Performance Aspiration Surplus And Enterprise Internationalization Degree

With the continuous development of economic globalization and the implementation of "One Belt And One Road" policy in China,more and more enterprises actively carry out foreign cooperation and implement the internationalization strategy of "going out".Internationalization is a high-risk activity,not every enterprises perform well.Moreover,many researches have found out that the CEO plays a key role in making strategic decision,and the more powerful the CEO is,the more he can make decisions according to his own preference.In reaction to the phenomenon,this article introduce the concept of performance aspiration surplus from the theory of performance feedback,because on the basis of the characteristics of high risk of internationalization,only the enterprises making good performance are more likely to obtain needed resources and capacity to perform internationalization,gradually improve their internationalization.Based on power management theory and principal-agent theory,we introduce three key variables of CEO power characteristics as the situational factors,continuing to explore the relationship of performance aspiration surplus and internationalization degree.Based on this,this article selects the csi issued a-share listed manufacturing companies as research samples,through screening,finally we get 6721 unbalanced panel data.We will use Stata13.0 software to do the descriptive statistics analysis,correlation analysis and regression analysis,and we get the following conclusion: when the enterprise's actual performance is at A level close to eager to the surplus of interval,with the increase of gap decreases,the degree of internationalization of enterprises goes slowly,when the surplus reaches A certain threshold,with the increase of gap,the degree of internationalization of enterprises goes quick.The dual role of CEO increases the relationship between the expected surplus and the degree of internationalization of the enterprise;The increase of the shareholding ratio of the CEO enhances the relationship between the operating expectation surplus and the degree of internationalization of the enterprise.The length of the CEO's tenure has no effect on the relationship between the operating expectation surplus and the degree of internationalization of the enterprise.Based on enterprise behavior theory,this article enriches the researches of the internationalization and discusses the boundary conditions that influence the relationship between expected surplus and the degree of internationalization,also,enrich the application of the theory of power of management.Finally,give some suggestions for the internationalization of Chinese enterprises.