跨国公司高管团队国际经验多样性与海外建立模式研究*——管理自主权的调节效应
TOP MANAGEMENT TEAM INTERNATIONAL EXPERIENCE DIVERSITY AND FOREIGN ESTABLISHMENT MODE——The Moderating Role of Managerial Discretion

摘要 高管团队层面的经验将如何影响企业海外建立模式的选择？本文基于高阶理论，以2008—2012年中国280家上市公司772个海外子公司投资事件为样本，对此进行研究分析。结果显示：（1）高管团队国际经验的多样性促进了跨国公司选择海外并购的建立模式；（2）高管团队的管理自主权（组织资源冗余与高管团队持股）具有增强上述关系的调节作用。研究结果不仅强调了跨国决策中内部力量——高管团队的重要作用，同时实证检验了高管团队国际经验结构的多样性对于海外建立模式选择的作用，丰富了过去建立模式选择的研究，并给出了管理启示。
Abstract： Whats the impact of TMTs international experience on firms choice on foreign establishment mode? Based on 772 foreign entries of 280 listed firms during 2008—2012, the current paper applied the upper echelon theory to answer that question The empirical results show as follows: (1) TMT international experience diversity promotes the choice of crossborder M&A (2) Managerial discretion (organization slack and TMT ownership power) could enhance the abovementioned relationship Such findings not only deepened our understanding of the importance of TMT as internal decision force, but also examined the significant effect of TMT experience structure, namely international experience diversity on foreign establishment mode choice, thereby enriching entry mode research At last, this paper also provided managerial implications to practitioners