产品多元化、国际化与公司绩效——来自中国制造业上市公司的经验证据

Product Diversification, Internationalization and Corporate Performance: An Empirical Evidence from Chinese Listed Manufacturing Companies

产品多元化与国际化战略是公司成长的两种重要模式。本文以2002-2004年我国制造业上市公司为研究样本,利用路径分析法对两者的关系进行实证检验后发现,公司在实施产品多元化与国际化战略的程度上呈现出正相关关系,体现了两种战略的互补效应,并且随着国际化进程的推进,这种关系更加显著。此外,利用2002-2004年三年的混合样本进行分析的结果表明,这两种战略对公司绩效的直接影响并不显著,但对公司绩效的间接影响存在着互补效应。

Product diversification and internationalization are two important ways of firm growth. This paper chooses Chinese listed manufacturing companies in 2002 through 2004 as the research sample, and conducts the positive test with the path analysis method to analyze the relation between them. It concludes that the sample companies＇ product diversification degree is positively related to their internationalization degree, a finding that suggests a compliment effect between the two strategies, and the relationship becomes increasingly significant as the internationalization process is pushed forward. Besides, the result from an analysis of the combined sample in 2002 through 2004 demonstrates that the direct effect of the aforementioned two strategies on corporate performance is insignificant but the indirect effect on corporate performance takes on a compliment effect.