Research On The Influence Of Heterogeneous Culture And Ownership Structure On The Value Of Sino-foreign Cooperative Enterprises

The rapid development of economic globalization has enabled more and more enterprises to choose to enter overseas markets,or to introduce overseas executives and employees,form joint ventures,cooperative companies,and carry out business models such as multinational operations and joint operations.Of course,due to the high complexity and risk of business in different contexts,in addition to the conventional issues of economic,political,legal,and technical levels that require high attention,the differences in thinking patterns,behavioral habits,and values brought about by the soft factors of heterogeneous culture have increasingly become an important factor that cannot be ignored in global management.On the one hand,heterogeneous culture can not only improve the richness and diversification of listed companies,but also inject innovative ideas and new ways of working for Chinese-foreign cooperative companies to enhance their vitality and creativity;On the other hand,heterogeneous culture also inevitably increases the difficulty of transnational business operations and increases the risk of business failure.In addition,taking full account of China’s special institutional background and increasing the consideration of the ownership structure,the equity structure is an important part of the Chinese institutional background and has a relatively concentrated nature,which may affect the value of the enterprise;at the same time,heterogeneous culture it may also affect corporate value by affecting the characteristics of the shareholding structure.Whether Chinese-foreign cooperative enterprises can successfully achieve sustainable development,heterogeneous culture and ownership structure have certain influence on them.This paper first reviews the related literatures on heterogeneous culture,shareholding structure and corporate value.Secondly,it introduces the meaning and measurement methods of three variables in detail.Again,it introduces Hofstede’s cultural dimension theory,transaction cost theory and several basic theories of negotiating power theory,and related hypotheses based on theory and literature.Subsequently,442 Chinese-foreign cooperative enterprises listed in China were selected as samples,and the return on net assets of listed companies was used as an indicator to measure the value of the company.The cultural dimension data of Hofstede was used to represent heterogeneous culture,and the concentration of ownership was used.Representing the shareholding structure and substituting the model for empirical analysis and regression test,the following conclusions are drawn:(1)The greater the value of the heterogeneous cultural index between the listed company in China and its partner country,the lower the corporate value of the listed company;(2)There is a significant positive correlation between equity concentration and corporate value in the equity structure;(3)Among Chinese-foreign cooperative enterprises,heterogeneous culture will affect the effect of ownership structure on corporate value.According to the research conclusions,this paper proposes:raising the emphasis on heterogeneous culture,combining the heterogeneous culture to improve the shareholding structure.Providing a certain reference for Chinese-foreign cooperative enterprises to improve their own corporate value,enhance cultural integration,and embark on a sustainable development path.