家族所有权涉入与企业国际化--基于企业规模与国资参股的视角  

Family Ownership and Firm Internationalization——A Study of Firm Size and State-owned Equity Participation

作　　者：徐炜[1] 李旭明 马树元 XU Wei;LI Xuming;MA Shuyuan(Capital University of Economics and Business,Beijing 100070;State Grid Power Space Technology Co.,Ltd,Beijing 102213)

机构地区：[1]首都经济贸易大学工商管理学院,北京100070 [2]国网电力空间技术有限公司,北京102213

出　　处：《首都经济贸易大学学报》2024年第5期96-112,共17页Journal of Capital University of Economics and Business

基　　金：首都经济贸易大学学术学位研究生科技创新项目“代际传承对家族企业绿色金融的影响”(2023KJCX017)。

摘　　要：家族所有权涉入对企业国际化的影响通常被认为是线性的。关于两者之间是否存在非线性关系,现有研究尚未得出一致结论。基于中国创业板和中小板上市家族企业2013-2019年的平衡面板数据,采用多元回归分析,并结合门槛模型,探讨家族所有权涉入的不同阈值水平对企业国际化的影响。分析结果表明,家族所有权涉入与企业国际化之间存在非线性关系,企业规模、国资参股具有双重门槛效应,在这两种情境特征下家族所有权涉入对企业国际化会产生不同程度的影响。进一步分析结果表明,在2020-2022年的样本中,家族所有权涉入对企业国际化的积极影响有所减弱,这说明外部风险与极端环境会对家族企业的国际化策略具有明显影响。此外,不同经济区域的家族企业,其所有权涉入对国际化的影响表现出明显的异质性。研究结论为家族企业更好地面向国际化经营提供了新的理论支撑与实践启示。The internationalization of private firms,particularly family firms,is crucial not only for their development but also for promoting the overall economic progress of a country.As a social organization embedded within firms,family is a unique attribute of family businesses.This uniqueness results in different behavioral patterns and strategic choices during internationalization.Studying the relationship between family ownership and internationalization is of great reference significance,which can help deepen understanding of and adaptability to the international market and optimize internationalization strategies.The study uses multiple regression analysis and a threshold effect model to explore the impact of family ownership on firm internationalization.The study uses balanced panel data of family firms listed on China s Growth Enterprise Market and Small and Medium-sized Enterprises from 2013 to 2019 to explore the threshold effects of different contextual characteristics of family firms.Additionally,a sample of 2020-2022 is treated as a balanced panel to examine the impact on the internationalization process during the COVID-19 pandemic.The study divides the sample by economic regions to examine the impact of family ownership on internationalization in different regions.This study finds that family ownership has a non-linear relationship with firm internationalization,while both firm size and state-owned equity participation have significant double-threshold effects.The empirical results indicate that family ownership has a impact on firm internationalization at different threshold levels of firm size and state-owned equity participation.At small firm sizes,an increase in family ownership may impede firm internationalization,while at larger sizes,it facilitates it to varying degrees.In firms with less or excessive state-owned equity participation,increased family ownership may impede firm internationalization.When dividing the sample into different economic regions,family ownership in the eastern region exhibit

关 键 词：家族所有权涉入 国际化 门槛效应 企业规模 国资参股 

分 类 号：F279.23[经济管理—企业管理]