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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，所有权集中和公司绩效：比较上市国有和非国有厘米的比较

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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：本文通过2009年至2016年，通过使用217家跨国企业（CMNES）的示例来研究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，本文发现增加短期债务与非国有CMNES的国际化表现正相关，同时通过国有CMNES增加短期债务将损害其表现。所有权集中度影响了CMNES的风险偏好，从而影响了不同程度的国际化表现。本文发现，CMNES最大的股东所有权集中对其国际化业绩影响的阈值为0.18，CMNES“十大股东的所有权集中在其国际化业绩”的影响的门槛为0.346和0.433。当国有CMNES的十大股东所有权集中超过0.337和0.347时，其国际化绩效将具有显着的积极变化。总体而言，该研究有望为新兴市场公司国际化的文献提供促进。

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