺胡莎, 2006; 薛有志周杰, 2007)，对国际化程度的影响因素研究不多。而企业界更为关注的是