Family Ownership and Firm Internationalization:The Moderating Effects of Institutional Environment
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摘要: 国际化是出口型家族企业获取竞争优势并促进企业发展的重要战略。基于制度基础观, 以2009—2016年我国中小板和创业板上市的家族企业为样本, 实证检验了家族所有权对企业国际化的影响, 并考察了中国经济政策不确定性、地区市场化程度和行业竞争程度对此影响的调节作用。研究结果表明家族所有权与企业国际化呈显著负相关关系。另外, 地区市场化程度和市场竞争激烈度会缓和家族所有权对企业国际化的抑制作用, 但中国经济政策不确定性的调节作用不显著。研究结论拓展了家族企业异质性与国际化战略之间关系的实证研究, 对理解转轨经济条件下制度环境对企业行为的影响具有重要的政策启示。Abstract: Internationalization is an important growth strategy for export-oriented family business. Using a sample of Chinese firms listed on the SME Board and ChiNext Board between 2009 and 2016, this paper aims to investigate the influence of family ownership on firm internationalization and the moderating role of the institutional environment including China's economic policy uncertainty, regional marketization and industry competition in the process of the influence. The results show that there is a significant negative correlation between family ownership and firm internationalization. In addition, it is found that the degree of regional marketization and the intensity of market competition will ease the inhibition of family ownership on the firm internationalization, but the moderating effect of China's economic policy uncertainty is not significant. The conclusion expands the empirical research on the relationship between the heterogeneity of family business and internationalization strategy, which has policy implications for understanding the impact of institutional environment on corporate behavior under the transitional economy.
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表 1 描述性统计结果(N=3 784)
Variable Mean Sd Min P50 Max Fsts 0.167 0.230 0 0.055 0.906 Famown 0.418 0.148 0.119 0.409 0.743 EPU 1.093 0.130 0.921 1.062 1.257 Market 8.290 1.431 3.490 8.580 9.950 Compet 0.890 0.153 0 0.961 0.982 Age 13.14 5.159 2 13 42 Size 9.274 0.348 8.600 9.241 10.30 ROA 0.059 0.048 -0.092 0.056 0.211 Debt 0.309 0.175 0.030 0.288 0.737 Rd 0.048 0.040 0 0.037 0.257 Board 8.211 1.349 4 9 13 Indratio 0.377 0.055 0.200 0.333 0.667 Duality 0.414 0.493 0 0 1 Famdir 0.243 0.108 0 0.222 0.556 Famman 0.191 0.155 0 0.167 0.667 Rgdp 4.772 0.158 4.326 4.802 5.073 
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表 2 相关关系矩形
表 3 家族所有权与企业国际化的回归结果
Variable (1) (2) (3) (4) (5) Famown -0.166*** -0.166*** -0.170*** -0.183*** -0.187*** (-4.115) (-4.115) (-4.236) (-4.521) (-4.624) Famown×EPU -0.004 -0.023 (-0.037) (-0.191) Famown×Market 0.078*** 0.075*** (3.718) (3.623) Famown×Compet 0.956*** 0.930*** (3.173) (3.090) EPU -0.033 -0.033 -0.036 -0.041 -0.044 (-0.787) (-0.786) (-0.861) (-0.990) (-1.058) Market 0.054*** 0.054*** 0.053*** 0.054*** 0.053*** (7.628) (7.632) (7.558) (7.612) (7.563) Compet 0.018 0.017 0.019 0.057 0.055 (0.203) (0.196) (0.218) (0.615) (0.596) Age 0.001 0.001 0.001 0.001 0.001 (0.925) (0.932) (0.831) (0.841) (0.777) Size 0.005 0.004 0.005 0.004 0.003 (0.234) (0.212) (0.234) (0.212) (0.135) ROA -0.233** -0.231** -0.229** -0.242** -0.233** (-2.020) (-2.004) (-1.999) (-2.106) (-2.030) Debt 0.046 0.047 0.055 0.051 0.063* (1.285) (1.304) (1.524) (1.407) (1.738) Rd -0.403*** -0.401*** -0.388*** -0.400*** -0.377** (-2.699) (-2.679) (-2.597) (-2.685) (-2.523) Board -0.002 -0.002 -0.001 -0.001 -0.001 (-0.328) (-0.325) (-0.218) (-0.197) (-0.077) Indratio -0.022 -0.022 -0.017 -0.006 -0.002 (-0.191) (-0.193) (-0.147) (-0.050) (-0.014) Duality 0.026** 0.026** 0.024** 0.027** 0.025** (2.368) (2.368) (2.240) (2.482) (2.344) Famdir 0.156*** 0.156*** 0.165*** 0.156*** 0.163*** (3.120) (3.103) (3.296) (3.107) (3.242) Famman -0.019 -0.019 -0.016 -0.018 -0.014 (-0.512) (-0.501) (-0.432) (-0.487) (-0.365) Rgdp -0.329*** -0.330*** -0.319*** -0.326*** -0.318*** (-5.036) (-5.045) (-4.886) (-4.988) (-4.867) Year 控制 控制 控制 控制 控制 Industry 控制 控制 控制 控制 控制 Cons. 1.113*** 1.114*** 1.065*** 1.087*** 1.041*** (3.401) (3.401) (3.256) (3.316) (3.176) N 3784 3784 3784 3784 3784 N_LC 1101 1101 1101 1101 1101 Loglikelihood -969.148 -969.109 -962.905 -962.065 -955.661 Pseudo R2 0.343 0.343 0.347 0.348 0.352
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