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论文编号：	5567
作者编号：	1120090725
上传时间：	2013/6/13 23:05:34
中文题目：	董事会资本对中国企业国际化程度的影响研究
英文题目：	The Effects of Board Capital on the Internationalization Degree of Chinese Firms
指导老师：	周建
中文关键字：	董事会资本；董事会人力资本；董事会社会资本；董事会激励；CEO权力；国际化程度
英文关键字：	Board Capital; Board Human Capital; Board Social Capital; Board Incentives; CEO Power; Internationalization Degree
中文摘要：	随着中国“走出去”战略的逐步实施和加入WTO，中国企业也以积极的姿态融入国际分工体系中。然而，中国企业的国际化绩效总体上仍不尽如人意，其中一个重要原因，就是作为企业战略决策主体的董事会的资质与能力不足，这一观点在全球金融危机之后得到了更为深刻的认识。学者们也逐渐认识到董事会人力资本与社会资本的异质性是导致董事会有效性差异的重要原因。那么，在经济全球化时代，董事会需要具备怎样的人力资本和社会资本，才能帮助企业获得国际化战略的成功？这是本文提炼的科学研究问题。即本文试图探究在中国情境下，董事会资本影响企业国际化战略决策的机制，从而寻找企业国际化程度差异的原因。该研究问题可以分解为以下四个子研究问题：企业战略决策的主体是谁？董事会履行战略职能的依据是什么？董事会如何介入企业的国际化战略决策过程？董事会介入国际化战略决策过程的影响和效果如何？针对这些问题，本文首先采用文献研究法考察了董事会的战略角色。综合以往学者的研究，对董事会战略角色的演进进行梳理，依据契约视角下的管理层霸权理论、代理理论和利益相关者理论以及战略与认知视角下的资源依赖理论、管家理论和战略选择/认知观，将董事会的战略介入描绘成行为的连续体，分析董事会的战略角色如何由消极观向积极观的转变，并对比研究了作为战略治理依据的结构观与能力观。然后，构建了董事会资本的测度指标体系。选择七个关键性的指标对董事会的人力资本进行测度：董事会的受教育程度、董事会的会计专业背景、董事会的法律专业背景、董事会背景的异质性程度、董事会的CEO经验、董事会的行业嵌入度、董事会的国际化程度；选择五个关键性的指标对董事会的社会资本进行测度：董事会的网络密度、董事会与管理层之间的关系、董事会的连锁董事情况、董事会的政治背景、董事会的银行背景。接着，分析了董事会资本在企业国际化战略过程中的作用机制。在考察中国企业国际化的发展趋势以及基于董事会资本的企业国际化成长机制的基础上，结合资源基础观、资源依赖理论及代理理论，分析董事会资本影响企业国际化程度的作用机制，以及董事会激励和CEO权力对董事会资本与企业国际化程度关系的调节作用，构建本文的研究模型。最后，实证检验了董事会资本对企业国际化程度的作用效果。以沪深两市2009-2011年间实施国际化战略的297家A股主板上市公司作为样本，采用多元回归分析方法，分别检验了董事会人力资本、董事会社会资本与企业国际化程度的关系，以及董事会激励和CEO权力对两者关系的调节效应。通过以上研究，本文得出以下结论：第一，董事会是企业的重要战略决策主体。第二，董事会资本是董事会履行战略职能的依据。相对于结构观，能力观在解释董事会履行战略职能的机制和效果方面更有说服力。第三，董事会依赖董事会资本介入企业国际化战略过程。资源基础观和资源依赖理论为董事会资本与企业国际化程度的关系提供了理论依据，董事会激励和CEO权力影响董事会介入企业国际化战略的有效性。 第四，董事会资本与企业国际化程度存在正相关关系。实证检验的结果表明，董事会人力资本和董事会社会资本总体上均与企业国际化程度显著正相关。具体到各个指标，董事会的会计专业背景、董事会背景的异质性程度、董事会的CEO经验、董事会的行业嵌入度、董事会的国际化程度、董事会的政治背景、董事会的银行背景对企业国际化程度的积极影响较为显著，而董事会的受教育程度、董事会的法律专业背景、董事会的网络密度、董事会与管理层的关系、董事会的连锁董事情况与企业国际化程度的关系不显著。董事会激励对董事会人力资本与企业国际化程度的关系没有明显的调节效应，对国有控股企业董事会社会资本与企业国际化程度的关系亦无显著的调节效应，但对非国有控股企业董事会社会资本与企业国际化程度的关系具有显著的正向调节作用。较小的CEO权力正向调节董事会人力资本与企业国际化程度的关系，但对董事会社会资本与企业国际化程度的关系没有显著的调节作用；较大的CEO权力负向调节董事会人力资本与企业国际化程度的关系，以及董事会社会资本与企业国际化程度的关系。本文的创新点主要体现为：首先，构建中国上市公司董事会资本测度指标体系。本文较早论述了董事会资本的形成机制与内涵，并基于较为充分的文献调研，构建了董事会资本测度指标体系。该指标体系的构建可能能为后续学者们的实证研究提供借鉴。其次，从董事会资本的视角探索董事会与国际化战略的关系。本文运用董事会资本的概念，探索董事会履行战略职能的内在机制，对董事会与国际化战略的关系进行了相对科学的表述，并使用中国上市公司的数据进行检验，为新兴经济国家的董事会在战略方面由“合规”向“有效”转型提供了新的理论依据和经验证据。最后，从战略管理和公司治理双重视角认识董事会资本的作用。本文尝试将战略管理的资源基础观和公司治理的资源依赖理论进行融合，为理解董事会资本与企业国际化战略的关系提供了更为丰富的理论依据，也从侧面证明了从战略管理与公司治理互动与融合的视角开展研究的可行性与先进性。
英文摘要：	With the implement of China’s go global strategy step by step and China’s entry into the WTO, Chinese firms have involved in the international division of labor with a positive attitude. However, the internationalization performance of Chinese firms is overall unsatisfying. One of the important reasons is that the boards of directors haven’t enough qualifications and competence as the subject of strategy decisions, which is realized more deeply after the global finance crisis. More and more scholars agree with the opinion that heterogeneity of board human capital and board social capital is the main reason for the difference of board effectiveness. Then, what kinds of human capital and social capital the boards need to help Chinese firms to achieve the success of internationalization strategy? This is the scientific research question of this dissertation. In another word, this dissertation tries to explore how board capital affects the internationalization decisions of firms and thus results in the difference of internationalization degree. The research question can be divided into four sub research questions. Who is the subject of firms’ strategy decisions? What dependence upon which boards involve in the process of strategy decisions? How boards involve in the internationalization decisions? What are the effects of boards involving in the internationalization decisions? To investigate these questions, this dissertation discusses the strategic role of board with documentation method firstly. Integrating the researches of previous scholars, it reviews the evolvement of board’s strategic role. According to the managerial hegemony theory, agency theory, stakeholder theory, stewardship theory, strategic choice/cognitive perspective, the board’s strategic involvement is described as a behavior continuum. It analyses how the board’s strategic role changes from negative view to positive view and compares the structure view with capability view of strategic governance. Then, it builds the measurement indicator system of board capital. Board’s education level, board’s auditing background, board’s law background, board’s heterogeneity of professional background and functional background, board’s CEO experience, board’s embedment in the same industry, board’s internationalization degree are selected as the measurement indicators of board’s human capital. Board’s network density, the relationship between board and management team, the number of board’s interlocking directorate, board’s political background and board’s banking background are selected as the measurement indicators of board’s social capital. Next, it discusses the effect mechanism of board capital in the firm’s internationalization process. Based on the discussion on the trend of Chinese firms’ internationalization and the role of board capital in the internationalization process, it analyses the effect mechanism of board capital on internationalization degree and the moderating effects of board incentive and CEO power with resource-based view, resource dependence view and agent theory, and constructs the research model. Finally, it tests the effects of board capital on the internationalization degree empirically. Taking the 297 international firms listed on the Shanghai and Shenzhen stock exchange, it tests the relationship between board human capital and firm’s internationalization degree, board social capital and firm’s internationalization degree respectively, and the moderating effects of board incentive and CEO power. Through the researches above, this dissertation gets the following conclusions. First, board is an important subject of strategic decision. Second, board capital is the basis for board in fulfilling its strategic functions. Comparing with the structure view, the capability view is more persuasive in explaining the strategic governance. Third, board relies on the board capital involving in the firm’s internationalization process. The resource-based view and the resource dependence view provide the theoretical basis for explaining the relationship between board capital and firm’s internationalization degree. Board incentive and CEO power affect the effectiveness of board involving in firm’s internationalization strategy. Fourth, the board capital is positively related with firm’s internationalization degree. The results of empirical test show that both of board human capital and board social capital are overall positively related with firm’s internationalization degree. Specifically, board’s auditing background, board’s heterogeneity of professional background and functional background, board’s CEO experience, board’s embedment in the same industry, board’s internationalization degree, board’s political background and board’s banking background have positive effects significantly on firm’s internationalization degree. Board’s education level, board’s law background, board’s network density, the relationship between board and management team, the number of board’s Interlocking directorate have no significant effects on firm’s internationalization degree. Board incentive has no significant moderating effect on the relationship between board human capital and firm’s internationalization degree and the relationship between board social capital and firm’s internationalization degree in state-controlled firms, but has positive moderating effect significantly on the relationship between board social capital and firm’s internationalization degree in non state-controlled firms. Low CEO power moderates the relationship between board human capital and firm’s internationalization degree positively, but has no significant moderating effect on the relationship between board social capital and firm’s internationalization degree. High CEO power moderates the relationship between board human capital and firm’s internationalization degree and the relationship between board social capital and firm’s internationalization degree negatively. Three innovative points are reflected in this dissertation. First, the measurement indicator system of board capital is built. This dissertation discusses the formation mechanism and connotation of board capital early and builds the measurement indicator system of board capital with enough literature researches, which maybe provides some references for the empirical researches in the future. Second, the relationship between board and strategy is investigated from the view of board capital. Starting from the concept of board capital, this dissertation analyses the internal mechanism of board in fulfilling its strategic functions and provides a scientific formulation relatively for the relationship between board and internationalization strategy. The empirical tests with the data of Chinese listed firms give some new theoretical basis and empirical evidence for the transition from compliance to effectiveness of board’s strategic position in emerging economies. Third, the role of board capital is realized from both the resource-based view and the resource dependence view. This dissertation tries to combine the resource-based view in strategic management and the resource dependence view in corporate governance, which provides richer theoretical basis for us to understanding the relationship between board capital and firm’s internationalization strategy. Meanwhile, it is dissertation proves that it is feasible and progressive to carry out researches from the interactive and integrating perspective of strategic management and corporate governance.
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