民营跨国企业治理结构对绩效的影响——基于企业经营区域市场多元化的调节作用

doi:10.12068/j.issn.1005-3026.2021.02.020

东北大学学报（自然科学版） ›› 2021, Vol. 42 ›› Issue (2): 290-299.DOI: 10.12068/j.issn.1005-3026.2021.02.020

民营跨国企业治理结构对绩效的影响——基于企业经营区域市场多元化的调节作用

刘烨¹，宫靖雯¹，于涛¹，金苗²

(1. 东北大学工商管理学院，辽宁沈阳110169; 2. 辽宁银保监局，辽宁沈阳110000)

收稿日期:2020-04-13 修回日期:2020-04-13 接受日期:2020-04-13 发布日期:2021-03-05
通讯作者: 刘烨
作者简介:刘烨(1969-)，女，辽宁沈阳人，东北大学副教授，博士.
基金资助:
国家重点研发计划项目(2017YFB0304203-5).

Impact of Governance Structure of Private Multinational Enterprises on Corporate Performance:Based on the Moderating Effect of the Diversification of Enterprises’ Regional Market

LIU Ye¹， GONG Jing-wen¹， YU Tao¹， JIN Miao²

1.School of Business Administration， Northeastern University， Shenyang 110169， China; 2. Liaoning Branch of CBIRC， Shenyang 110000， China.

Received:2020-04-13 Revised:2020-04-13 Accepted:2020-04-13 Published:2021-03-05
Contact: GONG Jing-wen
About author:-
Supported by:
-

摘要/Abstract

摘要： 以海外子公司占比、海外子公司数和海外子公司分布的国家数来衡量经营区域市场多元化的程度，并以此作为调节变量来研究其对企业治理结构和跨国企业绩效关系的调节作用.选取88家近7年来有海外并购经验的上市民营企业作为样本进行研究，得出如下几点结论:在有并购经验的民营跨国企业中，股权制衡度与企业绩效托宾Q呈显著正相关关系;股权集中度、管理层持股比例、高管平均薪酬和员工学历水平与托宾Q没有呈显著相关关系;海外子公司占比、海外子公司数和海外子公司分布的国家数均能显著弱化股权制衡度的正向作用.

关键词: 跨国企业;民营企业;治理结构;绩效;海外子公司

Abstract: The proportion of overseas subsidiaries， the number of overseas subsidiaries and the number of countries of overseas subsidiaries were used to measure the degree of market diversification in operating regions， which was used as a moderating variable to study its regulating effect on corporate governance structure and the performance relationship of multinational enterprises.88 listed private companies with overseas M&A experience in the past seven years were selected as the research samples，and the conclusions were as follows: in the private multinational companies with M&A experience， the equity balance degree is significantly positively correlated with the Tobin’s Q; equity concentration， management shareholding ratio， executives’ average salary and employee education level don’t have significantly effect on Tobin’s Q; the proportion of overseas subsidiaries， the number of overseas subsidiaries and the number of countries in which there are overseas subsidiaries can significantly weaken the positive effect of equity balance on Tobin’s Q.

Key words: multinational enterprise; private enterprise; governance structure; corporate performance; overseas subsidiary

中图分类号:

F202

刘烨，宫靖雯，于涛，金苗. 民营跨国企业治理结构对绩效的影响——基于企业经营区域市场多元化的调节作用[J]. 东北大学学报（自然科学版）, 2021, 42(2): 290-299.

LIU Ye， GONG Jing-wen， YU Tao， JIN Miao. Impact of Governance Structure of Private Multinational Enterprises on Corporate Performance:Based on the Moderating Effect of the Diversification of Enterprises’ Regional Market[J]. Journal of Northeastern University(Natural Science), 2021, 42(2): 290-299.

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民营跨国企业治理结构对绩效的影响——基于企业经营区域市场多元化的调节作用

Impact of Governance Structure of Private Multinational Enterprises on Corporate Performance:Based on the Moderating Effect of the Diversification of Enterprises’ Regional Market

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