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论文编号：	11355
作者编号：	1120140786
上传时间：	2019/12/12 21:12:57
中文题目：	CEO角色与特征对企业国际化的影响研究——以中国制造业上市公司为例
英文题目：	The Research on the Influence of CEO’s Role and Characteristics on the Internationalization of Firm——Based on the Case of Chinese Manufacturing Listed Companies
指导老师：	林润辉
中文关键字：	CEO角色；人口统计特征；过度自信；两职合一；国际化水平
英文关键字：	CEO Role; Demographic Characteristics; Overconfidence; CEO Duality; Internationalization
中文摘要：	在经济全球化的今天，国际化成为了一个必然的趋势，国际化战略也逐渐成为了一项关乎企业长远发展的关键战略。回顾中国企业的国际化之路，在政府政策支持下，企业积极参与国际化经营并取得了不错的成绩，无论是对企业自身的成长，还是对影响力的提升方面，国际化都起到了非常大的促进作用。然而，中国企业的国际化发展并非是一帆风顺的，在取得显著成果的同时也遭受过大量的失败，付出了沉痛的代价。这说明国际化扩张是一项风险与收益并存的战略决策，那么哪些因素决定了企业进行国际化的扩张？如何更好地推动企业的国际化扩张？ 已有的研究从国际化战略决策的特征入手，认为影响企业国际化扩张的关键因素在于外在环境差异。企业进行跨国经营需要面临新的制度、文化等外在环境，需要克服由这些外在差异所带来的不确定性。国际化进程理论进一步指出企业国际化发展需要应对更多更复杂的信息，经验和知识的获取起着至关重要的作用。从信息处理与决策制定的视角看，企业的国际化扩张要求其制定相应的信息处理机制与治理结构来应对，这对企业的高层决策者提出了更高的要求。因此对于企业国际化战略来说，高层管理者同样是影响这一决策的重要因素。关于企业高层人员对国际化战略的影响研究，已往文献更多地以西方发达国家为研究样本，聚焦于企业高层管理团队层面，CEO个人层面较少。对比中西文化的差异可以看出，在中国情境下，权力距离较大，从企业CEO个人层面进行研究更符合现实中国情景。而且已有相关研究并不完善，仅仅考虑了外在人口统计特征的作用，忽略了CEO过度自信这一内在心理层面的特征的影响。此外，对于CEO影响企业国际化战略决策的影响研究结论并不一致，也鲜有考虑CEO个人的角色问题，然而角色问题却现实存在。综上考虑，本文选择CEO个人层面对企业国际化战略决策的影响作为研究主题，并从人口统计特征、过度自信心理以及角色表现三个方面分别着手，研究在中国情境下这一影响关系的结果，并结合中国情境下国有和民营企业的差异对比分析，最终形成一个较为完善的CEO影响企业国际化战略决策的分析框架。 本文以中国制造业上市公司为研究样本，运用规范到实证的研究方法进行系统分析。总体上分为七个章节，第一章从研究背景开始，从现实与理论两个方面进行说明，点出本文研究的意义以及存在的创新点，提出研究问题。之后根据研究问题，明确本文的研究内容，并梳理研究思路并构建研究框架。第二章介绍了相关基础理论，对已有研究文献进行了详细的回顾与评述，为本文后面的实证研究开展提供理论与文献支撑。 第三章至第六章是本文的实证部分。根据本文的研究问题并结合已有研究不足，从三个方面，分四个章节对本文的研究主题进行认证。首先，第三章研究了CEO人口统计特征对企业国际化战略的影响。研究发现，CEO年龄对企业国际化水平存在负向影响，学历和海外经验的影响为正。进一步根据中国情境特点考虑股权性质差异的影响发现，企业股权性质对以上三个影响关系存在负向调节作用，表现为民营企业中，CEO年龄、学历以及海外经验对企业国际化水平的影响更为显著，而国有企业中，年龄影响为负，学历为正，海外经验没有表现显著影响。这种差异也在一定程度上解释了以往研究中不一致结果。其次，第四章补充了CEO过度自信心理对企业国际化战略的影响研究。结果表明，CEO过度自信对于企业的国际化水平起到显著的正向促进作用，这一关系同样受到企业股权性质的影响，相对于国有企业，民营企业中这一影响关系更为显著。结合第三章外在特征的影响作用，考虑两方面特征之间可能存在的交互效应。结果发现，不具备海外经验的CEO更容易表现出过度自信倾向，此时过度自信对企业国际化的影响更大。海外经验抑制了CEO个人的过度自信倾向，使得其对国际化水平的影响下降。 第五章重点分析CEO在面对企业国际化战略决策时所表现的角色。实证结果表明，角色差异会影响CEO对企业国际化水平的影响，表现在两职合一时，CEO的角色更多表现为管家，有着更强的自我成就需求，物质激励并不能发挥良好的效果；两职分离时，CEO则更多表现出代理人的角色倾向，更看重与自身利益相关的物质激励，股权和薪酬激励手段更加有效。在两种角色差异情况下，CEO个人决策自由度的提升会导致其做出不同的决策。两职合一时，决策自由度的提升会正向促进CEO海外经验对企业国际化水平的正向影响，这符合管家角色的假定；两职分离时，决策自由度的提升反而抑制了海外经验对企业国际化水平的正向影响，更符合代理人的角色假定。 第六章是针对三、四、五章节的三个方面进行交互作用分析。实证发现，CEO角色与外在特征和过度自信之间存在交互作用，具体表现为，两职合一时，CEO年龄与学历对企业国际化水平的影响更大，海外经验则没有表现出显著差异。CEO激励对不同外在特征的CEO来说效果存在较大的差异，薪酬激励对于不具备海外经验的CEO更有效，股权激励效果对于更为年轻、学历更高的CEO更好。对于过度自信方面，两职合一时，CEO过度自信对企业国际化水平的影响更大，相较于薪酬激励，CEO股权激励对更能够提升个人的管家角色，因而对于过度自信对企业国际化扩张的影响存在正向促进作用，而薪酬激励没有表现出相同的调节作用。 第七章对本文的研究发现进行了总结，归纳了管理启示与创新，进一步指出了本文的研究不足与未来展望。 本文的研究主要创新点如下：第一，综合CEO外在人口统计特征、内在过度自信心理和角色表现三个方面因素，研究CEO对企业国际化战略决策的影响，并分析探讨三个方面的交互影响，最终形成一个较为完善综合分析框架模型，对于企业其他战略决策影响的分析也是一个借鉴。第二，将社会学的角色理论运用到管理决策分析，突出了角色在个人决策中的重要地位，而以往的研究中并未考虑角色问题。角色是个人决策的一个先决条件，个人的决策结果具有角色行为预期，因此不同的角色会促使个人做出不同的行为决策，而角色往往和个人所处的地位有关。本文的研究证实了这一点，印证了角色这一因素在个人行为认知决策微观层面的重要作用，表现在企业中，不同角色的CEO对其决策偏好的影响不同，这对于管理决策的研究开拓了一个新的分析视角。第三，对两职合一的好坏这一具有争议性话题进行了探索尝试。以往研究均注重两职合一与否的权力大小差异，依据不同的理论提出不同的观点。本文结合代理理论和管家理论，从CEO角色这一根源差异出发，发现了CEO角色表现在两职合一与分离时的表现差异，由于角色倾向不同因而决策偏好存在差异。这对未来进一步的研究提供了一个新的思路，或许对解开两职合一的内涵以及以往矛盾研究具有一定的帮助。第四，本文的研究是已有管理学理论在中国这一新兴经济体情境下的运用，对比西方情景下的研究可以更好地理解中西差异，明晰了相关理论的应用范围与界限。研究发现了中国情境会表现出自身的特点，这对中国企业国际化发展实践有着重要的指导意义。第五，补充了已有国际化领域研究中，CEO过度自信与角色差异相关研究的不足，同时对于过度自信这一内在心理特征有了更进一步的认识。
英文摘要：	Today, with the globalization of the economy, the international development of enterprises has become an inevitable trend, and the international strategy has gradually become a key strategy for the long-term development of enterprises. Looking back at the internationalization of Chinese firms, along with the support of government policies, enterprises have actively participated in international operation and achieved good results, which has greatly promoted the growth and influence of the company itself. However, the international development of Chinese firms is not a smooth one. It has suffered a lot of failure and paid a painful price while achieving remarkable results. It shows that internationalization is a strategy with risks and benefits. So which factors determine the decision-making of international strategy? How to better promote the international expansion of enterprises? Based on the characteristics of international strategy, the existing research believed that the key factors influencing the internationalization expansion of enterprises lies in the difference of external environment. Enterprises carrying out transnational operations need to face new systems, cultures and other external environments, so they need to overcome the uncertainty caused by these external differences. The international process theory points out that the development of internationalization of enterprises needs to deal with much more complex information, and the experience and knowledge plays a vital role. From the perspective of information processing and decision-making, the international expansion requires firms to formulate corresponding information processing mechanisms and governance structures to deal with, which puts higher demands on the top decision-makers of enterprises. Therefore, for the international strategy, the senior executives is also an important factor. The previous literatures mainly focus on the top management team in western developed countries, while the CEO’ effect is little considered yet, and mostly focus on the role of demographic characteristics. By comparing the differences between Chinese and Western cultures, it showed that the power distance is larger in the Chinese context, and the research from the individual level of the CEO is more in line with the reality. The relevant research is not complete, which ignoring the influence of the psychological level such as the CEO overconfidence. In addition, the research on the influence of CEO on the firm internationalization rarely considers the role of the CEO, but the role problem actually exists. In summary, we choose the effect of CEO on firm international strategy as the research topic, from the three aspects of external demographic characteristics, internal overconfidence psychology and role performance to study this influence in Chinese context. We also further explored the difference between state-owned and private-owned enterprises and finally formed a more complete analysis framework. In this dissertation, we choose the Chinese manufacturing listed companies as research samples and use normative and empirical research methods for systematic analysis. In general, it divided into seven chapters. In the first chapter, it begins with the research background from the two aspects of reality and theory, points out the significance of this study and the existing innovation, then propose the research topic. Then, based on the research content, we sort out the research ideas and constructs the research framework. The second chapter contains the relevant basic theories and literature reviews, which provides theoretical and literature support for the later empirical research in this paper. Chapter 3 to chapter 6 is the empirical parts of this dissertation. According to the existing research literatures, we carry out this study topic from three aspects in four chapters. Firstly, we study the influence of CEO's demographic characteristics on enterprise international strategy in chapter 3. We found that the age of CEO had a negative influence on the international level of firm, while the influence of education background and overseas experience were positive. Further consider the effects of equity property differences, we found that the nature of ownership has a negative moderating effect. It shows that the influence of CEO age, education and overseas experience is more significant in private enterprises. While in state-owned enterprises, the age effect is negative, the degree is positive, and overseas experience has not shown significant impact. This difference also explains to some extent the inconsistent results of previous studies. Secondly, chapter 4 studies the impact of CEO overconfidence on the company's internationalization. The results show that CEO overconfidence plays a significant positive role in promoting the internationalization of enterprises, and this relationship is influenced by the nature of firm equity. Compared with state-owned enterprises, this influence relationship is more significant in private enterprises. Combined with the results of Chapter 3, we explore the possible interaction between overconfidence and demographic characteristics. It found that there is an interaction between overseas experience and overconfidence. CEOs who do not have overseas experience are more likely to show overconfidence, thus the influence is more significant. Overseas experience has curbed the CEO's personal overconfidence, which has reduced its impact on the level of internationalization. Chapter 5 analyzes the role of the CEO in the face of corporate international strategy decision. The empirical results show that the role difference will affect the CEO's influence on the level of internationalization. When CEO also chairs the board, the role of CEO is more likely to be the steward, with stronger needs for self-achievement, and material incentives cannot play a good role. When the two positions separated, the CEO showed more tendency to act as an agent, and paid more attention to material incentives related to his own interests, and equity and salary incentives were more effective. In the case of two different roles, the improvement of the CEO's managerial discretion will lead him to make different decisions. When the two positions combined, the improvement of managerial discretion will positively promote the positive influence of the CEO's overseas experience on the internationalization of firm, which is consistent with the assumption of the role of steward. When the two positions separated, the improvement of managerial discretion inhibits the positive influence of overseas experience on the internationalization, which is more consistent with the assumption of the role of agents. In chapter 6, we explore the interaction of three aspects in chapter 3, 4 and 5. It found that there is an interaction between the role of CEO and external characteristics and overconfidence. Specifically, when the CEO also chairs the board, the CEO's age and education have a greater impact on the international level of an enterprise, while the overseas experience shows no significant difference. CEO incentives have large differences in the effectiveness of CEOs with different external characteristics. Salary incentives are more effective for CEOs who do not have overseas experience. Equity incentives are better for younger, more educated CEOs. For overconfidence, when the two positions combined, the CEO's overconfidence has a greater impact on the level of internationalization. Therefore, the impact on overconfidence on the international expansion of the company is positive, and compensation incentives do not show the same adjustment. Chapter 7 summarizes the research findings, management inspiration and innovation of this paper, and further points out the shortcomings of this paper and future prospects. The main innovations of this dissertation are as follows: Firstly, we study the influence of CEO on international strategy through the demographic characteristics, overconfidence and role these three aspects, and analyze the interaction of the three aspects. We eventually form a relatively comprehensive analysis framework model, which can be a reference for the analysis of the impact of other strategic decisions. Secondly, we apply the role theory to the analysis of management decision, and highlight the important role of roles in individual decision making, which has not being considered in the previous studies. Role is a prerequisite for personal decision-making, Role is a prerequisite for personal decision-making, and the outcome of decision often match the expectancy of role. Therefore, different roles will urge individuals to make different behavioral decisions, and the role is often related to the status of individual. We confirm this point in this study, and confirm the important role of role in the micro-level of individual behavioral cognitive decision-making. In firms, the influence of CEOs of different roles on their decision-making preferences is different, which opens up a new perspective for the research of management decision-making. Thirdly, the dissertation tries to explore the controversial topic of duality. Previous studies have focused on the power of duality, and proposed different views based on different theories. We combine the agency theory and stewardship theory, and carry out the study from the perspective of the CEO role. The results find that the CEO role is different in the combination and separation of the two positions, differences in decision preferences due to different roles. It provides a new idea for further research in the future, and may be of some help to solve the connotation of the combination of the two roles and the previous research on contradictions. Fourthly, the research in this paper is the application of the existing management theory in the context of China's emerging economy. Compared with the study in the western context, the study can better understand the differences between China and the west, and clarify the application scope and boundaries of relevant theories. The study found that the Chinese context shows its own characteristics, which has important guiding significance for the international development of Chinese enterprises. Last, it supplements the shortcomings of the research on the relationship between CEO overconfidence and role difference in the research of internationalization field. At the same time, it has a further understanding of the inherent psychological characteristics of overconfidence, which plays an important role in the micro-level of individual behavioral cognitive decision-making.
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