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财经研究  2015 

治理结构如何影响海外市场进入模式决策——基于中国上市公司对欧盟主要发达国家对外直接投资的数据

Keywords: 公司治理,市场进入模式,对外直接投资,欧盟

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Abstract:

文章基于中国上市公司对欧盟主要发达国家对外直接投资的数据,从所有权结构、董事会结构和管理层激励三方面研究了治理结构对企业海外市场进入模式决策的影响机制。结果表明:国有股比例较高、监事会规模较大的企业更有可能选择绿地投资;高管报酬总额比例较高的企业更有可能选择并购;独立董事比例较高的企业更有可能选择合资。此外,机构投资者持股比例较高、董事长与总经理两职合一的企业更倾向于并购或合资;高管持股比例较高的企业更倾向于绿地投资或合资;而股权集中度、董事会规模对海外市场进入模式选择没有显著影响。文章对于如何通过完善公司治理机制推动中国企业"走出去"提供了重要的经验证据。

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[34]  1并购和合资的定义如下:企业对海外分支机构的持股比例在90%及以上为并购,90%以下为合资。
[35]  1这里并非指单一机构投资者对一家企业的持股比例增大,而出现“一家独大”的情况,而是指多个机构投资者同时介入一家企业。
[36]  1上市公司董事会成员中应当至少包括1/3的独立董事。
[37]  1这种情形的企业共有43家,涉及投资决策55条。

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