国际多元化程度越高越好吗——一项基于海外子公司生存绩效的研究

Dose Higher International Diversification Mean Better Performance——A Study Based on the Survival Performance of Foreign Subsidiaries

企业国际多元化程度对其海外子公司的生存绩效具有重要影响,本文运用中国上市企业2001—2012年的海外投资数据,研究了企业国际多元化程度对海外子公司生存绩效的影响。实证研究结果表明:国际多元化程度越高的企业,海外子公司的生存绩效表现越差;企业自身的东道国经验以及良好的东道国制度削弱了国际多元化程度给子公司生存绩效带来的负向影响;基于行业的分组研究发现,制造业企业的国际多元化程度对子公司绩效的不利影响更加明显,而在服务业中这一关系却并不显著。

The international diversification of an enterprise has an essential influence on the survival performance of its foreign subsidiaries, while the existing literatures relatively neglect to study this impact from the perspective of foreign subsidiaries, utilizing the foreign investment data of Chinese listed companies for more than a decade from 2001 to 2012, this paper studies how the international diversification of an enterprise influence on the survival performance of foreign subsidiaries. This study finds that the higher international diversification is, the worse the survival performance of foreign subsidiaries is. However, host country＇s experience and host country＇s institution for an enterprise can weaken the negative impact to the survival performance of the subsidiaries by the international diversification. Furthermore, on the basis of industry-based group research, this paper also finds that the negative effect is more highlighted in the manufacturing industry, but this is not a marked impact on the service industry. Based on the above findings, this paper puts forward valuable corresponding methods and suggestions.