外资持股与家族企业国际化  

Foreign Ownership and Internationalization of Family Business

作　　者：朱映寰 陈霞[2] 黄晓浩 甘信祯 ZHU Yinghuan;CHEN Xia;HUANG Xiaohao;GAN Xinzhen(School of Management,Minzu University of China,Beijing 100081;School of Accountancy,Beijing Wuzi University,Beijing 101149)

机构地区：[1]中央民族大学管理学院,北京100081 [2]北京物资学院会计学院,北京101149

出　　处：《管理现代化》2025年第1期108-119,共12页Modernization of Management

基　　金：北京市属高等学校优秀青年人才培育计划项目“混合所有制改革与北京市国有企业治理效率提升研究”(BPHR202203160)。

摘　　要：在构建新发展格局的背景下,越来越多家族企业开始积极布局国际市场。本文以2014—2023年沪深A股上市家族企业为研究样本,考察外资持股对家族企业国际化的影响及其内在机制。研究发现:(1)外资持股能够显著提高家族企业国际化程度。(2)机制分析表明,外资持股可以通过克服制度落差、缓解家族企业的资本约束和技术约束来促进家族企业对国际化战略的实施。(3)进一步探讨了不同企业竞争地位、家族企业治理模式和形成方式下,外资持股对家族企业国际化的异质性影响。其中,在具有高竞争地位以及去家族化的创业型家族企业中,外资持股对其国际化的正向溢出效应更强。Under the background of building a new development pattern,more and more family firms are actively exploring the international market.This paper takes Shanghai and Shenzhen A-share listed family firms from 2014 to 2023 as the research sample to examine the impact of foreign shareholding on the internationalization of family firms and its internal mechanism.The study finds that(1)foreign shareholding can significantly increase the degree of internationalization of family firms.(2)The mechanism analysis shows that foreign shareholding can facilitate the implementation of internationalization strategies by family firms by overcoming the institutional gap and alleviating the capital constraints and technological constraints of family firms.(3)The heterogeneous effects of foreign equity ownership on family firms'internationalization are further explored across firms with different competitive positions,family firm governance modes and formation styles.Among them,the positive spillover effect of foreign equity ownership on internationalization is stronger in entrepreneurial family firms with high competitive position as well as de-familiarization.

关 键 词：外资持股 家族企业 国际化 制度落差 资源约束 

分 类 号：F272.3[经济管理—企业管理]