中国企业国际化多样性与创新绩效——东道国制度与国有股权的调节效应
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摘要
国际化多样性作为一种成长战略,是企业国际化进程中的重要决策,然而当前关于企业国际化多样性对创新的影响机制研究尚为缺乏。以沪深两市A股上市公司为研究样本,实证检验了国际化多样性对企业创新绩效的影响,并在此基础上分析了企业国有股权比例、东道国制度水平对国际化多样性与企业创新绩效关系的调节作用。结果表明,国际化多样性对企业创新绩效有显著正向效应,东道国制度发展水平对两者关系具有正向调节作用;国有股权对两者关系的调节作用不显著。该结论丰富了以中国为代表的新兴经济体国际化研究成果,为国际化多样性对企业创新绩效的积极作用提供了新证据。
As a growth strategy,international diversification has a significant potential impact on firm performance.However,existing research lacks attention to the mechanism between internationalization and innovation.This paper examines how international diversification influences innovation performance of MNEs,using the date of Chinese listed firms.Our results shows that international diversification has a positive effect on the innovation performance of the MNEs,and the effect will be more pronounced when the host country institutional development is strong enough.The moderating effect of state ownership is not significant.This paper enrich the finding on internationalization of emerging economies and provides new evidence the international diversification plays an important role on MNEs innovation performance.
As a growth strategy,international diversification has a significant potential impact on firm performance.However,existing research lacks attention to the mechanism between internationalization and innovation.This paper examines how international diversification influences innovation performance of MNEs,using the date of Chinese listed firms.Our results shows that international diversification has a positive effect on the innovation performance of the MNEs,and the effect will be more pronounced when the host country institutional development is strong enough.The moderating effect of state ownership is not significant.This paper enrich the finding on internationalization of emerging economies and provides new evidence the international diversification plays an important role on MNEs innovation performance.
引文
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[24] YAMAKAWA Y,PENG M W,DEEDS D L. What drives new ventures to internationalize from emerging to developed economies [J]. Entrepreneurship Theory & Practice,2008,32(1):59-82.
[25] HONG H,WU J Z,YU E S H. Innovation,imitation and intellectual property rights in developing countries[J]. Review of Development Economics,2016,20(1):835-848.
[26] AISEN A,VEIGA F J. Political instability and inflation volatility[J]. Public Choice,2008,135(3-4):207-223.
[27] HITT M A,HOSKISSON R E,KIM H. International diversification: effects on innovation and firm performance in product-diversified firms [J]. Academy of Management Journal,1997,40(4):767-798.
[28] MASKUS K E. Intellectual property rights in the global economy[M]. Institute for International Economics,2000.
[29] MAKINO S,LAU C M,YEH R S. Asset-exploitation versus asset-seeking: implications for location choice of foreign direct investment from newly industrialized economies[J]. Journal of International Business Studies,2002,33(3):403-421.
[30] 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,2014,17(1):26-43.
[31] 刘晓光,杨连星.双边政治关系、东道国制度环境与对外直接投资[J].金融研究,2016(12):17-31.
[32] ZOU H,ADAMS M B. Debt capacity,cost of debt,and corporate insurance[J]. Journal of Financial & Quantitative Analysis,2008,43(2):433-466.
[33] 钟昌标,黄远浙,刘伟.新兴经济体海外研发对母公司创新影响的研究——基于渐进式创新和颠覆式创新视角[J].南开经济研究,2014(6):91-104.
[34] 陈劲,吴航,金珺.企业如何实施开放式创新:组织变革的视角[J].中国地质大学学报:社会科学版,2012,12(1):74-80.
[35] 王永钦,杜巨澜,王凯. 中国对外直接投资区位选择的决定因素:制度、税负和资源禀赋[J]. 经济研究,2014(12):126-142.
[36] 徐二明,张晗.中国上市公司国有股权对创新战略选择和绩效的影响研究[J].管理学报,2011,8(2):206-213.
[37] WU J,WANG C,HONG J,et al. Internationalization and innovation performance of emerging market enterprises: the role of host-country institutional development[J]. Journal of World Business,2016,51(2):251-263.
[38] CHEN W R,MILLER K D. Situational and institutional determinants of firms' R&D search intensity[J]. Strategic Management Journal,2007,28(4):369-381.
[39] 袁建国,程晨,后青松.环境不确定性与企业技术创新——基于中国上市公司的实证研究[J].管理评论,2015,27(10):60-69.
[40] 李梅,余天骄.研发国际化是否促进了企业创新——基于中国信息技术企业的经验研究[J].管理世界,2016(11):125-140.
[41] 陈维,吴世农,黄飘飘.政治关联、政府扶持与公司业绩———基于中国上市公司的实证研究[J].经济学家,2015(9):48-58.
[2] LUO Y,ZHANG H. Emerging market MNEs: qualitative review and theoretical directions[J].Journal of International Management,2016,24(4):333-350.
[3] 魏江,应瑛,刘洋.研发活动地理分散性、技术多样性与创新绩效[J].科学学研究,2013,31(5):772-779.
[4] 张妍,魏江.研发伙伴多样性与创新绩效——研发合作经验的调节效应[J].科学学与科学技术管理,2015,36(11):103-111.
[5] 顾乃康,宁宇.公司的多样化战略与资本结构关系的实证研究[J].南开管理评论,2004,7(6):89-93.
[6] 唐青青,谢恩,梁杰.地理多样性与产品创新:外部环境和企业能力的调节[J].科技管理研究,2016,36(18):144-149.
[7] 吕萍.知识来源和创新联系的地理分布对创新绩效的影响研究[J].财经研究,2011,37(6):90-102.
[8] 林润辉,李康宏,周常宝,等.企业国际化多样性、国际化经验与快速创新——来自中国企业的证据[J].研究与发展管理,2015,27(5):110-121.
[9] 王公为,彭纪生.国际多元化与母公司创新能力研究--基于制度距离的调节效应[J].科技进步与对策,2014(19):75-80.
[10] GLOBERMAN S,SHAPIRO D. Global foreign direct investment flows: the role of governance infrastructure[J]. World Development,2002,30(11):1899-1919.
[11] 田海峰,黄祎,孙广生.影响企业跨国并购绩效的制度因素分析——基于2000～2012年中国上市企业数据的研究[J].世界经济研究,2015(6):111-118.
[12] PENG M W,WANG D Y L,JIANG Y. An institution-based view of international business strategy: a focus on emerging economies[J]. Journal of International Business Studies,2008(9).
[13] NACHUM L,ZAHEER S. The persistence of distance? the impact of technology on MNE investment motivations[J]. Strategic Management Journal,2005,26(8):747-767.
[14] CUI M,PAN S L,NEWELL S,et al. Strategy,resource orchestration and e-commerce enabled social innovation in rural China[J]. Journal of Strategic Information Systems,2017,26(1):3-21.
[15] 李梅,余天骄.东道国制度环境与海外并购企业的创新绩效[J].中国软科学,2016(11):137-151.
[16] GHOSHAL S. Global strategy: an organizing framework[J].Strategic Management Journal,1987,8(5):425-440.
[17] 李梅,余天骄.海外研发投资与母公司创新绩效——基于企业资源和国际化经验的调节作用[J].世界经济研究,2016(8):101-113,134,137.
[18] CASTELLANI D,ZANFEI A. Internationalisation,innovation and productivity: how do firms differ in Italy[J].World Economy,2007,30(1):156-176.
[19] 吴航,陈劲. 新兴经济国家企业国际化模式影响创新绩效机制——动态能力理论视角[J]. 科学学研究,2014,32(8):1262-1270.
[20] 吴先明.企业特定优势、国际化动因与海外并购的股权选择——国有股权的调节作用[J].经济管理,2017(12).
[21] BARKEMA H G,VERMEULEN F. International expansion through start up or acquisition: a learning perspective[J]. Academy of Management Journal,1998,41(1):7-26.
[22] BUCKLEY P J,RUANE F. Foreign direct investment in Ireland: policy implications for emerging economies[J]. World Economy,2006,29(11):1611–1628.
[23] WANG C,HONG J,KAFOUROS M,et al. What drives outward FDI of Chinese firms? testing the explanatory power of three theoretical frameworks[J]. International Business Review,2012,21(3):425-438.
[24] YAMAKAWA Y,PENG M W,DEEDS D L. What drives new ventures to internationalize from emerging to developed economies [J]. Entrepreneurship Theory & Practice,2008,32(1):59-82.
[25] HONG H,WU J Z,YU E S H. Innovation,imitation and intellectual property rights in developing countries[J]. Review of Development Economics,2016,20(1):835-848.
[26] AISEN A,VEIGA F J. Political instability and inflation volatility[J]. Public Choice,2008,135(3-4):207-223.
[27] HITT M A,HOSKISSON R E,KIM H. International diversification: effects on innovation and firm performance in product-diversified firms [J]. Academy of Management Journal,1997,40(4):767-798.
[28] MASKUS K E. Intellectual property rights in the global economy[M]. Institute for International Economics,2000.
[29] MAKINO S,LAU C M,YEH R S. Asset-exploitation versus asset-seeking: implications for location choice of foreign direct investment from newly industrialized economies[J]. Journal of International Business Studies,2002,33(3):403-421.
[30] 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,2014,17(1):26-43.
[31] 刘晓光,杨连星.双边政治关系、东道国制度环境与对外直接投资[J].金融研究,2016(12):17-31.
[32] ZOU H,ADAMS M B. Debt capacity,cost of debt,and corporate insurance[J]. Journal of Financial & Quantitative Analysis,2008,43(2):433-466.
[33] 钟昌标,黄远浙,刘伟.新兴经济体海外研发对母公司创新影响的研究——基于渐进式创新和颠覆式创新视角[J].南开经济研究,2014(6):91-104.
[34] 陈劲,吴航,金珺.企业如何实施开放式创新:组织变革的视角[J].中国地质大学学报:社会科学版,2012,12(1):74-80.
[35] 王永钦,杜巨澜,王凯. 中国对外直接投资区位选择的决定因素:制度、税负和资源禀赋[J]. 经济研究,2014(12):126-142.
[36] 徐二明,张晗.中国上市公司国有股权对创新战略选择和绩效的影响研究[J].管理学报,2011,8(2):206-213.
[37] WU J,WANG C,HONG J,et al. Internationalization and innovation performance of emerging market enterprises: the role of host-country institutional development[J]. Journal of World Business,2016,51(2):251-263.
[38] CHEN W R,MILLER K D. Situational and institutional determinants of firms' R&D search intensity[J]. Strategic Management Journal,2007,28(4):369-381.
[39] 袁建国,程晨,后青松.环境不确定性与企业技术创新——基于中国上市公司的实证研究[J].管理评论,2015,27(10):60-69.
[40] 李梅,余天骄.研发国际化是否促进了企业创新——基于中国信息技术企业的经验研究[J].管理世界,2016(11):125-140.
[41] 陈维,吴世农,黄飘飘.政治关联、政府扶持与公司业绩———基于中国上市公司的实证研究[J].经济学家,2015(9):48-58.