海外投资战略、投资效率及国际化程度研究

发布时间：2018-06-02 11:35

本文选题：海外扩张速度 + 海外扩张广度　；参考：《浙江财经大学》2017年硕士论文

【摘要】：随着“走出去”战略的提出,国家与地方政府陆续出台鼓励政策措施,在海外投资核准制改为备案制等一系列政策措施的支持引导下,海外投资不断便利化,中国企业海外直接投资迎来了新一轮的高潮。海外投资规模的不断增长使得企业全球化协作程度提高,国际化格局不断扩张,采取怎样的海外投资战略势必将成为企业管理层不得不考虑的因素。企业在海外扩张速度与广度问题上所作出的决策将给企业国际化程度带来怎样的影响?企业海外投资的投资效率是否会对上述关系产生一定的调节作用?本文试图通过海外扩张速度与海外扩张广度两个角度衡量企业海外投资战略,研究其对国际化程度的影响,并加以考虑投资效率因素。只有解决好以上问题,才能优化企业海外投资战略决策。本文共分为五个部分,第一部分为导论,主要介绍研究背景及意义,研究思路及方法,研究内容及框架,创新之处;第二部分为概念定义与文献综述,主要对投资效率、企业国际化及国际化程度概念进行界定,并回顾海外投资相关研究,影响企业国际化因素相关研究,以及影响投资效率因素相关研究;第三部分为理论分析与研究假设,在总结梳理海外直接投资理论、企业国际化理论、投资效率行为理论的基础上,提出本文研究假设;第四部分为实证检验,通过样本数据选择和变量指标选取,构建多元线性回归模型。首先,检验海外扩张速度和海外扩张广度与企业国际化程度相关性,其次利用Richardson模型残差对样本上市公司的投资效率进行度量,将其区分为效率投资和非效率投资两个子样本后,检验其对海外投资战略与国际化程度之间关系是否具有调节作用。实证结果表明,海外扩张速度和海外扩张广度均对企业国际化程度具有显著正向影响,而且上述正相关关系只存在于效率投资企业,对非效率投资企业海外扩张速度和广度对国际化程度并无影响。同时从公司治理角度来看,企业现金持有量、股票收益、企业规模等均对企业国际化程度有重要影响。第五部分概括研究结论,针对研究中所发现的问题,提出企业在进行海外投资时相关措施建议,在指出本文局限性的同时展望了未来相关研究的方向。本文的创新之处在于,区别于以往宏观层面研究为主,聚焦企业微观企层面,构建海外扩张速度与海外扩张广度两个指标,并加入投资效率作为调节变量,研究海外投资战略对企业国际化程度的影响。
[Abstract]:With the development of the "going out" strategy, the state and local governments have successively introduced policies and measures to encourage overseas investment. With the support of a series of policies and measures, such as the approval system for overseas investment being changed to the record system, overseas investment has been continuously facilitated. Chinese enterprises overseas direct investment ushered in a new round of climax. With the increasing of overseas investment scale, the degree of enterprise globalization cooperation is improved, and the international pattern is expanding constantly. What kind of overseas investment strategy will inevitably become the factor that the management of the enterprise has to consider. What impact will the decision made on the speed and breadth of overseas expansion bring to the degree of internationalization? Will the investment efficiency of enterprises' overseas investment have a certain moderating effect on the relationship mentioned above? This paper attempts to measure the overseas investment strategy of enterprises through the two angles of overseas expansion speed and overseas expansion breadth, study its influence on the degree of internationalization, and consider the factors of investment efficiency. Only by solving the above problems, can we optimize the strategic decision of overseas investment. This paper is divided into five parts, the first part is the introduction, mainly introduces the research background and significance, research ideas and methods, research content and framework, innovation, the second part is the definition of concept and literature review, mainly on investment efficiency, The concepts of enterprise internationalization and degree of internationalization are defined, and the relevant studies on overseas investment, factors affecting enterprise internationalization and factors affecting investment efficiency are reviewed. The third part is theoretical analysis and research hypothesis. On the basis of summing up the theories of foreign direct investment, enterprise internationalization and investment efficiency behavior, this paper puts forward the research hypotheses. The fourth part is empirical test, through sample data selection and variable index selection. The multivariate linear regression model is constructed. First of all, we test the correlation between overseas expansion speed and overseas expansion breadth and the degree of enterprise internationalization, and then measure the investment efficiency of the sample listed companies by using the residual error of Richardson model. It is divided into two sub-samples, efficiency investment and non-efficiency investment, to test whether the relationship between the overseas investment strategy and the degree of internationalization can regulate the relationship between the investment strategy and the degree of internationalization. The empirical results show that both the speed of overseas expansion and the extent of overseas expansion have a significant positive impact on the degree of internationalization of enterprises, and the above positive correlation only exists in efficient investment firms. There is no effect on the degree of internationalization of the expansion speed and breadth of the inefficiency investment enterprises overseas. At the same time, from the perspective of corporate governance, corporate cash holdings, stock returns, and enterprise size have an important impact on the degree of enterprise internationalization. The fifth part summarizes the conclusions of the research, in view of the problems found in the study, puts forward the relevant measures for enterprises to make overseas investment, pointing out the limitations of this paper and looking forward to the future direction of relevant research. The innovation of this paper is that, different from the previous macro-level research, focusing on the micro-enterprise level, the paper constructs two indicators of overseas expansion speed and overseas expansion breadth, and adds investment efficiency as a regulating variable. This paper studies the influence of overseas investment strategy on the degree of enterprise internationalization.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F279.2;F125

【参考文献】