The Impact Of Foreign Shareholding On Corporate Internationalization

In the era of developing a higher level of open economy,it is of great practical significance to promote the internationalization of enterprises.At the same time,after 40 years of economic construction after reform and opening up,China has become one of the most popular target countries for foreign investment in the world.Foreign investment plays a very important role in China's economic development.Then,under the background of actively encouraging the internationalization of Chinese enterprises and vigorously introducing foreign capital,whether foreign shareholders have promoted the internationalization performance of Chinese enterprises and the underlying influence mechanism has become a major concern.Based on the sample of A-share listed companies in China from 2012 to 2017,this paper empirically tests the effect of foreign ownership on the international performance of enterprises,and discusses the moderating effect of property rights on the effect,and conducts a robustness test through PSM sample matching method.Furthermore,combined with current research hotspots,this paper examines the intermediary role of R&D investment and Executives' internationalization in the process of foreign ownership affecting the performance of enterprises' internationalization,and discusses the moderating role of property rights in the intermediary role.The research finds that: foreign ownership significantly improves the international performance of enterprises,and the effect is moderated by the nature of ownership;R&D investment is not the path of foreign ownership affecting the international performance of enterprises,and this conclusion is not affected by the property nature difference of state-owned holding or not;internationalization of executives is the path of foreign ownership affecting the international performance of enterprises.The nature of property rights has a moderating effect on this influence path,and the intermediary effect of executives internationalization in state-owned holding enterprises is more obvious.Based on the above research conclusions,the following policy recommendations are put forward: actively promoting the implementation of international business strategy,improving the level of foreign capital utilization;promoting enterprise technological progress,cultivating enterprise R&D ability and innovation ability;focusing on management team building,focusing on the training and selection of internationalized senior management team;correctly recognizing the economic role of foreign capital,and cultivating enterprise's core competitiveness.