国际化战略、董事会职能与企业绩效关系实证研究
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摘要
随着2001年中国加入世界贸易组织,以及中国企业“走出去”战略的不断加快与深化,中国企业融入国际市场的程度不断加深,国际化战略作为公司层战略的重要组成部分已成为国内众多企业的战略选择。然而,越来越多的失败案例表明开拓国际市场、整合全球市场资源、将国内市场核心竞争能力复制到国际市场,进而提升国际市场竞争力并不是件容易的事情。国际化战略既可能是“馅饼”,同样也可能是“陷阱”。特别是国内外学者针对国际化战略与企业绩效关系的实证研究结果也表明二者之间存在着正相关、负相关、U型关系、倒U型关系和不相关等多种可能结果,理论研究结果的不一致性使得企业在推动国际化战略方面也面临诸多困惑。
近些年来,随着中国企业跨国经营与管理深入的不断推进以及跨国公司治理理论研究的不断深化,企业界与理论界较为一致的结论是单纯的国际化战略与企业绩效之间并不必然存在绝对的线性关系,国际化战略成功执行是获得国际化战略绩效的必要前提条件,否则国际化战略将难以获得潜在的战略收益。进一步地,企业国际化战略成功和失败的关键在于能否有效地规避国际化风险、实现国际化战略收益,即相比较于国际化战略决策,国际化战略的成功实施对于企业绩效改善具有更为重要的战略意义。
基于国际化战略的特殊性以及现代企业制度本身属性的差别,董事会与经理层之间在国际化企业承担的职能与角色分化更加明显,即董事会承担更多的战略决策制定职能并为战略决策实施承担保障任务,而经理层则更关注与企业内部资源配置、运营管理工作以驱动企业内部高效率运转。但企业实践运营以及理论研究发现经理层在国际化战略实施过程中容易加剧或存在如下问题：国际化战略管理复杂性导致道德风险概率和严重程度的增加、战略管理环境多样性和复杂性导致解决问题能力面临空前挑战、国际化战略实施多种资源的大量需求均是摆在经理层面临亟待解决的现实问题。
而作为现代企业制度核心的董事会,随着企业战略管理环境复杂程度的增加,其职能和角色也已经从传统的集中于监督与制衡经理层,逐步过渡到参与企业战略管理全过程中,特别是战略实施、战略控制过程中,即董事会应综合平衡与实践监督控制职能、咨询服务职能、资源职能等,通过与经理层之间的密切配合与相互合作共同解决国际化战略扩张过程中面临的各种挑战与威胁。基于此,本研究立足于国际化战略本身特征,从理论角度分析国际化战略实施对于经理层管理国际化战略可能衍生或存在的问题,并结合现代企业制度下董事会战略职能的演变,提出国际化企业中董事会与经理层密切配合能更有效地应对国际化战略挑战,实现国际化战略潜在收益。
有鉴于此,本研究在理论逻辑推理的基础上构建了“董事会职能影响企业国际化战略实施程度与企业绩效关系”的逻辑框架。进一步地,本研究就董事会特征与董事会职能之间的对应关系,就董事会特征对国际化程度与企业绩效之间关系的影响提出了相关研究假设。实证研究结果表明,中国企业国际化程度(海外销售收入占总收入比重)与企业资产回报率之间关系存在并不显著的正向关系。进一步就董事会特征的调节效应来看,强化董事会三种职能的发挥均在一定程度上有助于促进国际化战略潜在收益的实现,但董事会不同特征之间在促进国际化战略收益实现方面有不同的表现,中国企业在国际化战略推进过程中应注重董事会不同特征之间的侧重与平衡才能有效地推进国际化战略正面效应的实现。
相比较于先前已有相关研究,本研究立足于国际化战略管理全过程视角就董事会如何协调与经理层之间监督治理关系、咨询服务关系以及资源提供关系,进而为经理层更好地应对国际化战略挑战、获取潜在战略收益创造条件进行了系统的探讨,具有一定的理论创新性。与此同时,本研究也存在诸多局限和不足,未来仍有诸多亟待完善之处。
With the2001Chinese accession to the world trade organization, accelerating and Chinese enterprises " going out" strategy and the deepening of enterprises into the international market, Chinese deepening of internationalization strategy, as an important part of corporate strategy has become a strategic choice for many domestic enterprises. However, more and more cases that failed to develop the international market, integration of global market resources, copy the core competition ability of domestic market to the international market, and enhance the competitiveness in the international market is not an easy thing. Internationalization strategy may be both "pie", also may be "trap". Particularly between the domestic and foreign scholars for the internationalization strategy and firm performance:an empirical study also showed that the two there is a positive correlation, negative correlation, U, inverted U relationship and is not related to a variety of possible results, theoretical results of the inconsistency makes the enterprise faces a lot of confusion in promoting the internationalization strategy.
In recent years, with the deepening of China transnational operation and management depth and the continuous progress of multi-national corporation governance theory research, business and the theory is consistent between the internationalization strategy and enterprise performance is simply does not exist absolute linear relationship, internationalization strategy is the necessary precondition for the successful implementation of the internationalization strategy, otherwise the internationalization strategy will be difficult to obtain strategic income potential. Further, the key enterprise internationalization strategy success and failure lies in whether we can effectively avoid risks, realize the internationalization strategic income, namely compared to internationalization strategy, internationalization strategy success implementation for enterprise performance improvement is more important strategic significance.
The special properties of internationalization strategy and the modern enterprise system is based on the differences between, between the board of directors and managers in the function and role of the internationalization of enterprises undertake more obvious differentiation, the board of directors undertake strategic decision making functions and more strategic decisions for the implementation of the guarantee avoidance task, while the manager is more concerned with internal resource allocation operation and management, to drive the internal efficiency. But the practice of enterprise operation and theoretical research found the following problems easy to aggravate or managers to implement in the strategic process of Internationalization: international strategic management complexity leads to moral hazard probability and severity increased, strategic management environment diversity and complexity in the problem solving ability is facing unprecedented challenges, the internationalization strategy of multiple resources are placed facing the great demand the realistic problem urgently to be solved in the manager layer.
As the core of the modern enterprise system board increases along with the enterprise strategic management of environmental complexity, their functions and roles has changed from the traditional focus on the supervision and restraint managers, a gradual transition to participate in the whole process of the enterprise strategy management in particular implementation of the strategy, strategic control process, namely, the board of directors shall balance and practice the function of supervision and control, service function, resource function, in close coordination and mutual cooperation with managers together to solve the challenges and threats facing the internationalization strategy of expansion in the process. Based on this, this research is based on the characteristic analysis of internationalization strategy, internationalization strategy implementation for the manager layer management internationalization strategy may be derived or problems from the angle of theory, combined with the evolution of modern enterprise system strategic functions of the board of directors, the directors of international enterprises will work closely with the manager layer can be more effective strategy to cope with the international challenges, international strategy to achieve the potential benefits.
In view of this, this study constructs a logical framework of "the functions of the board of directors of enterprises internationalization strategy implementation degree and corporate performance" in the basic theory of logical reasoning. Further more, the study on the characteristics of board of directors and the board of directors corresponding relationship between functions, then the effects of board characteristics on the relationship between the degree of internationalization and corporate performance of the proposed hypotheses. The empirical results show that, the degree of internationalization (Chinese overseas sales revenue accounted for the proportion of the total income of) there is no significant positive relationship with the relationship between enterprise assets return rate. The board of directors regulation effect characteristics, strengthening the board three functions are help to promote international strategy to achieve the potential benefits to a certain extent, but the different characteristics between the board of directors in promoting international strategy to achieve earnings have different performance, Chinese enterprises should pay attention to the board of directors focus on implementation and balance to be effective to promote the internationalization strategy of positive effects among different features in the process of internationalization strategy.
Compared with previous relevant studies, this research is based on the strategy of internationalization management of the whole process of the perspective of board of directors and managers is how to coordinate the relationship between supervision and management, advisory services and resources, so as to better cope with the challenges of management internationalization strategy, obtain the potential revenue strategy to create the conditions were discussed, theoretical innovation certain. At the same time, this study also has many limitations and shortcomings, future still has many aspects to perfect.
近些年来,随着中国企业跨国经营与管理深入的不断推进以及跨国公司治理理论研究的不断深化,企业界与理论界较为一致的结论是单纯的国际化战略与企业绩效之间并不必然存在绝对的线性关系,国际化战略成功执行是获得国际化战略绩效的必要前提条件,否则国际化战略将难以获得潜在的战略收益。进一步地,企业国际化战略成功和失败的关键在于能否有效地规避国际化风险、实现国际化战略收益,即相比较于国际化战略决策,国际化战略的成功实施对于企业绩效改善具有更为重要的战略意义。
基于国际化战略的特殊性以及现代企业制度本身属性的差别,董事会与经理层之间在国际化企业承担的职能与角色分化更加明显,即董事会承担更多的战略决策制定职能并为战略决策实施承担保障任务,而经理层则更关注与企业内部资源配置、运营管理工作以驱动企业内部高效率运转。但企业实践运营以及理论研究发现经理层在国际化战略实施过程中容易加剧或存在如下问题：国际化战略管理复杂性导致道德风险概率和严重程度的增加、战略管理环境多样性和复杂性导致解决问题能力面临空前挑战、国际化战略实施多种资源的大量需求均是摆在经理层面临亟待解决的现实问题。
而作为现代企业制度核心的董事会,随着企业战略管理环境复杂程度的增加,其职能和角色也已经从传统的集中于监督与制衡经理层,逐步过渡到参与企业战略管理全过程中,特别是战略实施、战略控制过程中,即董事会应综合平衡与实践监督控制职能、咨询服务职能、资源职能等,通过与经理层之间的密切配合与相互合作共同解决国际化战略扩张过程中面临的各种挑战与威胁。基于此,本研究立足于国际化战略本身特征,从理论角度分析国际化战略实施对于经理层管理国际化战略可能衍生或存在的问题,并结合现代企业制度下董事会战略职能的演变,提出国际化企业中董事会与经理层密切配合能更有效地应对国际化战略挑战,实现国际化战略潜在收益。
有鉴于此,本研究在理论逻辑推理的基础上构建了“董事会职能影响企业国际化战略实施程度与企业绩效关系”的逻辑框架。进一步地,本研究就董事会特征与董事会职能之间的对应关系,就董事会特征对国际化程度与企业绩效之间关系的影响提出了相关研究假设。实证研究结果表明,中国企业国际化程度(海外销售收入占总收入比重)与企业资产回报率之间关系存在并不显著的正向关系。进一步就董事会特征的调节效应来看,强化董事会三种职能的发挥均在一定程度上有助于促进国际化战略潜在收益的实现,但董事会不同特征之间在促进国际化战略收益实现方面有不同的表现,中国企业在国际化战略推进过程中应注重董事会不同特征之间的侧重与平衡才能有效地推进国际化战略正面效应的实现。
相比较于先前已有相关研究,本研究立足于国际化战略管理全过程视角就董事会如何协调与经理层之间监督治理关系、咨询服务关系以及资源提供关系,进而为经理层更好地应对国际化战略挑战、获取潜在战略收益创造条件进行了系统的探讨,具有一定的理论创新性。与此同时,本研究也存在诸多局限和不足,未来仍有诸多亟待完善之处。
With the2001Chinese accession to the world trade organization, accelerating and Chinese enterprises " going out" strategy and the deepening of enterprises into the international market, Chinese deepening of internationalization strategy, as an important part of corporate strategy has become a strategic choice for many domestic enterprises. However, more and more cases that failed to develop the international market, integration of global market resources, copy the core competition ability of domestic market to the international market, and enhance the competitiveness in the international market is not an easy thing. Internationalization strategy may be both "pie", also may be "trap". Particularly between the domestic and foreign scholars for the internationalization strategy and firm performance:an empirical study also showed that the two there is a positive correlation, negative correlation, U, inverted U relationship and is not related to a variety of possible results, theoretical results of the inconsistency makes the enterprise faces a lot of confusion in promoting the internationalization strategy.
In recent years, with the deepening of China transnational operation and management depth and the continuous progress of multi-national corporation governance theory research, business and the theory is consistent between the internationalization strategy and enterprise performance is simply does not exist absolute linear relationship, internationalization strategy is the necessary precondition for the successful implementation of the internationalization strategy, otherwise the internationalization strategy will be difficult to obtain strategic income potential. Further, the key enterprise internationalization strategy success and failure lies in whether we can effectively avoid risks, realize the internationalization strategic income, namely compared to internationalization strategy, internationalization strategy success implementation for enterprise performance improvement is more important strategic significance.
The special properties of internationalization strategy and the modern enterprise system is based on the differences between, between the board of directors and managers in the function and role of the internationalization of enterprises undertake more obvious differentiation, the board of directors undertake strategic decision making functions and more strategic decisions for the implementation of the guarantee avoidance task, while the manager is more concerned with internal resource allocation operation and management, to drive the internal efficiency. But the practice of enterprise operation and theoretical research found the following problems easy to aggravate or managers to implement in the strategic process of Internationalization: international strategic management complexity leads to moral hazard probability and severity increased, strategic management environment diversity and complexity in the problem solving ability is facing unprecedented challenges, the internationalization strategy of multiple resources are placed facing the great demand the realistic problem urgently to be solved in the manager layer.
As the core of the modern enterprise system board increases along with the enterprise strategic management of environmental complexity, their functions and roles has changed from the traditional focus on the supervision and restraint managers, a gradual transition to participate in the whole process of the enterprise strategy management in particular implementation of the strategy, strategic control process, namely, the board of directors shall balance and practice the function of supervision and control, service function, resource function, in close coordination and mutual cooperation with managers together to solve the challenges and threats facing the internationalization strategy of expansion in the process. Based on this, this research is based on the characteristic analysis of internationalization strategy, internationalization strategy implementation for the manager layer management internationalization strategy may be derived or problems from the angle of theory, combined with the evolution of modern enterprise system strategic functions of the board of directors, the directors of international enterprises will work closely with the manager layer can be more effective strategy to cope with the international challenges, international strategy to achieve the potential benefits.
In view of this, this study constructs a logical framework of "the functions of the board of directors of enterprises internationalization strategy implementation degree and corporate performance" in the basic theory of logical reasoning. Further more, the study on the characteristics of board of directors and the board of directors corresponding relationship between functions, then the effects of board characteristics on the relationship between the degree of internationalization and corporate performance of the proposed hypotheses. The empirical results show that, the degree of internationalization (Chinese overseas sales revenue accounted for the proportion of the total income of) there is no significant positive relationship with the relationship between enterprise assets return rate. The board of directors regulation effect characteristics, strengthening the board three functions are help to promote international strategy to achieve the potential benefits to a certain extent, but the different characteristics between the board of directors in promoting international strategy to achieve earnings have different performance, Chinese enterprises should pay attention to the board of directors focus on implementation and balance to be effective to promote the internationalization strategy of positive effects among different features in the process of internationalization strategy.
Compared with previous relevant studies, this research is based on the strategy of internationalization management of the whole process of the perspective of board of directors and managers is how to coordinate the relationship between supervision and management, advisory services and resources, so as to better cope with the challenges of management internationalization strategy, obtain the potential revenue strategy to create the conditions were discussed, theoretical innovation certain. At the same time, this study also has many limitations and shortcomings, future still has many aspects to perfect.
引文
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