發(fā)布時(shí)間：2018-09-01 16:27

【摘要】：改革開(kāi)放以來(lái),我國(guó)宏觀經(jīng)濟(jì)快速增長(zhǎng),使得企業(yè)的實(shí)力不斷增強(qiáng)。隨著“走出去”戰(zhàn)略的實(shí)施,越來(lái)越多的企業(yè)走出國(guó)門(mén),開(kāi)展國(guó)際化經(jīng)營(yíng)。截止2012年,我國(guó)共有超過(guò)1.6萬(wàn)家企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng),累計(jì)對(duì)外投資金額存量超過(guò)5300億美元,分布在全球179個(gè)國(guó)家和地區(qū)1,超過(guò)80%的我國(guó)上市公司正在開(kāi)展國(guó)際化經(jīng)營(yíng)2。我國(guó)已經(jīng)成為全球第三大對(duì)外投資國(guó)和第一大貨物出口貿(mào)易國(guó)。這引起學(xué)者們的廣泛關(guān)注和探討。本文發(fā)現(xiàn),雖然國(guó)內(nèi)目前對(duì)于企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng)的相關(guān)研究已經(jīng)成為熱點(diǎn)課題,但這些研究大多是從宏觀層面,以經(jīng)濟(jì)學(xué)的角度進(jìn)行分析。而從企業(yè)層面分析“走出去”的績(jī)效表現(xiàn)研究非常少。因而,本文試圖從管理學(xué)的角度來(lái)探討企業(yè)國(guó)際化經(jīng)營(yíng)活動(dòng),并對(duì)其績(jī)效表現(xiàn)進(jìn)行實(shí)證分析,以豐富國(guó)內(nèi)相關(guān)研究。 本文的主要研究結(jié)構(gòu)和內(nèi)容如下： 第一章緒論,介紹本文的研究背景,研究目的、意義,主要的研究方法,論文的結(jié)論安排以及創(chuàng)新點(diǎn)。 第二章分析和總結(jié)企業(yè)國(guó)際化經(jīng)營(yíng)研究領(lǐng)域相關(guān)理論和文獻(xiàn)。有關(guān)企業(yè)國(guó)際化經(jīng)營(yíng)的理論主要包括壟斷優(yōu)勢(shì)理論、產(chǎn)品生命周期理論、內(nèi)部化理論、邊際產(chǎn)業(yè)擴(kuò)張理論和國(guó)際生產(chǎn)折中理論,針對(duì)發(fā)展中國(guó)家企業(yè)的理論包括小規(guī)模技術(shù)理論等。國(guó)內(nèi)學(xué)者對(duì)企業(yè)國(guó)際化經(jīng)營(yíng)的研究仍處于探索階段,主要分為三個(gè)方面：(1)論證我國(guó)企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng)的必要性和重要作用；(2)分析我國(guó)企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng)面臨的困難和不足；(3)對(duì)我國(guó)企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng)提出諸多建議和意見(jiàn)�？傮w而言,未能形成較為主流的理論成果。 對(duì)企業(yè)國(guó)際化經(jīng)營(yíng)與績(jī)效表現(xiàn)的關(guān)系,國(guó)外學(xué)者的實(shí)證分析經(jīng)歷了三個(gè)發(fā)展階段：(1)上世紀(jì)80年代以前,學(xué)者們普遍認(rèn)為國(guó)際化經(jīng)營(yíng)對(duì)企業(yè)績(jī)效具有正面的促進(jìn)作用；(2)在80年代后,不少學(xué)者發(fā)現(xiàn),國(guó)際化經(jīng)營(yíng)對(duì)企業(yè)績(jī)效也存在負(fù)面的影響；(3)從90年代至今,則普遍認(rèn)同二者的關(guān)系表現(xiàn)為曲線影響,既存在正面的促進(jìn)因素,也同時(shí)存在負(fù)面的影響。而國(guó)內(nèi)學(xué)者在實(shí)證方面的研究仍然非常有限,本文的研究角度也因此具有重要意義。 第三章回顧和總結(jié)我國(guó)企業(yè)國(guó)際化經(jīng)營(yíng)的產(chǎn)生和發(fā)展。改革開(kāi)放三十多年以來(lái),我國(guó)企業(yè)開(kāi)展國(guó)際化已經(jīng)取得了長(zhǎng)足的進(jìn)步,特別是我國(guó)加入WTO以來(lái),企業(yè)的國(guó)際化經(jīng)營(yíng)發(fā)展速度十分迅速,2012年達(dá)到878億美元3。因此,回顧和分析企業(yè)國(guó)際化經(jīng)營(yíng)發(fā)展?fàn)顩r與績(jī)效表現(xiàn)對(duì)指導(dǎo)我國(guó)企業(yè)國(guó)際化經(jīng)營(yíng)的未來(lái)發(fā)展具有十分重要的意義。從微觀層面上,企業(yè)國(guó)際化經(jīng)營(yíng)是提升企業(yè)核心競(jìng)爭(zhēng)力的重要手段；從宏觀層面上,則是進(jìn)一步提升我國(guó)經(jīng)濟(jì)總體發(fā)展水平的必要過(guò)程。但在目前,我國(guó)企業(yè)的國(guó)際化經(jīng)營(yíng)仍然面臨諸多困難和不足：包括國(guó)際化經(jīng)營(yíng)人才和經(jīng)驗(yàn)不足,國(guó)際化經(jīng)營(yíng)的領(lǐng)域相對(duì)仍然很低端,最為顯著的是國(guó)際化經(jīng)營(yíng)整體績(jī)效欠佳。 第四章就如何提升我國(guó)國(guó)際化經(jīng)營(yíng)企業(yè)整體經(jīng)營(yíng)績(jī)效進(jìn)行了深入的理論辨析�；�于戰(zhàn)略管理理論、交易成本理論、組織學(xué)習(xí)理論和資源理論等視角對(duì)企業(yè)國(guó)際化經(jīng)營(yíng)的動(dòng)機(jī)進(jìn)行詳細(xì)探討。“走出去”的具體動(dòng)機(jī)主要有擴(kuò)大市場(chǎng)份額、轉(zhuǎn)移生產(chǎn)降低成本、獲取技術(shù)、資源需求等�；�于價(jià)值鏈的角度,美日等發(fā)達(dá)國(guó)家企業(yè)的實(shí)踐經(jīng)驗(yàn),以及華為技術(shù)公司的國(guó)際化經(jīng)營(yíng)道路等案例分析,對(duì)我國(guó)企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng)的產(chǎn)業(yè)和區(qū)位選擇,進(jìn)入模式進(jìn)行詳細(xì)的理論辨析。認(rèn)為當(dāng)前企業(yè)國(guó)際化經(jīng)營(yíng)績(jī)效評(píng)價(jià)研究結(jié)論的多樣性,甚至是矛盾性的原因,主要在于績(jī)效評(píng)價(jià)指標(biāo)不夠全面和穩(wěn)健,因此,本文提出了國(guó)際化經(jīng)營(yíng)績(jī)效評(píng)價(jià)指標(biāo)體系。認(rèn)為應(yīng)當(dāng)從財(cái)務(wù)績(jī)效、運(yùn)營(yíng)績(jī)效和綜合績(jī)效等多個(gè)層面進(jìn)行更為全面的分析,而盡量避免只從單一的角度來(lái)進(jìn)行評(píng)價(jià)。 第五章,通過(guò)實(shí)證分析檢驗(yàn)我國(guó)企業(yè)國(guó)際化經(jīng)營(yíng)與績(jī)效的表現(xiàn)趨勢(shì)和關(guān)系。本文認(rèn)為,采用較為客觀的會(huì)計(jì)和統(tǒng)計(jì)數(shù)據(jù)來(lái)研究企業(yè)國(guó)際化經(jīng)營(yíng)與績(jī)效表現(xiàn),相比問(wèn)卷調(diào)查收集的數(shù)據(jù)具有更好的統(tǒng)計(jì)有效性。而數(shù)據(jù)的收集是制約相關(guān)實(shí)證研究的關(guān)鍵,也是國(guó)內(nèi)目前同類(lèi)的研究較為缺乏的主要原因。本文花費(fèi)大量的精力,通過(guò)校圖書(shū)館、CSMAR數(shù)據(jù)庫(kù)、巨潮網(wǎng)、新浪財(cái)經(jīng)等渠道,以A股上市公司為樣本來(lái)源。收集自我國(guó)2001年加入WTO后的10年(2002年至2011年)間,所有開(kāi)展了顯著的國(guó)際化經(jīng)營(yíng)活動(dòng)的上市公司為最終樣本,共收集到93家制造業(yè)企業(yè)和52家服務(wù)業(yè)企業(yè)。 國(guó)外學(xué)者的實(shí)證研究表明,制造業(yè)和服務(wù)業(yè)因行業(yè)屬性不同,國(guó)際化經(jīng)營(yíng)程度對(duì)績(jī)效的影響關(guān)系也不一樣。本文通過(guò)將樣本企業(yè)區(qū)分為制造業(yè)和服務(wù)業(yè)兩大類(lèi)型,進(jìn)行實(shí)證上的對(duì)比研究。如第四章如述,將因變量——企業(yè)績(jī)效劃分為財(cái)務(wù)績(jī)效和運(yùn)營(yíng)績(jī)效兩個(gè)維度。用海外分支機(jī)構(gòu)創(chuàng)造的銷(xiāo)售額占總銷(xiāo)售額的比例來(lái)代表白變量國(guó)際化程度,同時(shí),引用國(guó)際化程度的滯后變量以更好地體現(xiàn)趨勢(shì)性,并引入相關(guān)的控制變量。包括企業(yè)規(guī)模、研發(fā)強(qiáng)度、企業(yè)性質(zhì)、行業(yè)屬性。主要的理論假設(shè)包括(1)我國(guó)制造業(yè)上市公司績(jī)效和國(guó)際化程度呈“先上升、后下降”的倒U型曲線關(guān)系；(2)我國(guó)服務(wù)業(yè)上市公司績(jī)效和國(guó)際化程度呈“先下降、后上升、再下降”的S型曲線關(guān)系；(3)企業(yè)規(guī)模和研發(fā)投入,有利于我國(guó)上市公司增強(qiáng)其國(guó)際化經(jīng)營(yíng)能力并提升績(jī)效表現(xiàn)；(4)國(guó)際化經(jīng)營(yíng)對(duì)績(jī)效的提升程度,非國(guó)有/集體控股上市公司優(yōu)于國(guó)有/集體控股上市公司；高新技術(shù)產(chǎn)業(yè)的上市公司優(yōu)于中低技術(shù)產(chǎn)業(yè)的上市公司；現(xiàn)代服務(wù)業(yè)上市公司優(yōu)于傳統(tǒng)服務(wù)業(yè)上市公司。 分析結(jié)果發(fā)現(xiàn),我國(guó)制造業(yè)企業(yè)國(guó)際化程度與績(jī)效表現(xiàn)呈現(xiàn)倒U形的關(guān)系,即隨著制造業(yè)企業(yè)國(guó)際化經(jīng)營(yíng)程度提高,由于市場(chǎng)需求擴(kuò)大、資源獲取途徑擴(kuò)展、企業(yè)面臨的機(jī)會(huì)增加,其績(jī)效表現(xiàn)也隨之不斷提升。而當(dāng)國(guó)際化經(jīng)營(yíng)超過(guò)一定程度之后,受制于跨地域的物流成本增長(zhǎng)、溝通協(xié)調(diào)成本上升以及管理運(yùn)營(yíng)能力限制等阻礙因素,成本的增加將抵消收益的增長(zhǎng),導(dǎo)致績(jī)效表現(xiàn)反而下滑。因而,對(duì)制造業(yè)企業(yè)而言,最優(yōu)國(guó)際化經(jīng)營(yíng)程度具備重要的參考意義�；�于大樣本面板數(shù)據(jù),本文得出對(duì)制造業(yè)企業(yè)財(cái)務(wù)績(jī)效最優(yōu)的國(guó)際化經(jīng)營(yíng)程度為35%,而對(duì)經(jīng)營(yíng)績(jī)效最優(yōu)的國(guó)際化經(jīng)營(yíng)程度為48%。 服務(wù)業(yè)因其獨(dú)特的行業(yè)屬性和不同的商業(yè)模式,表現(xiàn)為倒S形關(guān)系。本文研究發(fā)現(xiàn),由于存在品牌協(xié)同效應(yīng)、對(duì)東道國(guó)文化的整合效應(yīng)等因素的影響,相比制造業(yè)而言,服務(wù)業(yè)企業(yè)表現(xiàn)出“先上升再下降,而后再次上升”的倒S形績(jī)效變動(dòng)趨勢(shì)。因而,服務(wù)業(yè)企業(yè)開(kāi)展國(guó)際化過(guò)程中,更應(yīng)注重其品牌建設(shè)、文化整合、資源和經(jīng)驗(yàn)共享等工作。 企業(yè)規(guī)模與績(jī)效表現(xiàn)之間沒(méi)有顯著的相關(guān)關(guān)系,這表明我國(guó)企業(yè)的員工產(chǎn)出率不高,以企業(yè)人數(shù)為代理變量的規(guī)模特征對(duì)國(guó)際化經(jīng)營(yíng)績(jī)效沒(méi)有起到促進(jìn)作用。研發(fā)強(qiáng)度對(duì)國(guó)際化經(jīng)營(yíng)績(jī)效的促進(jìn)作用得到部分驗(yàn)證,說(shuō)明企業(yè)仍需努力將研發(fā)技術(shù)轉(zhuǎn)化為商業(yè)成效。民營(yíng)企業(yè)在制造業(yè)領(lǐng)域未能比國(guó)有企業(yè)有更好的表現(xiàn),而在服務(wù)業(yè)領(lǐng)域則取得了顯著更好的國(guó)際化經(jīng)營(yíng)績(jī)效。 第六章,基于利潤(rùn)最化大的原則,從異質(zhì)性廠商擁有的流動(dòng)能力和非流動(dòng)能力的角度,通過(guò)對(duì)消費(fèi)者和廠商的行為進(jìn)行均衡分析,得到出口、新建投資和跨國(guó)并購(gòu)三種主要進(jìn)入模式下預(yù)期利潤(rùn)最大化的選擇模型。并采用Probit模型,通過(guò)706家首次開(kāi)展國(guó)際化經(jīng)營(yíng)企業(yè)的相關(guān)數(shù)據(jù)為樣本,進(jìn)行實(shí)證分析,對(duì)企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng)時(shí)選擇進(jìn)入模式的影響因素進(jìn)行了探討。發(fā)現(xiàn)我國(guó)企業(yè)的銷(xiāo)售規(guī)模對(duì)選擇新建投資的國(guó)際化經(jīng)營(yíng)進(jìn)入模式具有削弱作用,而出口能力、技術(shù)水平等軟實(shí)力因素則具備強(qiáng)化作用。因而,要提升我國(guó)企業(yè)的國(guó)際競(jìng)爭(zhēng)力,提高新建投資的成功性,我國(guó)企業(yè)“走出去”過(guò)程中應(yīng)當(dāng)更加注重技術(shù)、管理、人才、經(jīng)驗(yàn)等軟實(shí)力的建設(shè),不能只基于銷(xiāo)售規(guī)模優(yōu)勢(shì)而依賴于海外并購(gòu)這樣單一的進(jìn)入模式。 第七章根據(jù)本文的研究,提出相關(guān)的政策建議。從企業(yè)績(jī)效表現(xiàn)關(guān)系、戰(zhàn)略發(fā)展定位等角度,就我國(guó)企業(yè)更好地開(kāi)展“走出去”提出相關(guān)政策建議,努力提升企業(yè)的軟實(shí)力,并選擇更加適合的進(jìn)入模式。 本文的的主要貢獻(xiàn)和創(chuàng)新點(diǎn)： (1)在選題角度方面,從績(jī)效評(píng)價(jià)角度來(lái)實(shí)證探討我國(guó)企業(yè)國(guó)際化經(jīng)營(yíng)的相關(guān)文獻(xiàn)非常少,本文的研究既補(bǔ)充了當(dāng)前國(guó)內(nèi)相關(guān)研究的空白之處,也對(duì)企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng)的方向具有指導(dǎo)意義。明確我國(guó)企業(yè)開(kāi)展國(guó)際化經(jīng)營(yíng)的主要方向應(yīng)當(dāng)關(guān)注企業(yè)績(jī)效表現(xiàn),并對(duì)提高績(jī)效提出了建設(shè)性的意見(jiàn)。 (2)提出企業(yè)國(guó)際化經(jīng)營(yíng)績(jī)效指標(biāo)評(píng)價(jià)體系,有利于進(jìn)行更全面的績(jī)效評(píng)價(jià)研究。將企業(yè)國(guó)際化經(jīng)營(yíng)的績(jī)效表現(xiàn),劃分為財(cái)務(wù)績(jī)效、運(yùn)營(yíng)績(jī)效和綜合績(jī)效三個(gè)方面,更好地評(píng)價(jià)企業(yè)“走出去”的經(jīng)營(yíng)成效。在實(shí)證分析中,加入多指標(biāo)的穩(wěn)定性檢驗(yàn),以加強(qiáng)結(jié)論的可靠性。 (3)國(guó)內(nèi)以往的實(shí)證研究,多采用問(wèn)卷調(diào)查方式收集數(shù)據(jù),本文認(rèn)為采用會(huì)計(jì)和統(tǒng)計(jì)數(shù)據(jù)分析企業(yè)國(guó)際化經(jīng)營(yíng)及績(jī)效具有更好的客觀性。實(shí)證分析收集了從2002年到2011年共10年間93家制造業(yè)和52家服務(wù)業(yè)上市公司,共計(jì)1450個(gè)樣本數(shù)據(jù)。大樣本的會(huì)計(jì)和統(tǒng)計(jì)數(shù)據(jù)使得本文的研究結(jié)論具有相對(duì)更好的代表性。此外,將樣本區(qū)分為制造業(yè)和服務(wù)業(yè)兩個(gè)大類(lèi),對(duì)比分析以得出更為準(zhǔn)確的結(jié)論。 (4)本文發(fā)現(xiàn)我國(guó)企業(yè)的國(guó)際化經(jīng)營(yíng)程度,與制造業(yè)企業(yè)績(jī)效呈倒U形的曲線關(guān)系,而與服務(wù)業(yè)企業(yè)績(jī)效呈倒S形關(guān)系。這印證了國(guó)際化經(jīng)營(yíng)對(duì)市場(chǎng)、資源、商業(yè)機(jī)會(huì)的促進(jìn)作用,也體現(xiàn)了溝通協(xié)調(diào)成本、管理運(yùn)營(yíng)難度、物流成本等負(fù)面因素的影響。同時(shí),也發(fā)現(xiàn)服務(wù)業(yè)相對(duì)于制造業(yè)在品牌效應(yīng)、文化整合以及經(jīng)驗(yàn)共享等方面的獨(dú)特性,并使得績(jī)效表現(xiàn)具備再次上升的機(jī)會(huì)。研究結(jié)論對(duì)制造業(yè)和服務(wù)業(yè)具備重要的實(shí)踐指導(dǎo)意義。實(shí)證分析得出,對(duì)于制造業(yè)而言,國(guó)際化經(jīng)營(yíng)程度為35%時(shí)的財(cái)務(wù)績(jī)效最優(yōu),而48%時(shí)的運(yùn)營(yíng)績(jī)效最優(yōu)。 (5)企業(yè)的銷(xiāo)售規(guī)模優(yōu)勢(shì)對(duì)于采用海外并購(gòu)進(jìn)入模式具有促進(jìn)作用,而技術(shù)、品牌、人才、經(jīng)驗(yàn)等軟實(shí)力則能促進(jìn)選擇新建投資的進(jìn)入模式。這符合當(dāng)前我國(guó)大企業(yè)積極開(kāi)展海外并購(gòu)的事實(shí),更多依賴于簡(jiǎn)單的規(guī)模優(yōu)勢(shì)來(lái)選擇單一的海外并購(gòu)式進(jìn)入模式,而較少采用需要軟實(shí)力的新建投資。這說(shuō)明,要成長(zhǎng)為真正具備全球競(jìng)爭(zhēng)力的跨國(guó)公司,我國(guó)企業(yè)需要更加注重軟實(shí)力的培養(yǎng),而不應(yīng)當(dāng)只依靠單一的銷(xiāo)售規(guī)模優(yōu)勢(shì),特別是依靠國(guó)內(nèi)行政性壟斷優(yōu)勢(shì)做大的國(guó)有性質(zhì)企業(yè)。
[Abstract]:Since the reform and opening up, China's macro-economic growth has made the strength of enterprises continue to strengthen. With the implementation of the "going out" strategy, more and more enterprises have gone abroad to carry out international operations. China has become the third largest foreign investor and the largest exporter of goods in the world. This has aroused widespread concern and discussion among scholars. This paper finds that although the domestic research on enterprises'internationalization has been carried out It has become a hot topic, but most of these studies are from the macro level and from the economic point of view. However, there are very few studies on the performance of "going global" from the enterprise level. Internal correlation study.
The main research structure and contents are as follows:
The first chapter is the introduction, which introduces the research background, research purpose, significance, main research methods, conclusion arrangement and innovation.
Chapter 2 analyzes and summarizes the relevant theories and literature in the field of enterprise internationalization. The theories of enterprise internationalization mainly include monopoly advantage theory, product life cycle theory, internalization theory, marginal industry expansion theory and international production compromise theory. The theories of developing country enterprises include small-scale technology theory. Domestic scholars are still in the exploratory stage, which can be divided into three parts: (1) demonstrating the necessity and important role of internationalization of Chinese enterprises; (2) analyzing the difficulties and shortcomings of internationalization of Chinese enterprises; (3) putting forward many suggestions on internationalization of Chinese enterprises. And opinions, generally speaking, failed to form more mainstream theoretical results.
The empirical analysis of foreign scholars has gone through three stages: (1) before the 1980s, scholars generally believed that internationalization had a positive effect on enterprise performance; (2) after the 1980s, many scholars found that internationalization also had a negative effect on enterprise performance. (3) From the 1990s to the present, it is generally accepted that the relationship between the two is curved, with both positive and negative factors. However, the empirical research of domestic scholars is still very limited, and the research angle of this paper is therefore of great significance.
The third chapter reviews and summarizes the emergence and development of the internationalization of Chinese enterprises.Since the reform and opening-up 30 years ago, the internationalization of Chinese enterprises has made considerable progress.Especially since China's entry into WTO, the development of the internationalization of Chinese enterprises has been very rapid, reaching 87.8 billion US dollars in 2012. The development and performance of internationalized management is of great significance to the future development of Chinese enterprises. From the micro level, the internationalized management is an important means to enhance the core competitiveness of enterprises; from the macro level, it is a necessary process to further enhance the overall level of economic development in China. At present, China's enterprises are still facing many difficulties and deficiencies in the international operation: including the lack of international management personnel and experience, the field of international operation is still relatively low-end, the most notable is the overall performance of the international operation is not good.
Chapter Four makes a thorough theoretical analysis on how to improve the overall operating performance of China's internationalized enterprises. Based on strategic management theory, transaction cost theory, organizational learning theory and resource theory, the motivation of internationalized operation of enterprises is discussed in detail. From the perspective of value chain, the practical experience of enterprises in developed countries such as the United States and Japan, as well as the internationalization of Huawei Technologies Corporation, etc., this paper makes a detailed theoretical analysis of the industry, location selection and entry mode of internationalization operation of Chinese enterprises. The main reason for the diversities and even contradictions of the conclusions of the research on the performance evaluation of international business operations is that the performance evaluation index is not comprehensive and stable enough. Therefore, this paper puts forward the evaluation index system of international business operations performance. Try to avoid evaluating from a single perspective.
Chapter Five examines the trend and relationship between internationalization and performance of Chinese enterprises through empirical analysis. This paper argues that using more objective accounting and statistical data to study internationalization and performance of enterprises has better statistical validity than the data collected by questionnaires. The key to the research is also the main reason why the same kind of research is lacking at present in China.This paper spends a lot of energy on collecting samples from A-share listed companies through school libraries, CSMAR databases, Juchao Net, Sina Finance and Economics etc. A total of 93 manufacturing enterprises and 52 service enterprises were collected as the final sample.
The empirical study of foreign scholars shows that manufacturing and service industries have different effects on performance because of their different industry attributes. This paper makes a comparative study by dividing the sample enterprises into two types: manufacturing and service industries. The degree of internationalization of white variables is represented by the proportion of sales generated by overseas branches to total sales. At the same time, the lagging variables of internationalization degree are used to better reflect the trend and relevant control variables are introduced, including enterprise size, R&D intensity, enterprise nature and industry attributes. The theoretical hypotheses include: (1) the performance and internationalization of listed manufacturing companies in China show an inverted U-shaped relationship; (2) the performance and internationalization of listed service companies in China show an S-shaped relationship of "first decline, then rise, and then decline"; (3) the size of enterprises and R&D investment are conducive to listing in China. The company strengthens its internationalization management ability and promotes the performance; (4) The internationalization management promotes the performance, the non-state-owned/collective holding listed company is superior to the state-owned/collective holding listed company; the high-tech industry listed company is superior to the low-tech industry listed company; the modern service listed company is superior to the traditional service. Listed companies.
The results show that the relationship between internationalization degree and performance of manufacturing enterprises in China is inverted U-shaped, that is, with the improvement of internationalization degree of manufacturing enterprises, with the expansion of market demand, the expansion of access to resources, the opportunities faced by enterprises increase, and their performance also increases. Afterwards, constrained by cross-regional logistics cost growth, communication and coordination costs, as well as management and operation capacity constraints, the increase in costs will offset the growth of revenue, resulting in a decline in performance. According to the results, the optimal degree of internationalization for financial performance of manufacturing enterprises is 35%, while the optimal degree of internationalization for operating performance is 48%.
Because of its unique industry attributes and different business models, the service industry shows an inverted S-shaped relationship. This paper finds that due to the existence of brand synergy, the integration of the host culture and other factors, compared with the manufacturing industry, the service industry enterprises show an inverted S-shaped performance change of "first rise, then decline, and then rise again". Therefore, in the process of internationalization, service enterprises should pay more attention to their brand building, cultural integration, resource and experience sharing.
There is no significant correlation between firm size and performance, which indicates that the employee productivity of Chinese firms is not high, and the scale characteristics of the number of firms as proxy variables do not play a role in promoting international business performance. Private enterprises have not performed better in the manufacturing sector than state-owned enterprises, but have achieved significantly better international performance in the service sector.
Chapter 6, based on the principle of maximum profit, from the perspective of the liquidity and non-liquidity of heterogeneous firms, through the equilibrium analysis of the behavior of consumers and firms, obtains the choice model of maximizing the expected profit under the three main entry modes of export, new investment and cross-border mergers and acquisitions. Based on the data of the first internationalized enterprises, this paper makes an empirical analysis and discusses the factors influencing the entry mode of the enterprises when they carry out the internationalized operation. Therefore, in order to enhance the international competitiveness of Chinese enterprises and enhance the success of new investment, Chinese enterprises should pay more attention to the construction of soft power such as technology, management, talent and experience in the process of "going out", and should not rely on the single entry mode of overseas mergers and acquisitions only on the basis of sales scale advantages.
The seventh chapter puts forward relevant policy suggestions according to the research of this paper. From the angle of performance relationship and strategic development orientation, it puts forward relevant policy suggestions for Chinese enterprises to carry out "going out" better, strives to enhance the soft power of enterprises, and selects a more suitable entry mode.
The main contributions and innovations of this paper are as follows:
(1) From the point of view of topic selection, there are very few literatures about the internationalization of Chinese enterprises from the perspective of performance evaluation. This study not only complements the blank of the current domestic related research, but also has guiding significance for the direction of the internationalization of Chinese enterprises. We should pay attention to the performance of enterprises and put forward constructive suggestions for improving performance.
(2) Putting forward the performance evaluation index system of enterprise internationalization operation is helpful to carry on the more comprehensive performance evaluation research. The performance of enterprise internationalization operation is divided into three aspects: financial performance, operational performance and comprehensive performance, so as to better evaluate the operation effect of enterprise "going out". In the empirical analysis, the stability of multi-index is added. Sex test to enhance the reliability of conclusion.
(3) Previous empirical studies in China mostly used questionnaire to collect data. This paper argues that it is more objective to use accounting and statistical data to analyze the international operation and performance of enterprises. In addition, the samples are divided into two categories: manufacturing and service industries, and a more accurate conclusion can be drawn through comparative analysis.
(4) This paper finds that the degree of internationalization of Chinese enterprises has an inverted U-shaped curve relationship with the performance of manufacturing enterprises, but an inverted S-shaped relationship with the performance of service enterprises. This confirms that internationalization promotes the market, resources and business opportunities.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F279.2;F272.3

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本文編號(hào)：2217738