中国企业如何从“引进来”到“走出去”——企业内向国际化模式对外向国际化绩效的影响

How Chinese Enterprises' Outward Internationalization Performances are Influenced by Their Inward Internationalization Modes

中国已经成为对外投资大国但并非强国,中国企业在海外市场的经营绩效成为研究热点。本文通过对中国338家有国际化行为的企业进行调查,考察了这些企业的"引进来"经历(内向国际化模式)对"走出去"结果(外向国际化绩效)的影响。结果发现,"引进来"的方式直接或间接地影响"走出去"的效果:(1)资产内向国际化对外向国际化绩效有直接的正向效应;(2)非资产内向国际化对外向国际化绩效有直接的负向效应,以吸收能力为中介对外向国际化绩效有正向间接效应。这表明,如果企业采用非资产内向国际化,则一定要通过该模式学习知识,积累竞争优势,提高吸收能力,才能成功"走出去";反之欲速则不达。如果企业采用资产内向国际化,则很难通过该模式提升企业的吸收能力,但借用该模式的杠杆作用可直接提高海外经营绩效。

China has been a main source country of FDI, and the performance of Chinese multinationals＇ outward investments has become a hot research topic. This study aims to discuss how Chinese enterprises＇ outward internationalization performances （OIP） are influenced by their inward internationalization modes （IIM） through a survey of 338 Chinese multinationals. The results show that： （1）Equity inward internationalization modes （EIIM） have positive direct effect on OIP of Chinese multinationals. （2）Non- equity inward internationalization modes （NEIIM） have negative direct effect on OIP, but NEIIM have positive indirect effect on OIP through absorptive capacity. The result implies that, in order to enhance their performances on overseas markets, Chinese multinationals should improve their absorptive capabilities and innovative capabilities through NEIIM. By the path of EIIM, Chinese multinationals could improve their overseas＇ performances by leveraging the equities, while their absorptive capabilities could not be improved easily.