我国企业国际化经营及其绩效研究
发布时间：2018-09-01 16:27
【摘要】：改革开放以来,我国宏观经济快速增长,使得企业的实力不断增强。随着“走出去”战略的实施,越来越多的企业走出国门,开展国际化经营。截止2012年,我国共有超过1.6万家企业开展国际化经营,累计对外投资金额存量超过5300亿美元,分布在全球179个国家和地区1,超过80%的我国上市公司正在开展国际化经营2。我国已经成为全球第三大对外投资国和第一大货物出口贸易国。这引起学者们的广泛关注和探讨。本文发现,虽然国内目前对于企业开展国际化经营的相关研究已经成为热点课题,但这些研究大多是从宏观层面,以经济学的角度进行分析。而从企业层面分析“走出去”的绩效表现研究非常少。因而,本文试图从管理学的角度来探讨企业国际化经营活动,并对其绩效表现进行实证分析,以丰富国内相关研究。 本文的主要研究结构和内容如下： 第一章绪论,介绍本文的研究背景,研究目的、意义,主要的研究方法,论文的结论安排以及创新点。 第二章分析和总结企业国际化经营研究领域相关理论和文献。有关企业国际化经营的理论主要包括垄断优势理论、产品生命周期理论、内部化理论、边际产业扩张理论和国际生产折中理论,针对发展中国家企业的理论包括小规模技术理论等。国内学者对企业国际化经营的研究仍处于探索阶段,主要分为三个方面：(1)论证我国企业开展国际化经营的必要性和重要作用；(2)分析我国企业开展国际化经营面临的困难和不足；(3)对我国企业开展国际化经营提出诸多建议和意见。总体而言,未能形成较为主流的理论成果。 对企业国际化经营与绩效表现的关系,国外学者的实证分析经历了三个发展阶段：(1)上世纪80年代以前,学者们普遍认为国际化经营对企业绩效具有正面的促进作用；(2)在80年代后,不少学者发现,国际化经营对企业绩效也存在负面的影响；(3)从90年代至今,则普遍认同二者的关系表现为曲线影响,既存在正面的促进因素,也同时存在负面的影响。而国内学者在实证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义。 第三章回顾和总结我国企业国际化经营的产生和发展。改革开放三十多年以来,我国企业开展国际化已经取得了长足的进步,特别是我国加入WTO以来,企业的国际化经营发展速度十分迅速,2012年达到878亿美元3。因此,回顾和分析企业国际化经营发展状况与绩效表现对指导我国企业国际化经营的未来发展具有十分重要的意义。从微观层面上,企业国际化经营是提升企业核心竞争力的重要手段；从宏观层面上,则是进一步提升我国经济总体发展水平的必要过程。但在目前,我国企业的国际化经营仍然面临诸多困难和不足：包括国际化经营人才和经验不足,国际化经营的领域相对仍然很低端,最为显著的是国际化经营整体绩效欠佳。 第四章就如何提升我国国际化经营企业整体经营绩效进行了深入的理论辨析。基于战略管理理论、交易成本理论、组织学习理论和资源理论等视角对企业国际化经营的动机进行详细探讨。“走出去”的具体动机主要有扩大市场份额、转移生产降低成本、获取技术、资源需求等。基于价值链的角度,美日等发达国家企业的实践经验,以及华为技术公司的国际化经营道路等案例分析,对我国企业开展国际化经营的产业和区位选择,进入模式进行详细的理论辨析。认为当前企业国际化经营绩效评价研究结论的多样性,甚至是矛盾性的原因,主要在于绩效评价指标不够全面和稳健,因此,本文提出了国际化经营绩效评价指标体系。认为应当从财务绩效、运营绩效和综合绩效等多个层面进行更为全面的分析,而尽量避免只从单一的角度来进行评价。 第五章,通过实证分析检验我国企业国际化经营与绩效的表现趋势和关系。本文认为,采用较为客观的会计和统计数据来研究企业国际化经营与绩效表现,相比问卷调查收集的数据具有更好的统计有效性。而数据的收集是制约相关实证研究的关键,也是国内目前同类的研究较为缺乏的主要原因。本文花费大量的精力,通过校图书馆、CSMAR数据库、巨潮网、新浪财经等渠道,以A股上市公司为样本来源。收集自我国2001年加入WTO后的10年(2002年至2011年)间,所有开展了显著的国际化经营活动的上市公司为最终样本,共收集到93家制造业企业和52家服务业企业。 国外学者的实证研究表明,制造业和服务业因行业属性不同,国际化经营程度对绩效的影响关系也不一样。本文通过将样本企业区分为制造业和服务业两大类型,进行实证上的对比研究。如第四章如述,将因变量——企业绩效划分为财务绩效和运营绩效两个维度。用海外分支机构创造的销售额占总销售额的比例来代表白变量国际化程度,同时,引用国际化程度的滞后变量以更好地体现趋势性,并引入相关的控制变量。包括企业规模、研发强度、企业性质、行业属性。主要的理论假设包括(1)我国制造业上市公司绩效和国际化程度呈“先上升、后下降”的倒U型曲线关系；(2)我国服务业上市公司绩效和国际化程度呈“先下降、后上升、再下降”的S型曲线关系；(3)企业规模和研发投入,有利于我国上市公司增强其国际化经营能力并提升绩效表现；(4)国际化经营对绩效的提升程度,非国有/集体控股上市公司优于国有/集体控股上市公司；高新技术产业的上市公司优于中低技术产业的上市公司；现代服务业上市公司优于传统服务业上市公司。 分析结果发现,我国制造业企业国际化程度与绩效表现呈现倒U形的关系,即随着制造业企业国际化经营程度提高,由于市场需求扩大、资源获取途径扩展、企业面临的机会增加,其绩效表现也随之不断提升。而当国际化经营超过一定程度之后,受制于跨地域的物流成本增长、沟通协调成本上升以及管理运营能力限制等阻碍因素,成本的增加将抵消收益的增长,导致绩效表现反而下滑。因而,对制造业企业而言,最优国际化经营程度具备重要的参考意义。基于大样本面板数据,本文得出对制造业企业财务绩效最优的国际化经营程度为35%,而对经营绩效最优的国际化经营程度为48%。 服务业因其独特的行业属性和不同的商业模式,表现为倒S形关系。本文研究发现,由于存在品牌协同效应、对东道国文化的整合效应等因素的影响,相比制造业而言,服务业企业表现出“先上升再下降,而后再次上升”的倒S形绩效变动趋势。因而,服务业企业开展国际化过程中,更应注重其品牌建设、文化整合、资源和经验共享等工作。 企业规模与绩效表现之间没有显著的相关关系,这表明我国企业的员工产出率不高,以企业人数为代理变量的规模特征对国际化经营绩效没有起到促进作用。研发强度对国际化经营绩效的促进作用得到部分验证,说明企业仍需努力将研发技术转化为商业成效。民营企业在制造业领域未能比国有企业有更好的表现,而在服务业领域则取得了显著更好的国际化经营绩效。 第六章,基于利润最化大的原则,从异质性厂商拥有的流动能力和非流动能力的角度,通过对消费者和厂商的行为进行均衡分析,得到出口、新建投资和跨国并购三种主要进入模式下预期利润最大化的选择模型。并采用Probit模型,通过706家首次开展国际化经营企业的相关数据为样本,进行实证分析,对企业开展国际化经营时选择进入模式的影响因素进行了探讨。发现我国企业的销售规模对选择新建投资的国际化经营进入模式具有削弱作用,而出口能力、技术水平等软实力因素则具备强化作用。因而,要提升我国企业的国际竞争力,提高新建投资的成功性,我国企业“走出去”过程中应当更加注重技术、管理、人才、经验等软实力的建设,不能只基于销售规模优势而依赖于海外并购这样单一的进入模式。 第七章根据本文的研究,提出相关的政策建议。从企业绩效表现关系、战略发展定位等角度,就我国企业更好地开展“走出去”提出相关政策建议,努力提升企业的软实力,并选择更加适合的进入模式。 本文的的主要贡献和创新点： (1)在选题角度方面,从绩效评价角度来实证探讨我国企业国际化经营的相关文献非常少,本文的研究既补充了当前国内相关研究的空白之处,也对企业开展国际化经营的方向具有指导意义。明确我国企业开展国际化经营的主要方向应当关注企业绩效表现,并对提高绩效提出了建设性的意见。 (2)提出企业国际化经营绩效指标评价体系,有利于进行更全面的绩效评价研究。将企业国际化经营的绩效表现,划分为财务绩效、运营绩效和综合绩效三个方面,更好地评价企业“走出去”的经营成效。在实证分析中,加入多指标的稳定性检验,以加强结论的可靠性。 (3)国内以往的实证研究,多采用问卷调查方式收集数据,本文认为采用会计和统计数据分析企业国际化经营及绩效具有更好的客观性。实证分析收集了从2002年到2011年共10年间93家制造业和52家服务业上市公司,共计1450个样本数据。大样本的会计和统计数据使得本文的研究结论具有相对更好的代表性。此外,将样本区分为制造业和服务业两个大类,对比分析以得出更为准确的结论。 (4)本文发现我国企业的国际化经营程度,与制造业企业绩效呈倒U形的曲线关系,而与服务业企业绩效呈倒S形关系。这印证了国际化经营对市场、资源、商业机会的促进作用,也体现了沟通协调成本、管理运营难度、物流成本等负面因素的影响。同时,也发现服务业相对于制造业在品牌效应、文化整合以及经验共享等方面的独特性,并使得绩效表现具备再次上升的机会。研究结论对制造业和服务业具备重要的实践指导意义。实证分析得出,对于制造业而言,国际化经营程度为35%时的财务绩效最优,而48%时的运营绩效最优。 (5)企业的销售规模优势对于采用海外并购进入模式具有促进作用,而技术、品牌、人才、经验等软实力则能促进选择新建投资的进入模式。这符合当前我国大企业积极开展海外并购的事实,更多依赖于简单的规模优势来选择单一的海外并购式进入模式,而较少采用需要软实力的新建投资。这说明,要成长为真正具备全球竞争力的跨国公司,我国企业需要更加注重软实力的培养,而不应当只依靠单一的销售规模优势,特别是依靠国内行政性垄断优势做大的国有性质企业。
[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.
【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F279.2;F272.3
本文编号：2217738
[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.
【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F279.2;F272.3
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