山东工商学院硕士学位论文
摘要
党的十九大明确提出要深化混合所有制改革，发展混合所有制经济，培育具有全
球竞争力的世界一流企业。面对百年未有之大变局，在经济高质量发展的要求下，中
国企业不仅要“走出去”，还要“走进去”，更要“走上去”。国际化发展不但有助
于我国企业缩短与世界一流企业间的距离，努力实现超越，占据产业价值链的中高端
位置；更有助于提升中国在全球经济中的作用力，增强中国品牌乃至中华文化在世界
的影响力。作为中国特色社会主义经济主体，国有企业理应成为带领我国企业走上国
际化道路的“排头兵”，这也是其自身“做强、做优、做大”的必由之路。
关于中国企业国际化的现有文献中，少有专门聚焦于国有企业的研究，多数只在
讨论企业性质时提及国有企业，相关理论研究的发展显然落后于国有企业的国际化
实践。实际上，建立在混合所有制基础上的更为科学的现代化治理结构正在国有企业
中发挥积极作用。越来越多的非国有股东通过获取董事会席位参与董事会治理，对国
有企业的重大决策施加影响，帮助提高了国有企业的市场化水平，推动了国有企业的
国际化进程。因此，将非国有股东董事会权力纳入国企国际化的研究，既符合国有企
业深化改革的现实，又能体现国有企业相较于一般企业的特殊性，是对中国企业国际
化相关研究的丰富和拓展。
本文首先结合跳板理论分析了非国有股东具有助力国企提升国际化水平的动机。
其次依据委托代理理论、资源基础理论探讨了非国有股东董事会权力对国企国际化
行为可能发挥的积极作用。为明确非国有股东董事会权力作用于国企国际化程度的
边界条件，本文还探究了经营期望落差与行业竞争度两个情境因素的调节效应。据此
推演出非国有股东董事会权力影响国企国际化程度的理论模型。
在此基础上，选取 2008年至 2019年深沪 A股上市国企作为研究样本，并手工
收集非国有股东董事会权力的相关数据，经实证检验证实：（1）从非国有股东是否
具有董事会权力及非国有董事在董事会中的占比两个方面考证，非国有股东董事会
权力对国企国际化程度产生了正向影响。（2）历史经营期望落差强化了非国有股东
董事会权力对国企国际化程度的正向影响，而社会经营期望落差却削弱了该正向影
响。（3）在行业竞争度较高的国企中，非国有股东董事会权力对国际化程度的正向
影响更强。本文解析了非国有股东董事会权力影响国企国际化程度的作用机制，从国
际化经营的角度为国企混改的治理效能提供了现实证据。
关键词：国企国际化；混合所有制改革；非国有股东董事会权力；经营期望落差；
行业竞争度
I

Abstract
Abstract
The 19th CPC National Congress clearly proposed to deepen mixed-ownership reform,
develop mixed-ownership economy and cultivate world-class enterprises with global
competitiveness. Facing the great changes that have not been seen in a century, under the
requirements of high-quality economic development, Chinese enterprises should not only
"go out", but also "go in", but also "go up". International development will not only help
Chinese enterprises shorten the distance from world-class enterprises, strive to surpass and
occupy the middle and high-end position of the industrial value chain; It will also help to
enhance China's role in the global economy and enhance the influence of Chinese brands
and even Chinese culture in the world. As the main body of socialist economy with Chinese
characteristics, state-owned enterprises should become the "vanguard" to lead Chinese
enterprises on the road of internationalization, which is also the only way for them to
"become stronger, better and bigger".
In the existing literature on Chinese enterprises internationalization, few studies
specifically focus on state-owned enterprises, and most only mention state-owned
enterprises when discussing the nature of enterprises. The development of relevant
theoretical research obviously lags behind the internationalization practice of state-owned
enterprises. In fact, a more scientific modern governance structure based on mixed
ownership is playing an active role in state-owned enterprises. More and more non-state
shareholders participate in the board governance by obtaining seats on the board, exert
influence on the major decisions of state-owned enterprises, help improve the marketization
level of state-owned enterprises and promote the internationalization process of state-owned
enterprises. Therefore, bringing non-state shareholders board power into the research on
state-owned enterprises internationalization is not only in line with the reality of deepening
the reform of state-owned enterprises, but also reflects the particularity of state-owned
enterprises compared with ordinary enterprises. It is the enrichment and expansion of the
research on Chinese enterprises internationalization.
Firstly, combined with the springboard theory, the paper analyzes the motivation of
non-state shareholders to help state-owned enterprises improve their internationalization
level. Secondly, according to the principal-agent theory and resource-based theory, the paper
discusses the positive role that non-state shareholders board power may play in state-owned
II

山东工商学院硕士学位论文
enterprises internationalization. In order to clarify the boundary conditions of non-state
shareholders board power on state-owned enterprises internationalization degree, the paper
also explores the regulatory role of two situational factors: business aspiration gap and
industry competition degree. Accordingly, the paper deduce the theoretical model of the
influence of non-state shareholders board power on state-owned enterprises
internationalization degree.
On this basis, we selected the state-owned enterprises listed in Shenzhen and Shanghai
A shares from 2008 to 2019 as the research sample, and manually collected the relevant data
of non-state shareholders board power. The empirical test confirmed that: (1) The
examination of whether non-state shareholders have board power and the proportion of non-
state directors on the board, non-state shareholders board power will have a positive impact
on state-owned enterprises internationalization degree. (2) Historical business aspiration
gap strengthens the positive impact of non-state shareholders board power on state-owned
enterprises internationalization degree, while social business aspiration gap weakens the
positive impact. (3) Among state-owned enterprises with high industry competition, non-
state shareholders board power has a stronger positive impact on internationalization degree.
Taking Chinese state-owned enterprises with mixed ownership as the research subject, the
paper analyzes the mechanism of non-state shareholders board power to strengthen state-
owned enterprises internationalization degree, and provides practical evidence for the
governance efficiency of state-owned enterprises’ mixed-ownership reform from the
perspective of international operation.
Keywords: State-owned Enterprises Internationalization; Mixed-ownership reform;
Non-state
Shareholders
Board
Power;
Business
Aspiration
Gap;
Industry Competition Degree
III
。。。以下略