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论文编号：	8991
作者编号：	1120120763
上传时间：	2016/12/15 17:03:46
中文题目：	MNCs母公司董事会资本与国际化战略 ——来自我国上市跨国公司的经验研究
英文题目：	The Board Capital of Parent Corporations in MNCs and Internationalization — An Empirical Research based on the listed MNCs in China
指导老师：	林润辉
中文关键字：	MNCs母公司；董事会人力资本；董事会社会资本；CEO权力；国际化战略
英文关键字：	parent company of MNCs; human capital of board; social capital of board; CEO power; internationalization
中文摘要：	随着新兴经济国家的跨国公司在世界范围内投资活动的迅速增加，我国越来越多的企业进入国际市场，进行跨国经营。尤其是近年来我国政府实施“走出去”战略和“一带一路”的经济建设战略，我国企业开始大规模走向国际市场，进行跨国经营，成为在国际市场崭露头角的跨国公司。然而，我国跨国公司进行国际化运营时，经常出现董事会有效性较低而遭遇国际化运营风险事件。 在此背景下，本文提出以下研究问题：作为新兴经济体国家之一，我国的跨国公司在跨国经营过程中，如何发挥董事会的有效性，克服国际化运营过程的中出现的问题？如何利用董事会成员的经验，知识和网络资源提高公司国际化战略决策的科学，降低国际化经营的不确定性和减少国际化运营风险？我国跨国公司母公司CEO权力会影响董事会资本与国际化战略的关系吗？更进一步，如何提高我国跨国公司母公司董事会有效性? 针对上述研究问题，本文整合代理理论和资源依赖理论，采用文献研究、实证研究和案例研究的方法，分别探讨了MNCs母公司董事会资本与国际化战略的关系，MNCs母公司董事资本、CEO权力对国际化战略的影响，以及MNCs母公司董事会资本与国际化战略的演化机制。本文的主要研究内容如下： 首先，提出MNCs母公司董事会资本对国际化战略影响的研究框架。依据我国企业对外直接投资面临的政策环境，结合我国国有企业董事会有效性偏低的现实情景，基于现有理论的相关研究，提出 MNCs 母公司董事会资本对国际战略影响的研究框。 其次，研究MNCs 母公司董事会资本对国际化战略的影响机制。基于代理理论和资源依赖理论，探讨董事会资本对公司国际化战略的直接影响。通过对我国上市跨国公司的实证研究，发现我国国有跨国公司的董事会人力资本对国际战略没有显著影，而董事会社会资本正向影响国际化战略；而我国非国有跨国公司人力资本和社会资本对国际战略正相关。研究结论表明国有跨国公司和非国有跨国公司董事会的有效性对国际化战略影响存在差异。 再次，探讨MNCs母公司CEO权力对母公司董事会资本和国际化战略关系的影响。通过对我国上市跨国公司的实证研究，发现国有跨国公司母公司董事会人力资本与CEO权力的交互作用与国际化战略的关系不显著。而我国国有跨国公司的CEO权力正向直接影响国际化程度，表明国有跨国公司母公司CEO权力越高，对国际化程度影响越大，存在着CEO的堑壕效应。因此，权力较大的国有跨国公司CEO进行战略决策时，董事会资本应履行的监督、控制和资源提供角色的职能无法发挥作用； 研究发现非国有跨国公司CEO权力负向调节董事会人力资本与国际化的关系，与已有研究的结论一致，表明非国有跨国公司母公司董事会构成较为合理，能够为CEO及其高管团队的国际化战略决策提供监督、控制和提供建议，发挥董事会的有效性。同时，研究还发现非国有跨国公司母公司的CEO权力负向调节其董事会中担任连锁董事的比例和国际化战略的关系。 最后，揭示MNCs 母公司董事会资本与国际化战略的演化机制。本文采用案 例研究方法，选取联想集团为案例，研究发现跨国公司母公司董事资本与国际化 战略是一个动态匹配过程。 通过对上述研究问题的系统研究，本文的创新点主要有以下三点：（1）整合资源依赖理论和代理理论，解释我国跨国公司母公司董事会有效性偏低的问题，将董事会有效性的研究拓展到对跨国公司战略影响的研究领域；（2）从新兴经济体跨国公司视角，通过实证研究，发现针对国有跨国公司与非国有跨国公司母公司而言，董事资本、CEO 权力与国际化战略关系存在差异。国有跨国跨国公司母公司CEO权力对国际化战略有正向影响，而对董事会资本与国际化战略之间关系的调节作用不显著。该研究结论与已有研究不同；（3）从动态角度，通过案例研究，探究MNCs母公司董事会资本与国际化战略的演化机制，发现了MNCs母公司董事会资本与国际化战略的动态匹配机制。 综上所述，本文的研究结论对我国的跨国公司，乃至新兴经济体跨国公司的 国际化运营都具有实践价值和理论价值。同时，本研究的结论对我国对外直接投 资政策的制定者有一定的指导意义。
英文摘要：	With the rapid increase in investment activity of Multinationals from emerging economies in the world, more and more enterprises of our country has entered the international market. Especially in recent years, Chinese government has initiated the "Going abroad" policy and conomic development strategy of the "One Belt, One Road", many China's enterprises began to operation in foreign counties, and become well-known multinational companies in the international market. However, multinational companies in China for international operations, the board of directors often appear less effective and encountered the risk of international operations. Under this background, the following research questions have been proposed: as one of the emerging economies, China's multinational corporations in the process of internationalization, how to exert the effectiveness of the board of directors to overcome the operations risk in foreign countries? How to make use of the board members' experience, knowledge and network resources to improve the company's international strategic decisions, reduce the uncertainty of international operations and reduce the risk of internationalization? Does the CEO power of the parent company of MNCs in china influence the relationship between the capital the board of directors and the internationalization? Further, how to improve the effectiveness of the board of directors of the MNCs in China? For above research problem, from the perspective of resource dependence,integrating the agency theory and resource dependency theory, adopting the method of literature study, empirical study and case study, respectively discusses the relations of board capital and internationalization and CEO power has an impact to the relationship between board capital of MNCs parent company and internationalization, as well as the evolution mechanism of board capital of MNCs parent company and internationalization, trying to answer the above research questions. This dissertation main research content is as follows: Firstly, the research framework about the influence of board capital of MNCS parent company on internationalization strategy has been put forward. Based on the policy environment for outward foreign direct investment in China, combined with the reality of low effectiveness Board of Directors in State-owned enterprises in China, based on the existing research on the theory, the research framework about the influence of board capital of MNCS parent company on internationalization has been put forward. Secondly, the influence mechanism of board capital of the parent company in MNCs on internationalization has been explored. Based on agency theory and resource dependence theory, this dissertation discusses board capital of the parent company in MNCs effects on the internationalization. Based on empirical research on the listed multinational companies in China, the dissertation finds human capital of Board of Directors of the State-owned MNCs has no significant effect on internationalization, but social capital of the Board of Directors in the State-owned MNCs has positive effects on internationalization; the human capital and social capital of the Board of Directors in non-State-owned MNCs have positive effects on internationalization. The research results show that the effectiveness of the Board of the State-owned MNCs and non-State-owned MNCs have different influence on the international strategy. Thirdly, Discuss the influence of the CEO power of MNCs parent company on the relationship between the board capital of the parent company in MNCs and internationalization. Based on the agency theory and resource dependence theory, the influence of the interaction between the board capital and the CEO power of the parent company in MNCs on internationalization has been explored. Through the empirical research on Listed Companies in China, it is found that the relationship between the human capital and the CEO power of the board of directors of the state-owned MNCs is not significant. CEO power has positive effects on the degree of internationalization. Therefore, the CEO power of parent corporation of state-owned MNCs is higher, it is the greater the impact on the degree of internationalization .There is a trench effect of CEO. effectiveness of the board of directors of the parent corporation in the state-owned MNCs will decrease, because of trench effect of CEO. when the CEO makes strategic decisions, the board of directors can’t play a role to perform the supervision, control and the role of resources providing, because of the great power of the state-owned MNCs’ CEO.The research finds that the CEO power of parent corporation of non-state MNCs has a negative mediation effect on the relationship between human capital of the board of directors and internationalization. The study conclusion keeps consistent with the existing literature, and indicates that the parent company’s board composition in non-state MNCs more reasonable than the parent company's board composition of state-owned MNCs. Therefore, the parent company’s board composition in non-state MNCs can perform supervision, control and providing advice and play the effectiveness of the board of directors, when CEO of parent corporation of non-state MNCs make strategic decisions. At the same time, the study also finds that CEO power has a negative mediation effect on the relationship between interlocking directorate ties of the board of directors and internationalization. Fourthly, the evolution mechanism between the parent company’s board capital of MNCs and internationalization has been explored. In this dissertation, the case study method is adopted to select Lenovo Group as a case. The research finds that the relationship between the parent company’s board capital of MNCs and the internationalization is a dynamic matching process. Through the system research of the above research questions, the innovation of this dissertation is mainly the following three points: First, from the perspective of integrating resource dependence theory and agency theory, the board effectiveness has been used to influence internationalization of MNCs; Second, from the perspective of MNCs in emerging economies, adopting empirical research study, we find there are different relationships between the board capital, CEO power and internationalization of parent company in the state-owned MNCs and the non-state MNCs.The CEO power of the state-owned multinational corporations has a positive effect on the international strategy, while the moderating effect of the relationship between the capital and the international strategy is not significant. The research conclusion is different from the existing research; Third, from a dynamic perspective, through case studies, the evolution mechanism between the parent company’s board capital of MNCs and internationalization has been explored. The study result shows that the relationship between the parent company’s board capital of MNCs and the internationalization is a dynamic matching process. Based on the above research, the research conclusion of this dissertation has practical value and theoretical value for the practice of international operation of MNCs in China. At the same time, the conclusion of this study has guiding significance for the relevant policy makers of OFDI in China.
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