企业国内多元化与企业国际化速度
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摘要
以2012—2016年中国A股上市公司为样本,本文着重探讨了前期企业国内多元化对后期企业国际化速度的影响效应。本文研究结果表明:前期企业国内地域多元化对企业更快地实施国际化扩张具有正向影响,而前期企业国内产品多元化对企业更快地实施国际化扩张则具有负向影响。进一步研究表明:第一,随着高管国际经验的增加,前期企业国内地域多元化对企业更快地实施国际化扩张的正向影响将增强,而前期企业国内产品多元化对企业更快地实施国际化扩张的负向影响将减弱;第二,随着高管过度自信的增强,前期企业国内地域多元化对企业更快地实施国际化扩张的正向影响将减弱,而前期企业国内产品多元化对企业更快地实施国际化扩张的负向影响也将减弱。
Taking the Chinese A-share listed companies from 2012 to 2016 as samples, this paper focuses on the impact of enterprises' early domestic diversification on their internationalization speed in the later period. The result of this study shows: enterprises' domestic geographic diversification in the early stage positively affects their internationalization speed in the later period, while enterprises' domestic product diversification in the early stage negatively affects their internationalization speed in the later period. Further research finds: First, as TMT's international experience increases, the prompting effect of early domestic geographic diversification on the faster implementation of enterprises' international expansion will strengthen, while the inhibitory effect of early domestic product diversification on the faster implementation of enterprises' international expansion will weaken. Second,as TMT's overconfidence increases, the prompting effect of early domestic geographic diversification on the faster implementation of enterprises' international expansion will weaken, and the inhibitory effect of early domestic product diversification on the faster implementation of enterprises' international expansion will also weaken.The research contributions of this paper are as follows: First, this paper uses Chinese multinational corporations as samples to demonstrate once again the negative impact of enterprises' early domestic product diversification on their internationalization speed in the later period. Second, by further integrating enterprises' early domestic geographic diversification into the research framework, this study reinforces the explanatory power and predictive power of enterprises' early domestic diversification on their international decision-making in the later period(such as enterprises' decision-making of their internationalization speed). This study provides a more systematic and complete new framework for interpreting how enterprises' early domestic diversification affects their internationalization speed in the later period, and strengthens the explanatory power and predictive power of enterprises' early domestic diversification on their decision-making of the internationalization speed in the later period. Third, by identifying and examining the impact of TMT's international experience and TMT's overconfidence on the relationship between enterprises' early domestic diversification and their internationalization speed in the later period, this paper further clarifies the boundary conditions of enterprises' early domestic diversification acting on their internationalization speed in the later period, and strengthens the contextual characteristics of the research framework.
Taking the Chinese A-share listed companies from 2012 to 2016 as samples, this paper focuses on the impact of enterprises' early domestic diversification on their internationalization speed in the later period. The result of this study shows: enterprises' domestic geographic diversification in the early stage positively affects their internationalization speed in the later period, while enterprises' domestic product diversification in the early stage negatively affects their internationalization speed in the later period. Further research finds: First, as TMT's international experience increases, the prompting effect of early domestic geographic diversification on the faster implementation of enterprises' international expansion will strengthen, while the inhibitory effect of early domestic product diversification on the faster implementation of enterprises' international expansion will weaken. Second,as TMT's overconfidence increases, the prompting effect of early domestic geographic diversification on the faster implementation of enterprises' international expansion will weaken, and the inhibitory effect of early domestic product diversification on the faster implementation of enterprises' international expansion will also weaken.The research contributions of this paper are as follows: First, this paper uses Chinese multinational corporations as samples to demonstrate once again the negative impact of enterprises' early domestic product diversification on their internationalization speed in the later period. Second, by further integrating enterprises' early domestic geographic diversification into the research framework, this study reinforces the explanatory power and predictive power of enterprises' early domestic diversification on their international decision-making in the later period(such as enterprises' decision-making of their internationalization speed). This study provides a more systematic and complete new framework for interpreting how enterprises' early domestic diversification affects their internationalization speed in the later period, and strengthens the explanatory power and predictive power of enterprises' early domestic diversification on their decision-making of the internationalization speed in the later period. Third, by identifying and examining the impact of TMT's international experience and TMT's overconfidence on the relationship between enterprises' early domestic diversification and their internationalization speed in the later period, this paper further clarifies the boundary conditions of enterprises' early domestic diversification acting on their internationalization speed in the later period, and strengthens the contextual characteristics of the research framework.
引文
[1]邓新明,熊会兵,李剑峰,等.政治关联、国际化战略与企业价值——来自中国民营上市公司面板数据的分析[J].南开管理评论, 2014,(1):26–43.
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[6]钟熙,宋铁波,陈伟宏,等.促进抑或阻碍?董事会资本对企业国际化战略的影响研究[J].科学学与科学技术管理, 2018,(3):77–91.
[7]Batsakis G, Mohr A T. Revisiting the relationship between product diversification and internationalization process in thecontext of emerging market MNEs[J]. Journal of World Business, 2017, 52(4):564–577.
[8]Dutta D K, Malhotra S, Zhu P C. Internationalization process, impact of slack resources, and role of the CEO:The duality ofstructure and agency in evolution of cross-border acquisition decisions[J]. Journal of World Business, 2016, 51(2):212–225.
[9]García-García R, García-Canal E, Guillén M F. Rapid internationalization and long-term performance:The knowledge link[J].Journal of World Business, 2017, 52(1):97–110.
[10]Li P Y. Top management team characteristics and firm internationalization:The moderating role of the size of middlemanagers[J]. International Business Review, 2018, 27(1):125–138.
[11]Mohr A, Batsakis G. Internationalization speed and firm performance:A study of the market-seeking expansion of retailMNEs[J]. Management International Review, 2017, 57(2):153–177.
[12]Schu M, Morschett D, Swoboda B. Internationalization speed of online retailers:A resource-based perspective on theinfluence factors[J]. Management International Review, 2016, 56(5):733–757.
[13]Sun S L, Peng M W, Tan W Q. Institutional relatedness behind product diversification and international diversification[J].Asia Pacific Journal of Management, 2017, 34(2):339–366.
[14]Xie E, Huang Y Y, Peng M W, et al. Resources, aspirations, and emerging multinationals[J]. Journal of Leadership&Organizational Studies, 2016, 23(2):144–161.
[2]宋铁波,钟熙,陈伟宏.期望差距与企业国际化速度:来自中国制造业的证据[J].中国工业经济, 2017,(6):175–192.
[3]王益民,梁枢,赵志彬.国际化速度前沿研究述评:基于全过程视角的理论模型构建[J].外国经济与管理, 2017,(9):98–112.
[4]余明桂,夏新平,邹振松.管理者过度自信与企业激进负债行为[J].管理世界, 2006,(8):104–112, 125, 172.
[5]曾萍,邓腾智,宋铁波.制度环境、核心能力与中国民营企业成长[J].管理学报, 2013,(5):663–670.
[6]钟熙,宋铁波,陈伟宏,等.促进抑或阻碍?董事会资本对企业国际化战略的影响研究[J].科学学与科学技术管理, 2018,(3):77–91.
[7]Batsakis G, Mohr A T. Revisiting the relationship between product diversification and internationalization process in thecontext of emerging market MNEs[J]. Journal of World Business, 2017, 52(4):564–577.
[8]Dutta D K, Malhotra S, Zhu P C. Internationalization process, impact of slack resources, and role of the CEO:The duality ofstructure and agency in evolution of cross-border acquisition decisions[J]. Journal of World Business, 2016, 51(2):212–225.
[9]García-García R, García-Canal E, Guillén M F. Rapid internationalization and long-term performance:The knowledge link[J].Journal of World Business, 2017, 52(1):97–110.
[10]Li P Y. Top management team characteristics and firm internationalization:The moderating role of the size of middlemanagers[J]. International Business Review, 2018, 27(1):125–138.
[11]Mohr A, Batsakis G. Internationalization speed and firm performance:A study of the market-seeking expansion of retailMNEs[J]. Management International Review, 2017, 57(2):153–177.
[12]Schu M, Morschett D, Swoboda B. Internationalization speed of online retailers:A resource-based perspective on theinfluence factors[J]. Management International Review, 2016, 56(5):733–757.
[13]Sun S L, Peng M W, Tan W Q. Institutional relatedness behind product diversification and international diversification[J].Asia Pacific Journal of Management, 2017, 34(2):339–366.
[14]Xie E, Huang Y Y, Peng M W, et al. Resources, aspirations, and emerging multinationals[J]. Journal of Leadership&Organizational Studies, 2016, 23(2):144–161.