摘要
关于企业国际化进程中海外投资区位分布对绩效影响的研究大都只考虑投资所跨区域的数量,忽略了企业在不同区域投资额不同甚至差异很大这一事实。本文借鉴相对熵指数建立能够衡量企业海外投资额在地理分布上的集中或分散程度的指标——投资区位分散度,以我国上市制造业企业为样本,从国际化程度、海外投资区域数量以及投资区位分散度三个维度来研究国际化对企业绩效的影响。实证检验发现,国际化程度与企业绩效呈正U型曲线关系,海外投资区域数量以及投资区位分散度与企业绩效呈负相关关系。原因在于,我国大部分制造业企业国际化仍处于初期阶段,缺乏海外投资经验,跨国经营管理能力薄弱,初始国际化成本往往大于收益,国际化经营表现为对企业绩效负影响;随着海外投资增长,企业通过"学习效应"积累经验,逐渐适应东道国环境,国际化收益逐渐超过成本,国际化经营促进绩效提升;处于国际化初期的我国制造业企业,海外投资所跨区域数量越多、投资越均匀分散,企业面临的东道国新环境的挑战以及管理协调成本越大,越不利于企业集中资源深入挖掘与充分利用已有的区位优势,越不利于企业绩效的提升。
When studying the relationship between geographic distribution of outbound direct investment and firm＇s performance, most scholars only considered the number of investment areas and ignored the difference of investment amount among the areas. This paper thus creates an index to measure the difference of investment amount, and then explore the effects of firm＇s internationalization on its performance from the dimensions of degree of internationalization,number of investment areas and regional dispersion degree by sampling Chinese listed manufacturing firms. We find that the relation between the degree of internationalization and firm performance shows a U-shaped and the latter two are negatively related to performance. Performance is reduced due to the huge initial international cost and the possibility of failure is high due to challenges from new environment and lack of experience. However, with the increase of overseas investment, firms gradually adapt to new environment and accumulate experience, so the performance will be improved. Meanwhile, we find that the more areas a firm has direct investment in and the more dispersed it is, the worse performance the firm will have. Because it will face more management cost, more challenges from different environments and less possibility to fully utilize the location advantages.
作者
张晓涛
陈国媚
ZHANG Xiaotao CHEN Guomei(Central University of Finance and Economics, Institute for Finance and Economics Research, School of International Trade and Economics, Beijing, 100081)
关键词
国际化程度
投资区位
企业绩效
Internationalization
Investment location
Performance
