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

doi:10.12068/j.issn.1005-3026.2021.02.020

Abstract

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

CLC Number:

F202

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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