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论文编号：	10151
作者编号：	2120162676
上传时间：	2018/6/10 2:15:45
中文题目：	CEO过度自信对企业国际化程度的影响研究 ——来自中国制造业上市公司的经验证据
英文题目：	A Study on the Impact of the CEO Overconfidence on the Degree of Firm’s Internationalization：A Empirical Evidence from Chinese Listed Companies of Manufacturing Industry
指导老师：	林润辉
中文关键字：	CEO过度自信；国际化程度；CEO权力；海外经验；企业所有权
英文关键字：	CEO Overconfidence；The degree of internationalization；CEO power；overseas experience；Firm ownership
中文摘要：	随着经济全球化的发展，众多的国内企业开始走出国门，进行国际化经营。国际化使得企业能够在全球范围内获取资源、寻求更多的发展机遇，进而提升自身全球竞争优势，同时避免在母国市场面临的制度和市场约束。然而企业国际化发展受到诸多因素的影响，比如东道国制度距离、文化距离、贸易风险、市场竞争强度、企业内部治理结构等因素均在一定程度上影响企业的海外发展。现有关于国际化影响因素的相关研究，大多集中在研究董事会团体和高管团体、企业特征对企业国际化的影响，研究CEO个体特征的较少。而CEO作为企业决策的主体，决定着企业投资、融资以及国际化经营模式选择等重要环节，是影响企业国际化的重要因素。尤其是近年来关于心理特征的研究发现，大多数人都存在过度自信的心理认知偏差，这种现象在CEO中更为突出，那么在此背景下，研究CEO过度自信对企业国际化程度的影响是非常有必要的。 基于此，本文以中国制造业A股上市公司为研究对象，基于有限理性理论和高阶理论，在梳理相关文献的基础上，利用Excel 和SPSS软件进行线性回归，研究CEO过度自信对企业国际化程度的影响。并在此基础上，引入CEO权力，CEO海外经验作为调节变量，研究其在CEO过度自信对企业国际化程度的影响中的调节作用。最后，基于中国背景，本文考虑了国有企业和非国有企业中，CEO过度自信对企业国际化程度的影响是否存在差异。 最终得到如下结论：（1）CEO过度自信对企业国际化程度有显著正向影响；（2）相比权力较小的CEO，当CEO权力较大时，CEO过度自信对企业国际化程度的影响作用更大；（3）当CEO具有海外工作经历或者求学经历时，CEO过度自信对企业国际化程度的影响较弱；（4）相比较于国有企业，非国有企业的CEO过度自信对企业国际化程度的影响更强。
英文摘要：	With the development of economic globalization，more and more Chinese companies have begun to go abroad to conduct international operations. Internationalization allows companies to access resources globally and seek more opportunities for development，thereby to enhance their global competitive advantages while avoiding the institutional and market constraints that they face in the home country market. However，the internationalization of firm is influenced by many factors，such as the institutional distance in a host country，cultural distance，trade risk，market competition intensity，internal governance structure of the company and other factors affect the overseas development of the company to some extent. The existing research on the influencing factors of internationalization mostly focuses on the research on the influence of the board of directors，senior management team and the characteristics of the company on the internationalization of firm. The studies that have researched the influence of CEOs’ individual characteristics on firm internationalization is rare. As the subject of decision-making，CEO determines the important links such as investment，financing and international business model selection that are important factors affecting the internationalization of firm. In particular，studies on psychological characteristics in recent years have found that most people have the psychological perception bias of overconfidence. This phenomenon is more prominent in the CEO. In this situation，the study on the impact of CEO overconfidence on the degree of firm’s internationalization is very necessary. Based on this，this thesis takes the Chinese manufacturing listed companies as the research object，based on the theory of bounded rationality and upper echelons theory， and the relevant literature，using Excel and SPSS software to perform linear regression to study the impact of the CEO overconfidence on the degree of firm’s internationalization. Then，we introduce the concept of CEO power and CEO overseas experience as moderator variable，explor its moderating effect about the relationship between CEO overconfidence and the degree of internationalization of firm. Finally， based on the background of China，this thesis considers the relationship differences between the CEO overconfidence and the firm's internationalization under state-owned and non-state-owned enterprises. The following conclusions are drawn：（1） CEO overconfidence has a significant positive impact on the degree of firm’s internationalization；（2）Compared to a CEO with lower power，when CEO power are higher，the positive effect of CEO overconfidence on the degree of firm’s internationalization is stronger；（3）When the CEO has overseas work experience or education experience，CEO overconfidence has a weaker effect on the degree of firm’s internationalization；（4）Compared to the state-owned enterprises，the effect of the non-state-owned firm’s CEO overconfident on the degree of firm’s internationalization is stronger.
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