外资持股、期望落差与企业国际化进程

摘要/Abstract

摘要： 企业国际化扩张在经济全球化的时代背景下已是一个屡见不鲜的现象，但外资持股是否以及将在企业国际化进程决策中扮演着何种角色，目前文献知之甚少。鉴于此，本文基于2007—2016年中国上市公司，实证检验了外资持股对企业国际化进程决策的影响，以及业绩期望落差与分析预测落差在其间的调节作用。研究结果表明：第一，外资持股对国际化速度、不规律国际化节奏均具有显著正向影响，但外资持股对国际化范围无显著影响。第二，随着业绩期望落差的扩大，外资持股对国际化速度、不规律国际化节奏的正向影响将增强。第三，随着分析预测落差的扩大，外资持股对国际化速度、不规律国际化节奏的正向影响将削弱。

关键词: 外资持股, 业绩期望落差, 分析预测落差, 国际化进程

Abstract: Under the background of economic globalization, international expansion of enterprises has become a common phenomenon, but existing literature discusses little about whether and foreign shareholding will play a role in the decision-making of the enterprise internationalization process. In view of this, using empirical data of Chinese listed companies from 2007 to 2016, this paper focuses on exploring the logical relationship between foreign shareholding and the decision-making of the enterprise internationalization process, as well as the moderating effect of negative performance gaps and negative forecast gaps between them. The research comes to the following coclusions. First, foreign shareholding has a significant positive effect on both internationalization pace and the irregular internationalization rhythm, but does not have a significant effect on internationalization scope. Second, with the expansion of negative performance gaps (gap), the positive effect of foreign shareholding on internationalization pace and the irregular internationalization rhythm will strengthen. Third, as negative forecast gaps extend, the positive effect of foreign shareholding on internationalization pace and the irregular internationalization rhythm will weaken.

Key words: foreign shareholding, negative performance gaps, negative forecast gaps, internationalization process

钟熙, 宋铁波, 陈伟宏, 翁艺敏. 外资持股、期望落差与企业国际化进程[J]. 管理评论, 2021, 33(8): 245-255,313.

Zhong Xi, Song Tiebo, Chen Weihong, Weng Yimin. Foreign Shareholding, Negative Gaps and Enterprise Internationalization Process[J]. Management Review, 2021, 33(8): 245-255,313.

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