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论文编号：	2869
作者编号：	1120070750
上传时间：	2010/12/13 13:17:55
中文题目：	企业国际化程度、董事会治理与绩效的传导机制研究
英文题目：	Study on Transmission Mechanism among Firm Internationalization Degree, Board Governance and Firm Performance
指导老师：	周建
中文关键字：	生产国际化程度；资本国际化程度；董事会治理；企业绩效；传导机制
英文关键字：	Production Internationalization Degree；Capital Internationalization Degree；Board Governance；Firm Performance；Transmission Mechanism
中文摘要：	国际化战略是企业有效参与国际分工、成功进入国际市场，进而适应经济全球化的关键选择。受国家间制度落差等因素的影响，我国企业的国际化发展并非一帆风顺。国际化企业代表了一种复杂的管理决策环境，国际化进程中的挫折与障碍实际反映了企业战略与控制能力的不足。如何实施国际化战略本质上是企业保证有效控制和提高决策科学性的问题。董事会是企业的首要制度安排和问题解决制度，其承担着监督控制和战略决策的双重职能。因而，董事会职能的发挥效果关系到企业能否获得国际化战略的成功。 董事会的职能功效体现于董事会的结构与行为之中，董事会的结构是对经营环境的战略性适应和调整，是董事会职能发挥的基础。作为企业国际化的定量指标，国际化程度的变化反映了企业海外市场涉入程度和战略环境的变化。那么，中国企业国际化程度的提高，如何影响企业董事会组织结构的变化，而这种变化又是通过怎样的组织机制影响到企业绩效的增长？这成为了本文的核心研究问题。 随着经济全球化由生产国际化进入资本国际化的发展阶段，我国企业的国际化也呈现出了传统的生产国际化和新兴的资本国际化的双重特征。本文以中国的国际化企业为研究对象，以国际化的优势论、制度理论和董事会的相关理论等为基础，从生产国际化和资本国际化两个维度，研究企业国际化程度、董事会治理与绩效间的传导机制。首先，基于制度和交易成本等理论，构建了由国际化程度经董事会治理至企业绩效的SSCP研究模型。然后，在此模型框架下，遵循“企业国际化程度→董事会结构→董事会行为→企业绩效”逐层递进的分析逻辑，采用规范分析与实证分析的研究方法，分析变量间的影响关系，研究其中的传导机制，并得出以下几方面结论： 第一，中国企业的国际化发展能够提升企业绩效。国际化发展是企业以国际市场为导向，在世界范围内整合资源，参与国际分工和国际竞争，实现规模扩大和结构转换的动态过程。中国企业生产国际化和资本国际化程度的提高，都能带来企业价值的增长。我国企业的国际化发展虽然遇到一定障碍，但总体上企业能够获取更多的资源和能力，从而培育出国际竞争优势。 第二，董事会结构是企业对外部需求和内部期望的反应。有效的董事会结构是良好治理的先驱者，国际化企业对董事会结构的选择是对其国际化范围和复杂性做出的一种权衡和战略反应。制度落差从不同的角度影响着企业的生产国际化和资本国际化进程。企业生产国际化带来了外部制度环境的变化，企业需要通过设计董事会结构，来消除引发的交易成本；企业资本国际化促使企业面临内部制度变迁的压力，股权结构的变化影响董事会结构的改变，以期实现代理成本的降低。 第三，董事会治理是企业国际化程度与企业绩效间的中介变量。企业生产国际化程度的提高带来企业绩效提高的过程中，董事会治理起到了部分的中介作用。即企业生产国际化程度的提高，促使了董事会专业性、激励性和国际化程度的提高。这样的结构作为输入变量，经过有效的战略行为过程，输出了更高的绩效结果；同时，董事会的专业性和激励性作为输入变量，又经过有效的控制行为过程，输出了更高的绩效结果。因而，企业生产国际化的过程中，董事会同时通过战略性治理和控制性治理保证了企业绩效的增长。 企业资本国际化程度的提高带来企业绩效提高过程中，董事会治理起到了部分的中介作用。即企业资本国际化程度的提高，促使了董事会激励性和国际化程度的提高。这样的结构作为输入变量，经过有效的战略行为过程，输出了更高的绩效结果；同时，董事会的激励性作为输入变量，又经过有效的控制行为过程，输出了更高的绩效结果。因而，企业资本国际化的过程中，董事会同时通过战略性治理和控制性治理保证了企业绩效的增长。 第四，董事会行为是董事会结构与企业绩效间的中介变量。董事会是一种企业制度安排，有效的制度能够给企业带来适应性效率。而董事会如何促进企业绩效的提高，直接取决于董事会的实际进程。这种实际进程包括董事会的战略行为与控制行为，不同的结构又倾向于导致不同的行为效果。董事会战略行为是董事会专业性、激励性、国际化程度与企业绩效间的中介变量；董事会控制行为是董事会专业性、激励性与企业绩效间的中介变量。静态的结构通过动态的行为过程，最终影响企业绩效。 本文创新点主要体现为： 第一，当前中国企业的国际化程度呈现出生产和资本两个维度，这是两个分别独立的维度，也体现了两种不同的国际化模式。本研究首次探究了两个维度的国际化程度影响企业绩效的传导机制的差异，以及两种不同的国际化模式对董事会制度安排的各异要求。企业选择生产国际化模式，需要更侧重建设董事会的专业性和国际化；而企业选择资本国际化模式，需要更侧重建设董事会的独立性、激励性和国际化。这对不同国际化模式的中国企业董事会建设具有一定指导价值。 第二，董事会行为测度是研究的一个难点，行为程度取决于董事会的内部实际运行情况与效果，目前研究领域还没有一致的测度标准。本研究首先借鉴全球范围内有关董事会行为研究的典型成果，归纳了研究者对董事会控制行为和战略行为的观点，结合中国上市公司董事会运行的具体实践，设计董事会行为指数，以测度战略与控制的行为程度。本文从行为的角度来研究董事会治理的有效性，弥补了董事会内部进程研究的不足。 第三，在董事会基本的控制和战略职能的基础上，论文有效联系控制性结构和控制性行为、战略性结构和战略性行为，提出了董事会战略性治理和控制性治理的构念，研究董事会可以实现贡献的优化机制。挖掘了战略与治理的联系程度，从作为内容的战略，向作为过程和联系的战略方向进展。研究在董事会层面改变高层组织结构，通过治理来支持战略决策过程，保证利益相关者的参与。从战略治理的视角拓展了董事会治理的边界，为战略治理研究提供了新兴市场经济国家最直接的经验证据。
英文摘要：	Internationalization strategy is the key choice for Chinese firms to participate effectively in the international division of labor, enter successfully the international market, then to adapt to economic globalization. Affected by factors of institutional distance between the host country and our country and so on, the international development of Chinese firms has not been smooth sailing. Because international firm signifies more complex environment for management decisions, international obstacles actually reflect deficiencies of strategy and control abilities in the firm. How to effectively implement international strategy for Chinese firms, in essence, is the issues to ensure effective control and improve the decision-making scientificity. As the primary institutional arrangement and the problem solving system in the firm, the board assumes the dual functions of supervisory control and strategic decision-making. The effective expression of board functions concerns whether internationalization strategy could be successfully attained. Board functions consist in board structure and board behavior. Board structure is the strategic adaption and adjustion to business environments. It is the foundation of board functions. As quantitative indicator of firm internationalization, internationalization degree reflects the degree of involvement in overseas markets and the change of international strategic enviroments. How does the increasing of internationalization degree impact the change of board structure? Then, what organizational mechanism does this change affect the improvement of firm performance by? These are the essential questions of this dissertation. With the economic globalization entering into development stage of capital internationalization from production internationalization stage, the internationalization of Chinese firms also has showed dual internationalization characteristics of traditional production and emerging capital. Taking Chinses international firms as study objects, based on the advantages theory of internationalization, the institutional theory and the related theory on board of directors, this paper studies the condction mechanism among firm internationalizaiton degree, board governance and firm performance on two dimensions of traditional production internationalization and emerging capital internationalization. Most of all, based on institutional theory and transaction costs theory and so on, this dissertation constructs a SSCP model from internationalization degree to firm performance through board governance. In addition, follwing the logical progression from firm internationalizaiton degree to board structure, then to board behavior, finally to firm performance in this model framework, this paper analyzes relationships between the variables and studies the transmission mechanism in between by normative analysis and empirical analysis. The conclusions are as follow: First, the international development of Chinese firms can improve firm performance. International development is a dynamic process, in which firm, oriented by international market, integrates resources of the world and participates in the international division of labor and international competition, therefore achieves scale expansion and structure transformation. The growth of both production internationalization degree and capital internationalization degree can bring about the growth of firm value of Chinese firms. Though Chinese firms have meet with some obstacles in international development, in general, they can get more resources and capacity, thus foster international competitive advantage. Second, the board structure is the response to external demands and internal expectations. Effective board structure is the pioneer of good governance. The board structure which our international firms choose is a trade-off and strategic response to its internationalization scope and complexity. Institutional distance impacts production and capital internationalization process from different angles. As production internationalization brings changes in the external institutional environments, firms need to design the board structure to eliminate transaction costs raised. As capital internationalization promotes the firm to face the pressure of internal institution change. Changes of ownership structure affect changes of board structure to reduce agency costs. Third, the board governance is the mediator between internationalization degree and firm performance. Higher production internationalization degree can lead to higher firm performance, in which board govornance plays a part mediating effect. Namely, the growth of internationalization degree can promote the increment of board specialization, board incentive, board internationalization degree. Futhermore, as input variables, these structures can result in higher firm performance through effective strategic behavior. Meanwhile, board specialization and board incentive as input variables can result in higher firm performance through effective control behavior. So, in the process of production internationalization, the board ensures the improvement of firm performance through strategic governance and controlled governance at the same. Higher capital internationalization degree can lead to higher firm performance, in which board govornance plays a part mediating effect. Namely, the growth of internationalization degree can promote the increment of board incentive and board internationalization degree. Futhermore, as input variables, these structures can result in higher firm performance through effective strategic behavior. Meanwhile, board incentive as input variable can result in higher firm performance through effective control behavior. So, in the process of capital internationalization, the board ensures the improvement of firm performance through strategic governance and controlled governance at the same. Fourth, the board behavior is the mediator between board structure and firm performance. As an institutional arrengment in firms, effective board can bring adaptive efficiency to the firm. How the board promotes firm performance depends on the actual process of board, which includes strategic behavior and control behavior of the board. Different structures tend to lead to different behavior. The strategic behavior of the board is the mediator between board specialization, board incentive, board internationalization degree and firm performance. The control behavior of board is the mediator between board specialization, board incentive and firm performance. The static structure affects firm performance ultimately through dynamic behavior. The contributions of this study are as follows: First, the internationalization degree of Chinese firms have been showing two dimensions of production and capital nowadays, which are two separate dimensions respectively. The two dimensions also signify different internationalization patterns. This is the first exploration on the difference of transmission mechanism in which the two kinds of internationalization degree impact firm performance, as well as on the different requirements of two internationalization patterns to board arrangements. Firms selecting production internationalization model need to focus more on board specialization and internationalization degree, alternately firms selecting capital internationalization model need to focus more on board independence, incentive, and internationalization degree. These results provide theoretical guidance for board constructions of Chinese firms in different international patterns. Second, the measurement on board behavior is a difficult point. The behavior degree depends on the actual operations and effect of the board. There are no consistent standards measuring board behavior nowadays. Baesd on typical resersch results on board behavior globally, the dissertation summarizes the views on strategic and control behavior of the board. Combining with concrete practice of China's listed companies, the paper designes indexes to measure the degree of control and strategy behaviors. From the behavior perspective, the dissertation researches the effectiveness of board governance, futhermore makes up for the deficiencies of the study on internal process of the board. Third, based on primary control function and strategy function, contacting control structure to control behavior and contacting strategic structure to strategic behavior effectively, the paper puts forward the conception of control governance and strategic governance. The paper studies the optimal contributing mechanism of the board. The paper explores the linkage degree between strategy and governance, advances from a content strategy to a processe and linkage strategy. This dissertation probes to change top organization structure at the board level, furthermore support strategic decision-making through governance to ensure stakeholder participation. From the perspective of strategic governance, the dissertation expands the boundaries of the board governance, and provides the most direct empirical evidence for strategic governance research for the emerging market economies.
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