中国企业国际多元化与创新绩效——区域市场化与高管海外背景的调节效应
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摘要
以沪深两市A股上市的137家公司2013—2016年的面板数据为样本,实证检验了国际多元化对企业创新绩效的影响,并在此基础上探索了区域市场化程度、高管海外背景对国际多元化与企业创新绩效关系的调节作用。结果表明,国际多元化对企业创新绩效有显著正向效应,区域市场化程度对两者关系具有负向调节作用;高管海外背景对两者关系的调节作用不显著。研究丰富了以中国为代表的新兴经济体国际化研究成果,为国际多元化与企业创新绩效的关系研究提供了新证据。
International diversification is an important growth strategy and a popular strategic choice for enterprises. However,the focus of the current research is mainly the impact of international diversification on enterprise performance,while there is a lack of research on the impact of international diversification on innovation. Based on the panel data of 137 A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2014,this paper empirically examines the impact of international diversification on enterprise innovation performance,and on this basis,it explores the moderating effect of regional marketization degree and overseas background of executives on the relationship between international diversification and enterprise innovation performance. The results show that international diversification has a significant positive effect on the innovation performance of enterprises,and the degree of regional marketization has a negative moderating effect on the relationship between them,while the overseas background of senior executives has no significant moderating effect on the relationship between them. This study enriches the research results of internationalization for emerging economies represented by China,and provides new evidence for the relationship between international diversification and innovation performance of enterprises.
International diversification is an important growth strategy and a popular strategic choice for enterprises. However,the focus of the current research is mainly the impact of international diversification on enterprise performance,while there is a lack of research on the impact of international diversification on innovation. Based on the panel data of 137 A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2014,this paper empirically examines the impact of international diversification on enterprise innovation performance,and on this basis,it explores the moderating effect of regional marketization degree and overseas background of executives on the relationship between international diversification and enterprise innovation performance. The results show that international diversification has a significant positive effect on the innovation performance of enterprises,and the degree of regional marketization has a negative moderating effect on the relationship between them,while the overseas background of senior executives has no significant moderating effect on the relationship between them. This study enriches the research results of internationalization for emerging economies represented by China,and provides new evidence for the relationship between international diversification and innovation performance of enterprises.
引文
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[25]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.
[26]XIAO S F S,JEONG I,MOON J J,et al.Internationalization and performance of firms in China:Moderating effects of governance structure and the degree of centralized control[J].Journal of International Management,2013,19(2):118-137.
[2]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.
[3]SUTCLIFFE B K M.Comparing alternative conceptualizations of functional diversity in management teams:Process and performance effects[J].The Academy of Management Journal,2002,45(5):875-893.
[4]WRIGHT M,FILATOTCHEV I,LIU X,et al.Returnee entrepreneurs,science park location choice and performance:An analysis of high-technology SMEs in China[J].Social Science Electronic Publishing,2010,32(1):131-155.
[5]NACHUM L,ZAHEER S.The persistence of distance?The impact of technology on MNE motivations for foreign investment[J].Strategic Management Journal,2005,26(8):747-767.
[6]LAHIRI N.Geographic distribution of R&D activity:How does it affect innovation quality?[J].Academy of Management Journal,2010,53(5):1194-1209.
[7]孙维峰,黄祖辉.国际多元化、行业多元化与企业创新投入[J].研究与发展管理,2014,26(1):52-62.
[8]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.
[9]KELLERMANNS F,WALTER J,CROOK T R,et al.The resourcebased view in entrepreneurship:A content-analytical comparison of researchers'and entrepreneurs'views[J].Journal of Small Business Management,2016,54(1):26-48.
[10]BARNEY J.Firm resources and sustained competitive advantage[J].Journal of Management,1991,17(1):99-120.
[11]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.
[12]曹勇,赵莉,张阳,等.高新技术企业专利管理与技术创新绩效关联的实证研究[J].管理世界,2012(6):182-183.
[13]ARGYRIS C,SCHN D A.Organizational learning.A theory of action perspective[J].Reading,Mass,1978(77/78):35.
[14]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.
[15]EDEN M L.Local density and foreign subsidiary performance[J].The Academy of Management Journal,2006,49(2):341-355.
[16]樊纲,王小鲁.消费条件模型和各地区消费条件指数[J].经济研究,2004(5):13-21.
[17]陈信元,黄俊.政府干预、多元化经营与公司业绩[J].管理世界,2007(1):92-97.
[18]雷光勇,李书锋,王秀娟.政治关联、审计师选择与公司价值[J].管理世界,2009(7):145-155.
[19]QIAN C,CAO Q,TAKEUCHI R.Top management team functional diversity and organizational innovation in China:The moderating effects of environment[J].Strategic Management Journal,2013,34(1):110-120.
[20]BUYL T,BOONE C,HENDRIKS W,et al.Top management team functional diversity and firm performance:The moderating role of CEO characteristics[J].Journal of Management Studies,2011,48(1):151-177.
[21]姚冰湜,马琳,王雪莉,等.高管团队职能异质性对企业绩效的影响:CEO权力的调节作用[J].中国软科学,2015(2):117-126.
[22]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.
[23]LI H,ZHANG Y,LI Y,et al.Returnees versus locals:Who perform better in China's technology entrepreneurship?[J].Strategic Entrepreneurship Journal,2012,6(3):257-272.
[24]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.
[25]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.
[26]XIAO S F S,JEONG I,MOON J J,et al.Internationalization and performance of firms in China:Moderating effects of governance structure and the degree of centralized control[J].Journal of International Management,2013,19(2):118-137.