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论文编号：	5532
作者编号：	2120112440
上传时间：	2013/6/10 14:39:38
中文题目：	外资机构投资者特征对公司国际化战略的影响研究——基于A+H股上市公司的经验证据
英文题目：	Study of the Influence of foreign institutional investors’ characteristics on the company''''s internationalization strategy——Empirical evidence based on the A+H Dual-listing Corporations
指导老师：	周建
中文关键字：	外资机构投资者；国际化战略；A+H双重上市公司
英文关键字：	foreign institutional investors; internationalization strategy； A+H Dual-listing corporation
中文摘要：	在国际化的过程中，快速低成本的进入市场的关键在于有足够的资本实力和广泛有效地社会网络，因此选取合适的资本市场和产品市场合作伙伴对推动国际化进程至关重要。外资机构投资者，具备雄厚资本实力，并且对海外市场更加熟悉，能够提供关于市场、文化、竞争、消费者的诸多信息，在上市公司治理和战略管理的过程中发挥何种作用、扮演何种角色，已成为理论界研究的焦点。在“走出去”这一国家战略的背景下，外资机构投资者能否成为中国公司国际化进程的重要推动力，成为一个不得不研究和探讨的重要课题。 本文首先对中国企业的国际化背景进行了阐述，并介绍了金融危机后中国企业的典型国际化模式。在文献回顾中，对机构投资者的国内外研究进行了梳理分析，包括外资投资者的分类研究，参与公司治理的原因、方式和差异性研究等等，总的来看理论界关于外资机构投资者对公司战略的影响尚少有探讨。在理论分析中，本文在资源基础理论、委托代理理论和国际化理论的基础上，研究并概括了不同类型外资机构投资者所具备的资源和能力，尝试提出了外资机构投资者对公司国际化战略的作用路径，整合了机构投资者在中国情境下的集体性特征，并依此提出了四个研究假设，探讨外资机构投资者的行业积累、持股比例、压力敏感性（即是否存在商业合作）和战略投资性（是否是战略投资者）对公司国际化战略的影响。由于港股市场比较成熟且开放度较高，往往是中国企业国际化的第一站，故选择在A+H股双重上市的84家中国公司连续3年的数据作为研究样本，通过回归分析等分析方法进行了实证研究。实证研究表明，外资机构投资者的持股规模和战略投资性与公司的国际化程度正相关，外资机构投资者与被投资公司的商业合作关系能够明显的推动公司的国际化进程，但其行业积累对公司的国际化程度的影响并不显著。这说明外资机构投资者作用于上市公司的国际化战略需要条件，即若成为上市公司的董事或者商业合作伙伴，则将能直接提供有效的市场信息和国际化经验，推动企业的国际化战略。中国公司应加强对大型外资机构投资者的主动选择，建立良好的沟通与合作机制，为促进公司的国际化战略创造条件。
英文摘要：	In the process of internationalization, the key to have a rapid low-cost access to markets is sufficient capital and wide effective market network, so the selection of the appropriate partners is critical to advance the internationalization process. Foreign institutional investors, is capable to dispose of sufficient funding flows, and more familiar to overseas markets to deliver on market competition, consumers, culture and other important information, and what roles to play in the governance of listed companies become the focus of theoretical studies. For listed companies in China, foreign institutional investors have rich international experience and solid capital strength, whether it can make it an important impetus to the process of internationalization, becoming important topics to study and explore. The paper firstly explains the background of the internationalization of Chinese enterprises, and describes the typical process of internationalization of Chinese enterprises after the financial crisis. In the literature review, combing analysis the research of institutional investors, including the classification research 0f foreign investors , and differences in participation in corporate governance, etc .In general ,there is few literature on the impact of foreign institutions to invest to the company's strategy. In the theoretical analysis, this paper, on the basis of the resource-based theory, principal-agent theory and international theory, researches and outlines the different types of resources and capacity, and projects the collective characteristics of the institutional investors in the Chinese context, and put forward four hypothesis to explore the industry accumulation of foreign institutional investors, stake, pressure sensitivity (whether there is a commercial cooperation) and strategic investment (whether it is strategic investors) on the impact of the company's international strategy. As the Hong Kong stock market with higher degree of openness is more mature ,and, it is often the first stop of the internationalization of Chinese enterprises, so this paper chooses 84 A+H dual-listed Chinese companies with three consecutive years of data as sample, analyzed by regression analysis and other methods of empirical research. Empirical studies have shown that stockholding of foreign institutional investors and strategic investment with the company's is positively related to the degrees of internationalization .And the business relationship of the foreign institutional investors with listed companies can significantly promote the process of internationalization of the company, but the industry accumulation did not affect the degree of internationalization of the company. This shows that the role of foreign institutional investors in a listed company's internationalization strategy must be In accordance with some conditions , that is, whether foreign institutional investors become business partners or the directors of a listed company, which will be able to directly provide effective market information and international experience. Chinese firms should strengthen the active choice of large foreign institutional investors, to establish good communication and cooperation mechanisms, to create conditions for the promotion of the company's international strategy.
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