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论文编号：	5479
作者编号：	2120112453
上传时间：	2013/6/8 19:07:26
中文题目：	国有企业国际化影响因素的多角度研究
英文题目：	Determinants of State-owned Enterprises'' internationalization:
指导老师：	任兵
中文关键字：	国有企业，国际化程度，冗余资源，人力资本，高管薪酬
英文关键字：	State-owned enterprises, Internationalization, Slack resource, Human capital, Executive compensation
中文摘要：	随着国家层面“走出去”战略的正式提出，中国企业纷纷走出国门，走向世界。国有企业作为中国企业队伍的排头兵，为了更快地融入国际环境，深入国际市场，试图采取各种措施提升自身的国际竞争力，比如：精简机构、减员增效；完善国有企业高管的薪酬激励体制；加强高管教育与培训体系等等，这些举措是否能够真正地促进国有企业的国际化程度还需要更多的研究与观察。 同时，一些中外学者基于不同理论视角，从个人、团队、企业、产业、国家等不同层面探究企业国际化程度的影响因素，也有一些学者以国有企业为研究对象，对其国际化动机、风险机制及海外并购特点进行深入研究。然而，特别针对国有企业的国际化影响因素的研究文献还很少。本文正是在这样的理论与实践背景下，结合不同理论视角，探究影响中国国有企业国际化程度的影响因素。为填补这一研究空白，本文试图结合冗余资源、人力资本理论与高管薪酬激励理论三种理论视角，采取国有企业层面的FDI数据，探究冗余资源、CEO的受教育程度以及高管薪酬与国有企业国际化程度的直接关系，进而为国有企业国际化的管理举措提供理论依据。 通过对537家实际控制人为国有企业的上市公司长达10年窗口期的数据进行回归分析，本文首先发现在不同类型的冗余资源中，只有低流动性冗余与国有企业的国际化程度显著正相关，这反应出国有企业在国际化战略的实施过程中，倾向于债权冒险，而非利用自有资金。其次，与高中以下学历的CEO相比，只有博士学历的CEO对国有企业国际化程度有明显的积极作用，我们认为这不仅仅是因为博士学历意味着丰富的知识储备，还可能是学历代表社会地位的认可。再次本研究发现,高管薪酬激励对国有企业国际化程度有正向影响。另外，本文也发现了一些调节作用。第一，低流动性冗余的存在还能作为国有企业高管薪酬激励的诱因，对高管薪酬与国有企业国际化程度的关系起正向调节作用。第二，尽管我们认为CEO作为战略的制定者，其受教育程度会影响冗余资源与国有企业国际化程度的关系，但是我们的数据并没有支持这样的假设。 本文弥补了已有研究的一些空白，即在中国战略背景下的国有企业的国际化影响因素，为国有企业的国际化进程提供了理论借鉴。同时建议国有企业在国际化战略实施中，优化资源配置，合理利用低流动性冗余，鼓励高层管理人员进行继续教育与机构培训，同时制定更为有效的高管薪酬激励体制，以期促进国有企业的国际化进程。
英文摘要：	In response to the “go out” strategy by State Council, Chinese companies flock abroad and step in the international market. To become more accordant and intertwined with the global market, State-owned enterprises (SOEs), the "leading role" of the Chinese enterprises, have take a variety of measures to improve their international competiveness, like: streamline the administrative structure, downsizing for efficiency; improve the executive compensation incentive system of state-owned enterprises; To strengthen the executive education and training system, etc. But it has been in doubt whether all these efforts would pay off and further research is necessary to confirm their effects. Some scholars at home and abroad also explore factors affecting enterprises internationalization from 5 aspects including individual, team, enterprise, industry and national based on different theory pespectives, and others use SOEs as the research objective, explore the motivations of internationalization, risk mechanism and characteristics of the overseas M&A. However, there is few research literature especially for determinants of State-owned Enterprises' internationalization.Within this context, our study investigated various factors that possibly affect SOEs internationalization. There have been studies that However, studies specific for SOEs are rare especially under such a “go out” strategic setting. Our study is aimed to fill this gap. We started from problems status quo in SOEs and combined three theories to address the question, including organization theory, human capital theory and motivation theories. We collected firm level FDI data to explore the impact of slack resource, the education degree of CEO and executive compensation on SOEs internationalization. our results provide theoretic standpoints for making effective decisions on SOEs internalization. We collected data of 537 listed SOEs within a time window of 10 years from 2001 to 2010 and performed regression analysis. We found among all different slacks, only low-discretion slack has a significant positive association with SOEs internalization, which indicates SOEs prefer debt to own funds in internationalization. The analysis also suggested that CEO with a PhD degree has significantly positive effect on SOEs internalization and salary incentive in SOEs is very important in internationalization. Besides, we studied several regulatory relationships. First, low-discretion slack shows a positive regulation on the association between executive compensation and SOEs internationalization. Second, CEO as strategy maker has no influence on the association between slacks and SOEs internationalization. Our study has filled some blanks in SOEs internalization research and provides theoretical support for making strategies. As the same time,we advise that SOEs should optimize the allocation of resources, make rational use of low-discretion slack,encourage CEO to continue education,and develop more effective executive compensation incentive system, to promote the internationalization process of SOEs.
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