摘要
党的十九大报告进一步明确了要以"一带一路"建设为重点,坚持企业"走出去"的国际化发展战略,然而国际化拓张是否有助于提升企业绩效一直存在较大的争议。基于中国沪深A股上市公司2012—2016年的数据,使用面板门限模型研究了国际化程度与企业绩效的非线性关系。研究结果表明:在整体关系上,企业国际化并不有利于企业绩效的提升,但在曲线关系上,两者之间的作用关系会受到企业研发投入强度三重门槛效应的影响,各个阶段上国际化程度对企业绩效的影响程度有所不同。此外,研究还发现了存在最佳的研发投入强度区间,此阶段上的国际化程度对企业绩效的影响并不显著。
Report of the Nineteenth National Congress of the Communist Party of China further clarifies that we should focus on pushing ahead with the Belt and Road Initiative, and adhere to the international development strategy of “going global”. However, there has been much controversy over whether or not international expansion will help improve corporate performance. Based on the data of A -share listed companies in Shanghai and Shenzhen from 2012 to 2016, this paper uses panel threshold model to study the non-linear relationship between internationalization degree and enterprise performance.The results are shown as follows. Firstly, internationalization is not conducive to the improvement of enterprise performance in the overall relationship;but in the curve relationship, the relationship between the two will be affected by the triple threshold effect of R&D investment intensity.The impact of internationalization on enterprise performance varies from stage to stage. In addition, this paper also finds that there is an optimal R&D investment intensity interval, and the degree of internationalization at this stage has no significant impact on corporate performance.
作者
王梦怡
WANG Mengyi(Business School, Zhengzhou University, Zhengzhou 450001)
出处
《常州工学院学报》
2019年第1期115-121,共7页
Journal of Changzhou Institute of Technology
关键词
国际化程度
企业绩效
研发投入
门限效应
degree of internationalization
enterprise performance
R&D investment
threshold effect
