“天生国际化”企业:股权结构、国际创业与绩效的关系研究  

"Born Global":An Empirical Study on Relationship between Ownership Structure,International Entrepreneurship and Performance

作　　者：王玉荣[1] 李军[1] 杨震宁[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《科学学与科学技术管理》2010年第8期143-149,共7页Science of Science and Management of S.& T.

基　　金：对外经济贸易大学"211工程"三期重点学科建设项目"经济全球化背景下我国制造业自主创新能力与动态竞争优势的互动研究"(73300015)的部分研究成果

摘　　要：基于2007年中国工业统计数据,应用回归模型对中国工业企业的股权结构与其国际创业的强度和绩效(ROA)之间的关系进行了实证研究。研究发现:企业的股权结构对企业国际创业战略选择及其绩效具有显著的影响,国有控股企业国际创业的强度最弱,与其绩效无负相关关系;法人控股企业和私人控股企业的国际创业强度要高于国有控股企业,在部分行业中与其绩效呈正相关;法人控股企业的国际创业强度和企业绩效没有显著地高于私人控股企业;企业的负债率水平与国际创业的绩效负相关,结论表明了债权人在公司治理中的作用。从国际创业的视角提出了改进中国创业企业国际化战略的政策性建议。Based on the relevant data of Chinese industrial enterprises in 2007,we apply a series of OLS regression methods conducting an empirical analysis about the effect of ownership structure in Chinese international entrepreneurship enterprises on strategy choice and performance that measured by the export density and return on asset（ROA） and the growth rate respectively.The regression results show that the ownership structure has a significant impact on strategic choice and international business performance;stateowned holding companies are of the weakest strength on international venturing,with no significantly negative correlation between ownership structure and performance;corporate holding companies and private-holding companies both have more international entrepreneurship than state-owned holdings in same industries,with a significantly positive correlation between international entrepreneurship and performance;the international business level and performance of corporate holding companies is not significantly higher than that of private-holdings;creditors participate in corporate governance in several industries and have negatively impact on ROA in many industries.According to the above conclusions,this paper put forward some policy suggestions on how to improve upon Chinese start-ups international strategy from the perspective of international entrepreneurship.

关 键 词：股权结构 国际创业 行业差异 

分 类 号：F276.7[经济管理—企业管理]