企业特定优势对国际化-绩效关系的影响:U形关系调节效应的实证检验

The Influence of Firm Specific Advantages on International Performance: Testifying the Moderating Effect to a U-curve Relationship

中国对外直接投资已连续16年高速增长,2017年末存量仅次于美国而位居世界第二。然而,在中国经济不仅需要高速度增长、更需要高质量发展的今天,中国“走出去”企业的国际化绩效状况到底怎样?尤其是,企业特定优势在中国企业的国际化扩张过程中,对国际化-绩效关系发挥了怎样的作用?本文将既进行中国企业国际化-绩效关系的主效应分析,也进行基于企业特定优势视角的调节效应分析。该视角在理论上突破了以往单纯将企业特定优势作为国际化动因的窠臼,转而检验当企业已经开展国际化活动之后,这些特定优势是否确实会对国际化绩效产生积极的后续影响;同时,该视角在实践上能够发现在中国企业的国际化扩张中,到底是基于大规模制造的有形资产特定优势、还是旨在建立创新驱动机制的无形资产特定优势,在目前能够发挥更加重要的绩效提升作用。本文应用2010—2015年中国制造业上市公司的六年面板数据进行了上述实证分析,结果发现:中国企业的国际化-绩效关系表现为U形形态;企业所拥有的特定优势对国际化绩效确实具有显著的调节作用,但具体方向依类别而有所不同,有形资产特定优势正向调节企业的国际化-绩效关系,无形资产特定优势则负向调节该关系。这一发现与以往发达国家研究中无形资产大多具有积极作用不同,说明作为典型新兴经济体和著名世界工厂的中国其国际化具有不同的特点,很多企业的特定优势仍然是大量固定资产设备所体现的强大制造能力,目前也仍然需要依靠积累有形资产特定优势而改善国际化绩效。

China's outward direct investment has been growing rapidly for continuous 16 years,only next to the U.S.and is the No.2 in the world for ODI stocks.However,today China prefers high quality development to high speed growth,so how about the performance of China going abroad firms?Especially,what is the role of firm specific advantages(FSA)to China firms internationalization-performance relationship?We analyzed the main effect of internationalization-performance relationship as well as the moderating effect based on FSA perspective,since this innovative analysis will make a breakthrough to the old theoretic perspective which only takes FSA as the motivator of internationalization,instead,we tested whether FSA really had positive influence on international performance after firms transnational operations.As for practical values,this innovative analysis could find out which is the most important factor to China firms performance-enhancing,the tangible FSA based on large-scale manufacturing or the intangible FSA aiming innovation-driven strategy.We analyzed panel data of China listed firms in manufacturing industry from 2010 to 2015 and got following results:The relationship of China's internationalization-performance appeared to be U-curve;FSA had significant moderating effects on firm s internationalization-performance relationship.More specifically,the tangible asset advantages had positive moderating effect,but the intangible asset advantages including technical advantage and marketing advantage had negative moderating effect.Unlike many previous researches,our finding showed that it was very different between the internationalization of China firms and leading companies in developed countries.As a typical emerging economy and the famous world factory,the advantages of many China firms are still manufacturing abilities lying in massive equipments,and they still need to accumulate tangible asset advantages to improve their international performance.