海外市场多元化对出口绩效的影响机制研究
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摘要
随着经济全球化的深入和中国经济进入新常态,"中企西进"态势日趋明显,海外市场多元化战略(diversifivation,DIV)成为众多中国出口企业的战略选择.那么,DIV是如何影响企业出口绩效的呢?基于制度理论视角构建了海外市场多元化战略影响出口绩效作用机制的理论模型.研究发现DIV抑制而非促进了企业出口绩效,异质性资源加剧了这种负面影响,而完善的制度环境缓解了这种负面影响.由此说明,完善的制度环境是DIV促进企业出口绩效的必要条件.如果制度环境不完善,企业异质性资源越强,DIV对出口绩效的负面影响反而更大.
With economic globalization and the Chinese economy entering new normal,the trend of "China going west" is becoming obvious.International diversification(DIV) has become one of the strategic choices for many Chinese export enterprises.How does DIV affect the export performance? Based on the institutional theory,a theoretical model of how international diversification affects firms' export performance is constructed.Private listed companies are used as data to test the hypotheses.It is found that DIV inhibits rather than promotes the export performance,which is exacerbated by heterogeneous resources and mitigated by a well-established institutional environment.Thus,an improved institutional environment is a necessary condition for DIV to promote export performance.If the institutional environment is poor,the heterogeneity of resources is stronger;DIV results in a greater negative impact on the export performance.
With economic globalization and the Chinese economy entering new normal,the trend of "China going west" is becoming obvious.International diversification(DIV) has become one of the strategic choices for many Chinese export enterprises.How does DIV affect the export performance? Based on the institutional theory,a theoretical model of how international diversification affects firms' export performance is constructed.Private listed companies are used as data to test the hypotheses.It is found that DIV inhibits rather than promotes the export performance,which is exacerbated by heterogeneous resources and mitigated by a well-established institutional environment.Thus,an improved institutional environment is a necessary condition for DIV to promote export performance.If the institutional environment is poor,the heterogeneity of resources is stronger;DIV results in a greater negative impact on the export performance.
引文
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[36]曹虹剑,贺正楚,熊勇清.模块化,产业标准与创新驱动发展——基于战略性新兴产业的研究[J].管理科学学报,2016,19(10):16-33.Cao Hongjian,He Zhengchu,Xiong Yongqing.Modularization,industrial standard and innovation-driven development:A study based on strategic emerging industry[J].Journal of Management Sciences in China,2016,19(10):16-33.(in Chinese)
[37]夏纪军,张晏.控制权与激励的冲突——兼对股权激励有效性的实证分析[J].经济研究,2008,3:87-98.Xia Jijun,Zhang Yan.The conflicts between control rights and incentives:An empirical analysis on the effect of stock incentives in China[J].Economic Research Journal,2008,3:87-98.(in Chinese)
[38]邵帅,吕长江.实际控制人直接持股可以提升公司价值吗?——来自中国民营上市公司的证据[J].管理世界,2015,(5):134-146.Shao Shuai,LüChangjiang.Can the actual controllers'directly holding stocks increase the company's value?:A study from the evidence of China's private listed companies[J].Management World,2015,(5):134-146.(in Chinese)
[39]Wolff J A,Pett T L.Internationalization of small firms:An examination of export competitive patterns,firm size,and export performance[J].Journal of Small Business Management,2000,38(2):34.
[40]Johanson J,Vahlne J E.The uppsala internationalization process model revisited:From liability of foreignness to liability of outsidership[J].Journal of International Business Studies,2009,40(9):1411-1431.
[41]Aulakh P S,Rotate M,Teegen H.Export strategies and performance of firms from emerging economies:Evidence from Brazil,Chile,and Mexico[J].Academy of Management Journal,2000,43(3):342-361.
[42]Lu J W,Beamish P W.International diversification and firm performance:The s-curve hypothesis[J].Academy of Management Journal,2004,47(4):598-609.
[43]Eilat H,Golany B,Shtub A.Constructing and evaluating balanced portfolios of R&D projects with interactions:A DEA based methodology[J].European Journal of Operational Research,2006,172(3):1018-1039.
[44]Cook W D,Seiford L M.Data envelopment analysis(DEA):Thirty years on[J].European Journal of Operational Research,2009,192(1):1-17.
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