管家还是代理人?——CEO角色与企业国际化战略  

Steward or agent:The role of CEO and the firm internationalization

作　　者：林润辉[1] 李飞[1] 薛坤坤[2] LIN Runhui;LI Fei;XUE Kunkun(Business School,Nankai University,Tianjin 300071,China;Business School,Zhengzhou University,Zhengzhou 450000,China)

机构地区：[1]南开大学商学院,天津300071 [2]郑州大学商学院,河南郑州450000

出　　处：《管理工程学报》2021年第3期44-55,共12页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71772096、71702128);国家自然科学基金青年项目(71302097)。

摘　　要：企业中CEO面对国际化战略时扮演什么角色?两职合一是好是坏?代理理论认为CEO作为代理人,两职合一会降低董事会的监督有效性对企业产生负面的影响,阻碍企业的国际化扩张;而管家理论则认为CEO是企业的管家,两职合一可以实现命令统一,对企业有益,能够促进企业国际化扩张。本文选用2008年至2017年具有国际化行为的838家中国制造业上市公司为研究样本进行回归分析。结果表明:两职合一对企业国际化程度的提升有正向作用,并受到股权性质的调节影响,即在民营企业中这一影响关系更显著。进一步的研究发现,在两职合一与分离时,CEO面对国际化战略的角色表现存在差异:在两职合一时表现出管家角色倾向;两职分离时CEO则更突出代理人角色倾向,薪酬和股权激励更有效地促进CEO推动企业国际化扩张。In the 21^(st )century,the trend of global expansion is rapid and extensive,more and more Chinese firms go globalization and operate in the foreign markets,and international expansion is becoming more and more important for Chinese firms′development.However,internationalization is a risky,complex and long-term strategy,which has been confirmed by many unsuccessful practices,so it should be treated seriously.According to upper echelons theory,organizational strategies are viewed as reflections of the values and cognitive bases of powerful actors(such as CEO)in the organization.In Chinese context,the power distance is very large,which means the influence of CEO on firms′strategies may be larger.Therefore,the role of CEO is a noteworthy issue and should be considered,which is the main point of this paper.In face of internationalization,what is the role of CEO in the firm?Is the duality good or bad?The agency theory argues that CEO is an agent,and duality will reduce the effectiveness of the supervision of the board of directors.Thus,it negatively affects the performance of the company and hinders the international expansion of firm.While from the perspective of Stewardship theory,it suggests that CEO plays a role of steward,duality can be good for firm performance due to the unity of command,and then can promote the firm′s international expansion.Based on these above,in this paper,we try to analyze the attitude of CEO on internationalization and further explore the role of CEO in the process of international expansion in these two following ways.Firstly,we combine two opposite theories to check the effect of duality on internationalization,and further explore the difference of this influence between state-owned enterprises and private-owned enterprises.Secondly,we proceed the analysis by comparing the difference of duality with separate situations.We carry out the analysis from two perspective:CEO incentive on internationalization,and the influence of CEO managerial discretion on CEO overseas experience′s co

关 键 词：两职合一 CEO角色 管家理论 代理理论 国际化 

分 类 号：F271[经济管理—企业管理]