功不唐捐，玉汝于成。经过在DBA的课程学习与实践，2022年11月14日，DBA五期班同学、澳大利亚新胜集团CEO羌毅迎来了他的最终答辩时刻。羌毅同学在答辩现场阐述了《董事会异质性对公司国际化战略的影响研究》，成果丰硕，最终顺利通过答辩。恭喜羌毅同学，让我们一起回顾他的高光时刻。

企业家学者项目（DBA）整合全球优质教育资源，打造极具前沿性和系统性课程，在框架模块、聚焦模块、专题研究+实践课堂这三大核心课程中，涵盖2大金融主题与4大微观主题，探索6大宏观方向，定制化行业专题，走访行业内领军企业。羌毅同学正是在理论与实践的碰撞中，收获了应对新商业文明下新问题与新挑战的能力。“理解 - 判断 - 实践 - 引领”的DBA学习之旅，让他在企业家学者项目中历经了新商业文明的一次次洗礼，完成了跨越式的思想“突围”。 

本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了羌毅同学的学术成果。

GENG Xuesong

Associate Professor of Strategic Management,SMU

LI Wei

Professor of Economics,CKGSB

 

CHEN Xia

Professor of Accounting,SMU

 

 

羌毅 | 董事会异质性对公司国际化战略的影响研究

 

羌毅同学答辩中

▇ 论文摘要：

随着世界经济一体化的深度融合及中国“一带一路”战略的提出，越来越多的中国企业开始积极实施国际化战略。已有研究探讨了诸多因素对公司国际化战略实施的影响，主要集中在外部环境和公司特征方面，较少涉及公司治理特征，尤其是董事会的结构。本研究聚焦于董事会异质性这一董事会的结构特征，深入剖析其对公司国际化战略的影响及内在机制。

为揭示董事会异质性影响公司国际化战略的内在机制，本文首先基于已有研究对董事会异质性与公司国际化战略之间的关系进行了分析。在分析主效应基础上，引入了个体、组织及环境等不同层面情境因素的调节效应。随后，基于2011-2020年中国上市公司的数据，本研究对提出的研究假设进行了实证检验。

实证结果表明：董事会异质性对公司国际化战略有积极影响。当董事长为女性或任期较长时，董事会异质性对公司国际化战略的促进作用更强。公司冗余资源越丰富，以及公司为国有企业时，董事会异质性对公司国际化战略的影响更显著。外部环境动态性越高、市场化程度越高，董事会异质性对公司国际化战略的促进作用越显著。在经过了变换变量测量方式、改变回归方法后，本文的结论依然稳健。进一步检验表明：董事会异质性通过提高公司的风险承担水平进而提升了公司国际化战略。董事会异质性通过促进公司国际化战略的实施，进而提升了公司价值。董事会关系异质性和任务异质性对公司国际化战略的影响程度存在差异，相比于前者，后者是公司实施国际化战略的主要原因。

研究发现具有一定的理论贡献：

第一，本研究通过深入剖析董事会异质性对公司多元化战略的影响，有力丰富了董事会异质性经济后果的相关研究。

第二，本研究从实践出发，识别了董事会异质性这一国际化战略的重要影响因素，补充了国际化战略影响因素的相关研究。

第三，本研究通过对不同层面因素如何调节董事会异质性与公司国际化战略之间关系进行理论分析与实证检验，深化了对董事会作用的理解。

研究发现还具有一定的实践启示：

第一，对于有意开展国际化战略或者已经开始国际化战略的公司而言，可以通过构建异质性的董事会，利用董事会成员在性别、年龄、教育水平、职业背景、任期等方面的差异化所带来的信息和资源来避免国际化竞争中可能产生的不确定风险。

第二，在完善董事会成员结构的同时，还需要注意个体、组织和环境层面因素的影响。

第三，对于有意开拓国际市场、实施国际化战略的公司而言，应该充分发挥董事会异质性的积极作用，进而提升公司价值。

答辩现场

▇ ABSTRACT：

With the deep integration of world economy and the proposal of China's "the Belt and Road" strategy, more and more Chinese enterprises have begun to actively implement the internationalization strategy. Existing studies have explored the influence of many factors on the implementation of a company's internationalization strategy, mainly focusing on the external environment and the company's characteristics. However, scholars pay less attention to corporate governance characteristics, especially the structure of the board of directors. This study focuses on the board heterogeneity, which is one structural feature of the board, and deeply analyzes its impact on the company's internationalization strategy and the internal mechanism.

In order to reveal the internal mechanism through which board heterogeneity affects the company's internationalization strategy, this paper first analyzes the relationship between board heterogeneity and the company's internationalization strategy based on existing research. On the basis of analyzing the main effect, the moderating effects of contextual factors at different levels such as individual, organization and environment are introduced. Subsequently, based on the data of Chinese listed companies from 2011 to 2020, this study empirically tests the proposed research hypothesis.

The empirical results show that, board heterogeneity has a positive impact on the company's internationalization strategy. When the chairman of the board is a woman or has a longer tenure, the heterogeneity of the board of directors plays a more important role in promoting the company's internationalization strategy. For the companies with more abundant resources and owned by the state, the heterogeneity of the board of directors has a more significant impact on the company's internationalization strategy. The higher the dynamics of the external environment and the higher the degree of marketization, the more significant the role of heterogeneity of the board of directors in promoting the company's internationalization strategy. After changing the measurement method of variables and changing the regression method, the conclusions of this paper are still robust. Further tests show that board heterogeneity improves the company's internationalization strategy by improving the company's risk-taking level. The heterogeneity of the board of directors enhances company value by promoting the implementation of the company's internationalization strategy. The heterogeneity of board relationship and task have different effects on the internationalization strategy of the company. Compared with relationship heterogeneity, task heterogeneity is the main reason for the company to implement the internationalization strategy.

羌毅同学在长江DBA课堂上

The research findings have several theoretical contributions: First, this study has enriched research on the economic consequences of board heterogeneity by deeply analyzing the impact of board heterogeneity on the company's internationalization strategy. Second, this study identifies the board heterogeneity as an important influencing factor of internationalization strategy from the perspective of business practice, thus enriching related research on the influencing factors of internationalization strategy. Third, this study deepens the understanding of the role of the board of directors through theoretical analysis and empirical tests of how different levels of factors moderate the relationship between board heterogeneity and company’s internationalization strategy.

The research findings also have some practical implications: First, for companies that intend to carry out internationalization strategies or have started internationalization strategies, they can avoid the uncertain risks that may arise in international competition by building a heterogeneous board of directors and using the information and resources brought by the differences of board members in gender, age, education level, professional background, tenure and so on. Second, while improving the structure of the board of directors, we also need to pay attention to the impact of individual, organizational and environmental factors. Third, for companies that intend to develop international markets and implement internationalization strategies, the positive role of board heterogeneity should be fully brought into play, which will be helpful to enhance the company's value.

合影

论文答辩圆满结束，但作为终身学习者，这是羌毅同学的又一个起点。未来，他将带着对中西方管理学理论的认知与思考，继续践行新商业文明；用独到的洞见不断为中国经济注入新动力，引领行业的发展方向。