外资持股对企业国际化程度的影响——客户集中度的中介作用  

Research on the Influence of Foreign Ownership on the Degree of Internationalization of Enterprises——The Mediating Role of Customer Concentration

作　　者：柯明 戴翔 Ke Ming;Dai Xiang(School of Accounting,Shandong University of Finance and Economics,Jinan 250014,China;School of Economics,Nanjing Audit University,Nanjing 211815,China)

机构地区：[1]山东财经大学会计学院,济南250014 [2]南京审计大学经济学院,南京211815

出　　处：《工业技术经济》2023年第5期143-151,共9页Journal of Industrial Technological Economics

基　　金：山东省社会科学规划项目“稳外资助力山东民营企业脱困增效的机理及提升对策研究”(项目编号:20CCXJ09)。

摘　　要：党的二十大报告提出要“增强国内大循环内生动力和可靠性,提升国际循环质量和水平”。从企业微观层面看,依托外资参股提升企业国际化程度,是实现国际国内双循环相互促进的有效途径和典型表现。本文基于2007~2021年中国A股上市公司数据,从客户集中度视角,实证检验了外资持股对企业国际化程度的影响及其作用机理。研究发现,外资持股显著促进了企业国际化程度的提升,这一结论在经过两阶段最小二乘回归(2SLS)、倾向得分匹配(PSM)等一系列稳健性检验后仍然成立。中介效应的Bootstrap检验表明,外资持股提高了企业客户集中度,进而促进了国际化程度的提升;在此过程中,客户集中度发挥了约22.04%的中介效应。本文不仅从外资持股角度揭示了企业畅通海外供应链的影响因素,而且对于如何依托外资持股提升企业国际竞争优势,也提供了有益的政策启示。The report of the 20 th National Congress of the Communist Party of China proposed to“enhance the endogenous power and reliability of the domestic cycle and improve the quality and level of the international cycle”.From the micro level of enterprises,relying on foreign equity participation to enhance the degree of internationalization of enterprises is an effective way and typical performance to achieve international and domestic dual cycle.Based on the data of Chinese A-share listed companies from 2007 to 2021,this paper empirically tests the impact of foreign ownership on the internationalization degree of enterprises and its mechanism from the perspective of customer concentration.It is found that foreign ownership significantly promotes the internationalization degree of enterprises,and this conclusion still holds after a series of robustness tests,such as two-stage least squares regression(2SLS)and propensity score matching(PSM).The Bootstrap test of the mediating effect shows that foreign ownership improves the customer concentration,and then promotes the internationalization degree of enterprises.In this process,customer concentration played a mediating effect of about 22.04%.Further analysis also finds that foreign ownership of non-strategic emerging industry enterprises,coastal enterprises and private enterprises plays a greater role in promoting the degree of internationalization.The research of this paper provides useful policy implications for making better use of foreign shareholding to facilitate the smooth flow of overseas supply chain and enhance the new advantages of enterprises in international competition.

关 键 词：外资持股 国际化程度 客户集中度 新发展格局 双循环 竞争新优势 

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