企业跨境上市、战略风险治理与竞争优势  

Firm Cross-border Listings,Strategic Risk Governance and Competitive Advantages

作　　者：袁德利[1] 陈小林[1] Yuan Deli;Chen Xiaolin(School of Accounting, Jiujiang University, Jiujiang 33200)

机构地区：[1]九江学院会计学院,九江332005

出　　处：《管理评论》2018年第6期184-195,共12页Management Review

基　　金：教育部人文社科研究项目(14YJA630029);江西省自然科学基金青年项目(20171BAA2018011)

摘　　要：中国资本市场欠发达和融资难问题导致许多中国企业选择赴美上市。本文通过构建更有效的战略风险治理的定量评价指数,以更严格的样本匹配方法获得2007-2014年间中国在美上市企业及配对样本企业的1640个观测值,同时采用Heckman两步法和系统广义矩(GMM)方法控制潜在的内生性问题,利用非平衡面板数据模型研究发现,作为企业战略管理和公司治理核心构件之一的战略风险治理,一方面受到跨境上市决策的影响,另一方面也是企业竞争优势的重要源泉,战略风险治理构成跨境上市影响企业竞争优势的重要路径。在此基础上提出了一些政策建议。Given the relatively underdeveloped capital market and financing difficulties in China,more and more Chinese enterprises choose to list in U.S. market. By constructing a quantitative index that can more effectively evaluate strategic risk governance,and by using a more strict sample matching approach to get 1640 observations of matched sample and Chinese companies listed in the U.S. between 2007 and 2014,and using Heckman two-step method and system GMM method to control potential endogenous problems,this paper constructs some non-balanced panel data models to test the mechanism from cross-border listing to competitive advantages. The results show that,as one of the core components of corporate governance and strategic management,strategic risk governance is influenced by cross-border listings,but on the other hand,it is also an important source of enterprise competitive advantages. Actually strategic risk governance has become a road or transmission mechanism from cross-border listing to competitive advantages. On this basis,some corresponding policy recommendations are put forward.

关 键 词：跨境上市 竞争优势 IPO效应 配对样本 

分 类 号：F271[经济管理—企业管理] F272.3[经济管理—国民经济] F279.2F832.51