中国制造业企业国际化与经营绩效关系的经验研究

应用2008年制造业上市公司样本,考察中国制造业企业国际化与经营绩效的关系.在有效控制了管理层特征、国有经济比重、企业规模和经营风险等变量后,研究发现制造业上市公司整体上国际化程度对于绩效有微弱的正向影响.但如果分别从深度和广度独立核算国际化程度时,研究发现国际化深度对国际化绩效影响不显著,但国际化广度对国际化经营绩效存在显著正向影响.这说明通过拓展海外市场范围,从生产过程中的规模经济和销售中的范围经济获得竞争优势的国际化扩张模式仍是当前制造业企业国际化路径的现实选择.产权结构对于国际化绩效的负向影响和管理层持股的正向影响也为国有控股企业提升国际化绩效提出一个解决思路.

An Empirical Study on the Relationship between the Internationalization of China's Manufacturing Enterprises and the Managerial Performance

Applying the listing corporation sample of manufacturing enterprises in 2008,,this paper investigates the relationship between the internationalization of China's manufacturing and the business performance.After effectively controlling variables such as management features the weight of state-owned economy,the scale of enterprises and business risk,the study shows that the degree of the internationalization of the listed manufacturing companies has a faint positive influence on performance.But in the perspective of the independent accounting of the international degree from the depth and the breadth respectively,the paper shoes that the depth of internationalization has no significant influence on performance It shows that the international expansion modes of the competitive advantage gained from scale economy in the process of production and the scope economy in sale are still the realistic choice for the internationalization of manufacturing business.The negative influence of property structure on internationalization performance and the positive influence of managerial stockholding on internationalization performance find a way out for promoting internationalization performance of the state-owned holding companies.