基于投资组合理论的企业国际化新解

A New Vision of Corporation Internationalization Based on Markowitz Portfolio Theory

企业国际化进程中的区位组合和行业组合实质上也是一种投资组合,可以用资产组合理论来解释企业国际化问题。笔者基于马科维兹(Markowitz)的资产组合理论,指出在新的经济背景下,企业国际化应当从全球角度去分析,而不应仅仅从个别东道国所能提供的资源角度考虑。在进行区位选择和行业选择决策时,企业应当把全球市场作为一个综合大系统分析,谨慎将风险规避问题考虑在内。在其他条件相同的情况下,尽可能选取相关性弱的区位和行业进行组合,从而达到规避局部风险和部分整体风险的目的。

Portfolio theory mainly incorporates investment risk measurement, decentralized investment principles and effective portfolio constitution. As the regional and industrial combination in the process of the corporation internationalization, in essence, it is also a kind of investment portfolio constitution. The portfolio theory can be used to explain the issue of corporation internationalization. From a new perspective of corporation internationalization, which is based on investment portfolio theory, the authors point out that after the financial crisis and in the new economic context, an enterprise should consider its internationalization issues from a global perspective, rather than from an individual host country only. The global market should be analyzed as a large-scale comprehensive system and the risk aversion should be prudently taken into account, when an enterprise makes investment decisions concerning regional and industlial selections. It is best to constitute the regional and industrial investments which have the weakest relevance, so as to avoid all partial risks and parts of overall risks.