基于文本分析的企业国际化测量方法及应用研究

Measuring and Applying the Internationalization of Firms Based on Text Analysis

为有效应对中国企业国际化活动中面对的问题,本文开发了具有前瞻性、综合性和线索性特点的中国企业国际化文本测量方式。这种测量方式的基础词典来自商务部2010—2018年《中国对外投资合作发展报告》和150份中国上市公司年报,并对3238家企业的38190份年报进行文本分析。在国家、省级和企业3个层面上的测量效度检验显示:中国企业国际化文本指数在提出"一带一路"倡议后明显提高,出口额较高省份的文本指数较高,海外营业收入较高企业的文本指数较高。研究发现:(1)相对民营企业,国有企业的国际化意愿和实际执行略显不足;(2)中国企业与东道国企业的深度合作不足,海外公司治理需要进一步完善;(3)在国际化领域,新加坡对中国企业的影响力有被低估的风险。本研究为中国企业国际化活动提供了理论启示和实践参考。

To provide answers and solutions for Chinese firms, we develope an original measurement of internationalization, which is prospective, comprehensive as well as suggestive. There is a dictionary necessary for the measurement, which is made from Report on Development of China’s Outward Investment and Economic Cooperation of Ministry of Commerce of the People’s Republic of China from 2010 to 2018, as well as 150 annual reports of Chinese listed companies. We conduct a text analysis of 38190 annual reports from 3238 companies. Our validity test shows the internationalization textval index of Chinese firms improving with "the Belt and Road" initiative, higher average text index of firms in a province with higher export value, higher text index of a firm with more overseas income. Empirical results are as follows:(1) Compared with private enterprises, the state-owned enterprises’ internationalization intention and implementation are slightly inadequate.(2) There is lack of in-depth cooperation between Chinese companies and host country companies. Overseas corporate governance needs to be further improved.(3) The influence of Singapore may be underestimated. This study provides theoretical inspiration and practical reference for the internationalization activities of Chinese firms.