公司治理对企业国际化影响因素的数据分析

本文利用世界银行提供的我国制造业企业相关数据，从公司所有权结构、董事会结构和经理激励三个方面，实证分析了公司治理对我国企业国际化影响。实证分析结果表明：在所有权结构方面，外资股份占有企业股份比例越高，企业国际化程度越高；内资股份制企业中，国有股份越多，高层管理人员股份越高，越不利于企业国际化；此外，董事会结构对企业国际化影响并不显著。从经理激励机制的影响来看，CEO的任期越长，越有利于企业国际化；CEO收入的确定，也有利于企业的国际化。

An Empirical Analysis of the Impact of Corporate Governance on Enterprises' Internationalization

Based on the data of Chinese manufacturing industry provided by World Bank,the paper classifies corporate governance into ownership structure,board structure and executive incentives and empirically studies the impact of corporate governance on enterprises' internationalization. The empirical results reveal that from the perspective of ownership structure,an enterprise with the higher proportion of shares hold by CEO has higher internationalization level. And the higher proportion of state holding shares an...