民营跨国企业治理结构对绩效的影响 ——基于企业经营区域市场多元化的调节作用

以海外子公司占比、海外子公司数和海外子公司分布的国家数来衡量经营区域市场多元化的程度,并以此作为调节变量来研究其对企业治理结构和跨国企业绩效关系的调节作用.选取88家近7年来有海外并购经验的上市民营企业作为样本进行研究,得出如下几点结论:在有并购经验的民营跨国企业中,股权制衡度与企业绩效托宾Q呈显著正相关关系;股权集中...

Impact of Governance Structure of Private Multinational Enterprises on Corporate Performance:Based on the Moderating Effect of the Diversification of Enterprises' Regional Market

The proportion of overseas subsidiaries， the number of overseas subsidiaries and the number of countries of overseas subsidiaries were used to measure the degree of market diversification in operating regions， which was used as a moderating variable to study its regulating effect on corporate governance structure and the performance relationship of multinational enterprises.88 listed private companies with overseas M&A experience in the past seven years were selected as the research samples，and the conclusions were as follows: in the private multinational companies with M&A experience， the equity balance degree is significantly positively correlated with the Tobin’s Q; equity concentration， management shareholding ratio， executives’ average salary and employee education level don’t have significantly effect on Tobin’s Q; the proportion of overseas subsidiaries， the number of overseas subsidiaries and the number of countries in which there are overseas subsidiaries can significantly weaken the positive effect of equity balance on Tobin’s Q.