中国企业国际化过程的“加速”和“跳跃”:过度自信视角

“Accelerated”and “Leap-style” Internationalization Process of Chinese Enterprises:From the Perspective of Overconfidence

传统的国际化理论模型长期用一种刻板、静态的思想对国际化活动进行思考,事实上,企业的国际化成长过程存在着复杂的、多元的国际化行为组合和行为序列模式。即使在国际化程度相同的情况下,国际化过程的差异也可能导致截然不同的组织绩效。中国企业国际化过程体现出的"加速"和"跳跃"特征令世界瞩目,但少有研究关注中国企业国际化过程背后的管理者决策逻辑。而且,目前相关研究大多基于管理者理性人假设,忽略了管理者非理性行为对国际化过程特征的影响。基于高阶梯队和行为金融等理论,探讨高管过度自信对中国企业对外直接投资速度和节奏等国际化动态过程特征的影响,并考察在内部股权结构和外部国际化压力的双重情景下该影响机制的变化情况。以具有国际化行为的中国上市公司为研究样本,通过手工整理获取2007年至2013年301家上市公司国际化过程面板数据,选择固定效应模型进行多元回归分析。研究结果表明,(1)高管过度自信与国际化速度和国际化节奏之间均存在显著的正相关关系,即高管过度自信心理会促使中国企业国际化过程的速度增加,不规律性增强;(2)内部国有股权比例增加显著增强高管过度自信对国际化速度和国际化节奏的正向影响;(3)企业外部产业国际化竞争压力显著遏制中国企业高管过度自信对企业国际化速度和国际化节奏的正向影响。在中国特定的制度环境和管理情景下,讨论高管过度自信心理对企业国际化过程特征产生的影响,验证了中国企业国际化扩张背后存在的高管非理性因素,为行为金融理论和国际化过程研究等相关研究领域的进一步推进做出了贡献。另外,探讨内部股权和外部产业竞争的影响,进一步丰富了公司治理和产业竞争的相关实证研究。研究结论对于高管团队管理和企业国际化决策管理具有较好的实践指导意义。

Classic international business theory views international activities in a stereotyped and static way,and simplifies the extremely complex process of internationalization. In reality,there are numerous complicated and diversified internationalization behavior patterns during internationalization process. Despite the similar degree of internationalization,the difference in that internationalization process may lead to an entirely distinctive organization performance. Internationalization process has been the research hotspot in the field of international business. The ＂accelerated＂and ＂leap-style＂internationalization process of Chinese enterprises have attracted the attention of the whole world. However,few scholars have discussed the managerial logic of top managers of Chinese firms in making international decision. Beyond that,most recent and relative researches,based on the hypothesis of rational man,ignore the influence of irrational behavior on the internationalization process characteristics.Based on the fundamental theory of Upper Echelons and Behavioral Finance,this paper studies the impact of top managers＇ overconfidence on the international process,including the speed and rhythm of Chinese outward foreign direct investment,and further explores the moderating effect of internal equity structure and external international competitive pressures on the relationship between top managers＇ overconfidence and international process. Using the samples of 301 publicly-listed firms from 2007-2013 in Shenzhen and Shanghai stock exchange,based on longitudinal data obtained and sorted manually,this paper uses STATA 12. 0 and multiple regression method to make the analysis.Based on empirical results,we find that,first there is a significant positive relationship between top managers＇ overconfidence and the speed and rhythm of Chinese firms＇ outward foreign direct investment,that is,top managers＇ overconfidence will speed up the Chinese firms＇ internationalization process and make them expand in a more irregular pattern. Moreover,the stateowned equity ratio will strengthen the positive relationship between top managers＇ overconfidence and internationalization process,while external international pressure will negatively moderate the above relationship significantly.Under the domestic institutional environment and special managerial context,this paper verifies that top manager＇s irrational characters will lead to the acceleration and leap style of Chinese firm＇ s internationalization,which make contributions to the research on the problem of internationalization process and manager＇s overconfidence. Moreover,this paper discusses the effect of internal stock equity and external industry characteristic,enriching relative empirical researches on corporate governance and industry competition. The results of this study also have practical significance for guiding top management teams and international decision-making management of the enterprises.