企业期望落差强度与持久度对国际化速度的影响研究

Different Dimensions of Aspiration Gap and the Internationalization Pace of Emerging-market Multinationals

新兴市场企业如何动态地调整其国际化速度是目前学界与业界的热议话题。基于企业行为理论,本文引入企业期望落差的不同维度:强度与持久度,探究了两者对国际化速度的差异化影响机制,以及母国市场与制度环境的权变作用。基于2010—2015年中国A股上市跨国企业面板数据,研究结果表明:期望落差强度与国际化速度正相关,而期望落差持久度与国际化速度负相关。进一步地,母国市场动荡性会削弱期望落差与国际化速度的关系,相反地,母国制度环境发展则加强了两者关系。研究结论拓展了不同维度期望落差对企业战略差异化影响机制的研究,同时对理解企业的国际化成长过程具有现实意义和启发。

How emerging-market firms(EMNEs)plan their internationalization pace dynamically has become a new focus of attention in both theory and practice.Based on the behavioral theory of the firm,this paper explores the mechanism of how different dimensions of aspiration gap(intensity and duration)affect the EMNEs'internationalization pace,and the contingent effects of market turbulence and institutional development in their home country.Using the panel data of A-share listed multinationals in China,our empirical research shows that EMNEs'internationalization pace increases with the intensity of aspiration gap,and decreases with the duration of aspiration gap.Further analysis demonstrates that the market turbulence weakens the relationships between aspiration gaps and internationalization pace,while the institutional development strengthens the relationships.Our study contributes to the researches on both aspiration gap and the internationalization process of EMNEs.