【作者】 徐莹；

【导师】 吕鸿江； 陈群；

【作者基本信息】 东南大学 ， 国际商务（专业学位）， 2021， 硕士

【摘要】 近年来,中国企业出口和国际直接投资的总量不断扩大,越发主动参加国际竞争。企业国际化的程度在加深,学界也纷纷投入研究企业国际化的影响因素。国际化程度既受国家层面的经济发展水平、政策开放程度等因素的影响,更受企业治理结构、团队特征和员工个人因素的影响。跨国活动在使企业能够充分发挥自身竞争优势的同时,日益提升的风险也给经营管理水平提出了更高的要求。在经济全球化的大背景下,中国企业如何通过提升管理水平来拉动国际化绩效的提升这个问题值得深入研究。高管团队在公司管理决策中起决定性作用,影响着公司的日常运营和重要战略的选择。高阶理论将高管团队和企业绩效联系起来,分析团队特征对绩效的影响。后来学者基于此,研究高管团队与国际化的关系。本文选取有国际化活动的中国A股上市公司作为研究对象,以海外销售收入占总收入的比重为被解释变量,依据高阶理论和委托代理理论设计三组被解释变量高管团队的非异质性特征、异质性特征和激励特征,在公司层面选取四个控制变量,观察2014-2018年的高管团队特征对2015-2019年的国际化绩效的影响。经过对面板数据的处理和统计分析,得到如下结论:(1)高管团队年龄均值对国际化绩效有负面影响,教育程度均值对国际化绩效有正面作用;(2)高管团队年龄异质性和受教育程度异质性对国际化绩效有正面作用,性别异质性无显著影响;(3)高管团队薪酬均值和持股比例对国际化绩效有正面影响,两职兼任情况无显著作用。基于中国经济现状和实证研究结果,为企业国际化提出建议:选择年纪小、受教育程度高的高管团队,保持团队成员之间的年龄异质性和受教育程度异质性,在组建之后利用薪酬激励和给予持股等手段促进管理层和公司利益的一致性趋向,从而提高企业的国际化绩效水平。更多还原

【Abstract】 In recent years,the total volume of Chinese enterprises’ exports and international direct investment has been expanding,and they have become more proactive in participating in international competition.The degree of corporate internationalization is deepening,and academic circles have been busy in research on the factors affecting corporate internationalization.The degree of internationalization is not only affected by factors such as the level of economic development and policy openness at the national level,but also by the corporate governance structure,team characteristics,and personal factors of employees.While transnational activities enable companies to give full play to their own competitive advantages,increasing risks also place higher requirements on the level of management.Under the background of economic globalization,how Chinese enterprises can promote the improvement of international performance by improving their management level is worthy of in-depth study.The senior management team plays a decisive role in the company’s management decisions,affecting the company’s daily operations and the choice of important strategies.Upper Echelons Theory connects the executive team and corporate performance,and analyzes the impact of team characteristics on performance.Later,scholars studied the relationship between the top management team and internationalization based on this.This paper selects Chinese A-share listed companies with international activities as the research object,takes the proportion of overseas sales revenue to total revenue as the explained variable.According to Upper Echelons Theory and Principal-agent Theory,three groups of explained variables are designed with nonheterogeneity characteristics,heterogeneity characteristics and incentive characteristics of executives.Four control variables are selected at the company level to observe the impact of the characteristics of the executive team from 2014 to 2018 on the international performance of2015 to 2019.After data processing and statistical analysis of the panel data,the following conclusions are obtained:(1)The average age of the senior management team has a negative impact on international performance,and the average education level has a positive effect on international performance;(2)The age heterogeneity and education level heterogeneity of the senior management team have a positive effect on international performance,and gender heterogeneity has no significant effect;(3)The average salary and shareholding ratio of the senior management team have a positive impact on international performance,and the two-time part-time situation has no significant effect.Based on the status quo of China’s economy and the results of empirical research,suggestions are made for the internationalization of companies:choose a young and highly educated senior management team,and maintain the heterogeneity of age and education among team members,after the formation Use compensation incentives and shareholding to promote the consistent trend of management and the company’s interests,thereby improving the company’s international performance.更多还原