摘要
在中国市场特殊的公司治理环境中,CEO激励对企业的国际化具有显著的重要性。本文基于交互效应和调节效应模型,采用中国制造业上市公司的数据,研究发现:(1)CEO所获得的薪酬越高、任期越长、持股比例越高,越有利于提升上市公司的国际化程度;(2)CEO任期激励和薪酬激励之间互相强化,存在显著的交互效应;(3)CEO年龄特征则对任期激励、股权激励与企业国际化程度之间的关系具有调节效应;(4)CEO教育程度对薪酬激励与企业国际化程度之间的关系具有调节效应。本文研究结论对于中国企业在国际化进程中如何激励以CEO为代表的高层管理者,促进企业国际化具有重要的参考价值。
In the special governance environment of Chinese market,CEO incentive has great influences on firm internationalization.This paper,based on Interaction Effect and Moderating Effect Model and with evidences from listed Chinese manufacturing companies,finds that:( 1) the higher CEO's compensation is,longer CEO's tenure is,and higher ownership CEO holds,the more internationalized a firm tends to be.( 2) CEO's tenure incentive and compensation incentive strengthen each other,and interaction effect exists between them.( 3) CEO's age has moderating effect on the relationship between tenure incentive and firm internationalization degree,as well as the relationship between ownership incentive and firm internationalization degree.( 4) CEO's educational background has moderating effect on the relationship between compensation incentive and firm internationalization degree. The research results of this paper have significant reference value on how to stimulate top management represented by CEO in the process of Chinese firm's internalization.
出处
《管理评论》
CSSCI
北大核心
2014年第7期148-158,共11页
Management Review
基金
国家自然科学基金项目(71302166)
上海市教育委员会科研创新重点项目(13ZS009)
上海高校青年教师培养资助计划(ZZSLG13018)
上海理工大学人文社会科学基金项目(13XSY15)
关键词
CEO激励
国际化战略
交互效应
调节效应
CEO incentive,internationalization strategy,interaction effect,moderating effect
