机构投资者持股对企业国际化绩效的影响——基于董事会和资本市场的调节效应视角

本文旨在研究机构投资者持股对企业国际化绩效的影响,并讨论企业董事会国际化程度和当地资本市场国际化程度的调节效应。利用2006~2010年中国上市公司数据进行的实证研究发现,企业董事会国际化程度和当地资本市场国际化程度可以调节机构投资者持股与企业国际化绩效之间的关系,二者国际化程度的提高既可以增强境外机构投资者对企业国际化绩效的积极影响,也可以减弱境内机构投资者对企业国际化绩效的消极影响。     

企业国际化与经营绩效关系研究综述

国际学术界的学者们一直对企业国际化与经营绩效的关系争论不休。文章对国内外已有的企业国际化与企业经营绩效关系文献进行进行梳理和评述，概括归纳出三种不同的理论视角，并国际化与经营绩效关系的实证研究进行总结，对未来研究的发展趋势进行了展望。     

大型国际化零售企业经营绩效的影响因素分析

目前,越来越多的学者开始关注零售企业的国际化发展,但却很少有研究涉及国际化零售企业的经营绩效问题.本文利用美国、欧盟和日本大型国际化零售企业的数据,对三个国家(或地区)的国际化零售企业的经营绩效进行对比,并分析影响其经营绩效的各种因素.实证研究发现,本国的市场总量、零售企业所进入的国际市场的多样性、所采取的零售业态的多样性,以及国外市场的购买能力等因素对国际化零售企业的经营绩效都具有显著影响,而国外市场与本国的文化差异因素和地理距离因素的影响则并不显著.     

国际化程度与企业绩效关系研究——基于中国上市重工业企业的实证研究

基于我国重工业上市企业的样本数据,采用多元回归的方法研究了企业国际化与绩效关系。结果表明:企业国际化程度与绩效呈U型曲线;国际化与绩效关系是国际化阶段依赖的,也是资产管理效率依赖的,其中,国际化阶段显著正向调节国际化与绩效的关系,资产管理效率也显著正向调节国际化与绩效的关系。基于研究结果,提出企业管理者要用更加长远的眼光审视企业国际化过程;对我国重工业企业而言,可以通过加速国际化进程和提高企业的资产管理效率来获取正的国际化绩效。     

企业经营战略对中小企业国际化绩效的影响研究

文章采用结构方程的分析方法,分析了企业经营战略对我国中小企业国际化绩效的影响进行了研究.研究结果表明:在企业国际化进程中,企业经营战略的替代难度、投入成本和共同发展因子都对企业财务绩效有显著影响;只有共同发展因子对非财务绩效因子影响显著.文章的研究方法和研究结论对我国中小企业的国际化实践具有重要理论和现实指导意义.     

国际化程度、技术创新能力与公司绩效——基于战略性新兴产业上市公司的经验证据北大核心

基于创新理论,将技术创新能力引入国际化战略与公司绩效的关系研究中,利用2010～2015年战略性新兴产业上市公司的数据进行实证检验。研究结果表明:国际化程度负向影响公司绩效;国际化程度正向影响技术创新能力;技术创新能力正向影响公司绩效;技术创新能力在国际化程度与公司绩效之间存在显著的间接效应,且为"遮掩效应"。结论拓展了国际化战略与公司绩效的相关研究,为其他实施国际化战略的企业提升绩效提供了理论依据。     

电子元器件行业国际化程度与企业绩效关系研究

本文以深沪A股196家电子元器件上市企业为样本,采用2014-2016年的数据分析我国电子元器件行业国际化程度与企业绩效关系。研究发现,现阶段我国电子元器件行业国际化程度较低,且与企业绩效呈现负相关关系。     

建筑企业国际化水平与公司绩效关系研究

本文选取我国2016-2018年建筑业上市公司中有进行跨国经营业务的公司作为研究对象,运用回归分析寻找企业国际化水平与公司绩效之间的关系。结果显示,建筑企业国际化水平与公司绩效之间的关系呈显著线性正相关关系。     

国际化与企业绩效：基于制度环境的研究

在经济全球化的浪潮中．作为我国优秀企业代表的上市公司群体，其产业国际化程度的高低是否与制度环境密切相关．国际化是否能够提升公司的绩效已成为我们重点关注的一个议题。国际上大量学者对企业国际化程度与企业绩效间的关系进行了研究，得到了大量的不相一致的研究结果。我国学者黄熳丽和蓝海林以我国104家上市公司作为样本研究了企业国际化程度与企业绩效间的关系．其中重点考虑了作为特定优势变量的研发密集度、广告密集度和国际化方式在其中的特殊推动作用。     

我国中小型企业国际化进入模式及其经营绩效研究

随着我国中小型企业国际化的深入,中小企业需要迫切改变企业出口产品生产技术低下、附加值不高、缺少品牌的现状。文章主要阐述了我国中小型企业国际化进入模式及其经营绩效分析。     

Board internationalization and corporate social responsibility

This study examines the association between board internationalization and firms’ corporate social responsibility (CSR) performance in China during 2009–2019. Using a large dataset of director nationalities and CSR scores, we find that foreign directors promote CSR performance as evidenced by higher CSR scores. We further document that this relationship is more pronounced among government-controlled firms, firms with better corporate governance, and firms operating under stricter institutional environments. These findings remain valid after sequential robustness checks. Overall, our findings imply that foreign directors motivate the board of directors and their firms to actively pursue and practice social responsibility. Our study enriches the literature on the outcomes of board internationalization and determinants of CSR and provides the internationalization of corporate governance mechanisms a reasonable basis.     

Corporate elite characteristics and firm's internationalization: CEO-level and TMT-level roles

This study attempts resolution of certain ambiguities of the corporate elite – Chief Executive Officer (CEO) and Top Management Team (TMT) – effect on corporate internationalization strategy. This work hypothesized that curvilinear relationship exists between CEO position tenure, TMT size, and TMT tenure heterogeneity and a firm's internationalization, by combining previous upper echelon theory and processing international business school perspective. Our detailed empirical findings indicate that CEO and TMT characteristics show a nonlinear relationship, based on 165 samples of Taiwanese firms operating in a technologically intensive industry. An inverted U-shaped relationship exists between CEO position tenure and TMT size regarding a firm's internationalization. These associations are an inverted U-shape, when internationalization level facing TMT tenure heterogeneity is accounted for.     

我国企业内部控制体系建设面临的困惑及思考

经济全球化及资本市场国际化的趋势,要求我国企业内部控制体系建设必须保持与国际发展水平相协调.文章针对现阶段我国企业内部控制体系建设面临的困惑进行了思考并提出建议,对于构建适合中国企业的内部控制体系具有十分重要的现实意义.     

Corporate Charitable Giving, Multinational Companies and Countries of Concern

This paper investigates the degree to which corporate charitable giving is influenced by a firm's internationalization and/or whether it has operations in one or more countries of concern. For a sample of large UK firms, we find evidence of a positive effect not for internationalization per se, but only for a presence in particular countries. In this connection, the salient country characteristic is a lack of political rights and/or civil liberties, and the positive impact on charitable giving is restricted to a presence in only those countries that are, according to Freedom House indicators, most lacking in this respect. Furthermore, our study highlights a mode of corporate response to stakeholder concerns and pressures – offsetting – that is qualitatively different from those suggested in earlier conceptual literatures.     

Asset-light strategy,managerial ability,and corporate performance of the Asian telecommunications industry

This paper examines the effects of asset-light strategy on the corporate performance of listed Asian telecommunications corporations and the moderating effect of managerial ability on the association between asset-light strategy and corporate performance. The study applies the dynamic slacks-based measure (DSBM) model and Tobit regression to measure managerial ability. The empirical results show that asset-light strategy positively affects corporate performance and that managerial ability has a significant moderating effect on the relationship between the degree of asset-lightness (DAL) and corporate performance. The findings further show that the greater the managerial ability, the stronger the relationship between DAL and corporate performance.     

企业国际化战略与管理层业绩预告准确度

以2007—2020年中国A股上市公司为样本,深入探讨企业实施国际化战略对管理层业绩预告准确度（管理层业绩预告偏差）的影响。研究发现,国际化战略与管理层业绩预告偏差之间并非存在简单的线性相关关系,而是存在一种类似“U型”曲线的相关关系,说明随着企业国际化经营程度的提高,管理层业绩预告偏差会呈现出先减后增的变化趋势。机制检验结果表明,企业实施国际化战略所引发的企业经营风险、盈余操纵动机与代理成本的“U型”变化是“U型”曲线关系产生的重要原因。进一步分析发现,这种“U型”曲线关系主要出现在非国有、外资股东持股比例较低、非双重监管、分析师治理水平较差和审计师治理水平较差的企业中。研究结论对于引导证券监管部门防范国际化经营企业业绩预告违规风险具有一定的实践意义。     

Disentangling the influence of internationalization on sustainability development: Evidence from the energy sector

This paper aims to deepen our understanding of the relationship between firms' internationalization and their sustainability development. We expected firms with a higher level of internationalization to exhibit better environmental management and performance. A sample of 287 publicly traded firms in the energy and energy‐related utilities sector was used to test these relationships. We focused on the energy sector, as energy production and supply have historically accounted for the lion's share of global greenhouse gas emissions. We found that firms' level of internationalization had a positive effect on their environmental management, whereas its effect on environmental performance was not found to be significant. We also tested whether these relationships change when firms' internationalization is oriented towards developing countries. Upon a closer look, the relationship was found to be significant between internationalization towards developing countries and better environmental management, thus contributing to the line of literature that does not support the pollution haven hypothesis.     

Narrow‐Framing and Risk Preferences in Family and Non‐Family Firms

Building upon prospect theory’s concept of narrow‐framing, we explore family firms’ risk preferences across multiple decisions in corporate entrepreneurship. We argue that family firms’ decisions are less likely to be narrowly framed (more likely to be made as a group rather than in isolation) compared to non‐family firms. Examining the interaction between two risky decisions (internationalization and R&D investment) in two samples of publicly traded firms in the USA and China confirms our hypotheses. Family firms appear more likely than non‐family firms to diversify risk when making multiple decisions concerning corporate entrepreneurship. However, given inferior performance, risk taking across multiple decisions in family firms is positively related.     

管理层股权设置与上市公司绩效的实证研究

本文运用非线性相关分析方法,检验了管理层股权设置(MSR)与公司经营绩效(ROE,Tobin‘sQ)之间的关系。结果表明,两者存在显著的非线性关系。通过系数矩阵的正负统计分析发现,国外学者提出的“利益趋同效应“和“掘壕自守效应“在我国上市公司中同样存在。同时还发现,公司的经营业绩与高管人员的持股比例存在区间效应。实证结果在否定税盾假设、企业成长假设、资产性质相关性假设的同时,肯定规模相关假设。     

浅析吉祥符号在企业形象塑造中的运用

中国传统吉祥符号是人类智慧的结晶,传承与发扬它,把其精神元素融入现代企业形象设计之中,寻找现代企业形象的图形元素,结合国际化的设计处理方式,向世界展示中国现代与传统相结合的设计之风。必定会使企业形象设计更具文化性与社会性。本文从吉祥符号的产生谈起,阐述了其产生的原因、意义,以及吉祥符号如何在企业形象塑造中运用。