新形势下国际化经营与企业绩效的关系分析——基于我国上市公司制造业的实证研究

The Impact of Corporate Internationalization on its Performance under the New Situation——Based on the Analysis of Listed Companies in Manufacturing Industry

随着我国经济的快速发展,我国企业的国际化进程也将进一步加快。目前我国提出的'一带一路'政策就是充分依靠中国与有关国家既有的双、多边机制,借助行之有效的区域合作平台加快发展我国企业的国际化发展。本文主要利用2010—2015年上市公司制造业企业的面板数据实证分析了企业国际化程度与绩效的关系,同时分析了企业的研发投入和企业规模对企业国际化程度的调节作用。实证的结果表明我国企业国际化程度和绩效呈现出U型关系,企业的研发投入正向调节企业国际化程度与绩效的关系,而企业规模负向调节这种关系。因此,我国企业在当前形势下开展国际化经营应该加大企业的研发投入,并且要控制企业的规模。

With the rapid development of China’s economy,the process of internationalization of Chinese enterprises will accelerate. Now China’s "One Belt and One Road"policy is to fully rely on the bilateral and multilateral mechanisms existing between China and the countries concerned,and it will accelerate the international development of Chinese enterprises with the existing effective platform. In this paper,we use the 2010- 2015 panel data from listed companies in manufacturing industry to empirically analyze the relationship between the degree of corporate internationalization and performance,and analyze the moderating effect of R&D investment and size to corporate internationalization. The empirical results show that there is a U- shaped relationship between the degree of internationalization of Chinese enterprises and performance,and R&D investment will enhance the relationship,but enterprise scale will weaken the relationship. Therefore,Chinese enterprises in the current situation of international development should enhance R&D investment and also control the scale of enterprises at the same time.