摘要
OFDI速度影响着企业国际化的收益与风险,对于战略决策者来说颇具挑战,目前有关家族企业OFDI速度是积极的还是保守的仍缺乏共识。本文基于企业行为理论,聚焦于家族企业的创始人控制,认为创始人的企业家和家长双重身份赋予了其创业精神和长期导向,从而使家族企业在OFDI机会探索和风险承担方面表现出独特性。基于2003—2019年中国沪深上市家族企业的实证结果,本研究表明:相对于非创始人控制,创始人控制能促进家族企业的OFDI速度;行业竞争性增强了创始人控制与OFDI速度的正向关系,地区市场化程度削弱了创始人控制与OFDI速度的正向关系。进一步研究表明,创始人控制分别与二代控制和职业经理人控制相比更能促进家族企业OFDI速度;创始人父子共治期会抑制OFDI速度,而创始人的数量并不影响OFDI速度;创始人控制会更偏向于促进家族企业进入非发达经济体的OFDI速度。研究结论揭示了不同家族企业OFDI扩张速度的差异,深化了两类不同的家族控制类型对企业OFDI战略行为的影响,对家族企业的治理与OFDI扩张具有一定的实践启示。
OFDI speed affects the benefits and risks of firm internationalization,which poses a significant challenge for strategic decision-makers.Currently,there is still no consensus on whether the OFDI speed of family businesses is positive or conservative.Based on the behavioral theory of the firm,this paper focuses on the founder control in family businesses and holds that the dual identities of a founder,as both entrepreneur and parent,endow him or her with an entrepreneurial spirit and a longterm orientation,thus making him or her unique in OFDI opportunity exploration and risk-taking.Based on the empirical results of Shanghai and Shenzhen listed family businesses in China from 2003 to 2019,the study shows that founder control can promote the OFDI speed of family businesses compared with non-founder control.This positive effect is enhanced by industry competitiveness,while it is weakened by regional marketization.Further research indicates that compared with second-generation control or professional manager control,founder control can more effectively accelerate the OFDI speed of family businesses.Co-governance between father and son founders will inhibit the OFDI speed of family businesses,while the number of founders does not affect it.Founder control is more inclined to promote the OFDI speed of family businesses entering underdeveloped economies.This paper reveals the differences in the expansion speed of OFDI among different family businesses,deepens the research on the impact of two different types of family control on the strategic behavior of family businesses,and has certain practical insights for the governance and OFDI expansion of family businesses.
作者
唐继凤
邹立凯
李新春
Tang Jifeng;Zou Likai;Li Xinchun(School of Medical Business,Guangdong Pharmaceutical University,Zhongshan 528453;School of Business,Shantou University,Shantou 515063,China;School of Business,Sun Yat-sen University,Guangzhou 510006,China)
出处
《外国经济与管理》
北大核心
2026年第2期23-44,共22页
Foreign Economics & Management
基金
国家自然科学基金国际(地区)合作与交流项目(71810107002)
国家自然科学基金青年项目(72202127)。
