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首页> 外文会议>TNC forum (2010) >The Impact of Business Model,Asset Ownership Structure and Operating Performance on Companies' Value -Evidence from Chinese Multinational Corporations (MNCs)
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The Impact of Business Model,Asset Ownership Structure and Operating Performance on Companies' Value -Evidence from Chinese Multinational Corporations (MNCs)

机译：商业模式，资产所有权结构和经营绩效对公司价值的影响-来自中国跨国公司的证据

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In this paper,we carried out an empirical study by employing the structural level model in an attempt to find out the impact of business model,asset ownership structure and operating performance on Chinese Multinational Corporations (MNCs)' value.Our conclusion is as follows:First,the disparity between the maximum value and the minimum value of selected indices is rather significant,which can be explained by the varied operating methods employed by the firms and their sizes; Second,though operating performance has positive impact on the companies' value, asset ownership and operating model have overall negative effects;Third,as far as the impact on the latent variables is concerned,such indices as FS/TS,multinational business methods and operating model have negative effects;besides,internal index of ownership structure and proportion of state-owned shares have negative effects on ownership structure.Hence,we suggest in order to obtain the sustainable growth, domestic MNCs must be in cautious in identifying international business models and investment fields as well as enhancing competitive capacity with the perquisite of optimization of ownership structure and corporate governance.
机译：本文采用结构层次模型进行了实证研究，试图发现商业模式，资产所有权结构和经营绩效对中国跨国公司价值的影响。我们的结论如下：首先，所选指数的最大值和最小值之间的差异相当大，这可以用企业采用的不同操作方法及其规模来解释。其次，尽管经营绩效对公司价值产生正面影响，资产所有权和经营模式对整体产生负面影响;其三，就潜在变量的影响而言，FS / TS，跨国经营方法和经营等指标模式会产生负面影响;此外，内部所有权结构指数和国有股比例也会对所有权结构产生负面影响。因此，我们建议，为了实现可持续增长，国内跨国公司在选择国际商业模式时必须谨慎行事。投资领域，以及优化所有权结构和公司治理的能力，从而增强竞争能力。

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