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首页> 外文期刊>Journal of Chinese Economics and Business Studies >Debt financing structure, ownership concentration and firm performance: a comparison of the listed state-owned and non-state-owned CMNEs
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Debt financing structure, ownership concentration and firm performance: a comparison of the listed state-owned and non-state-owned CMNEs

机译：债务融资结构，股权集中度和企业绩效：上市国有和非国有CMNE的比较

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摘要

This paper examines the impact of debt financing and ownership concentration on internationalization performance by using a sample of 217 Chinese multinational enterprises (CMNEs) from 2009 to 2016. Through fixed-effect regression and dynamic threshold analysis, this paper finds that increasing short-term debts is positively associated with the internationalization performance of non-state-owned CMNEs, while increasing short-term debts by state-owned CMNEs will harm their performance. Ownership concentration affects CMNEs' risk preference and thus affecting their internationalization performance in different degrees. This paper finds that the threshold for the impact of CMNEs' largest shareholder's ownership concentration on its internationalization performance is 0.18, the thresholds for the impact of CMNEs' top 10 shareholders' ownership concentration on its internationalization performance are 0.346 and 0.433. When state-owned CMNEs' top 10 shareholders' ownership concentration exceeds 0.337 and 0.347, their internationalization performance will have significant positive changes. Overall, this study is expected to contribute to the literature of internationalization of emerging market companies.
机译：本文以2009年至2016年间217家中国跨国企业为样本，研究了债务融资和所有权集中度对国际化绩效的影响。通过固定效应回归和动态阈值分析，本文发现短期债务增加与非国有CMNE的国际化表现成正相关，而国有CMNE的短期债务增加将损害其表现。所有权集中度会影响CMNE的风险偏好，从而在不同程度上影响其国际化绩效。本文发现，CMNEs最大股东所有权集中度对其国际化绩效的影响阈值为0.18，CMNEs前十大股东所有权集中度对其国际化绩效的影响阈值为0.346和0.433。当国有CMNE的前10名股东的所有权集中度超过0.337和0.347时，其国际化绩效将发生重大的积极变化。总的来说，这项研究有望为新兴市场公司国际化的文献做出贡献。

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