天生国际化与阶段国际化——企业年龄特征与中国企业的国际化选择  

International New Venture or Process International: Firm Age and Internationalization Propensity

作　　者：杨嬛[1] 张学良[1] 

机构地区：[1]上海财经大学城市与区域科学学院,上海200433

出　　处：《经济管理》2016年第4期12-23,共12页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"企业国际化的‘年龄依赖’效应:基于进入时间;国际化能力与国际化动力的研究"(71402085);教育部人文社会科学基金项目"企业国际化的‘年龄依赖’效应:国际化能力;国际化动力与初始化时间"(14YJC630164)

摘　　要：什么年龄阶段的企业具有更高的国际化可能?传统国际化理论认为,只有成熟企业才会选择国际化作为其扩张路径。然而,国际市场上越来越多的年轻企业甚至新建企业颠覆了传统论断。本文在综合了天生国际企业理论和国际化阶段理论的基础上,通过运用中国制造业微观企业数据(1998—2007),发现受到随企业年龄而演变的"国际化动力"和"国际化能力"的共同影响,企业年龄与企业国际化倾向之间实质上存在非线性的"U型"影响关系,年轻企业和成熟企业(年龄≥7)都具有较高的国际化可能性。对中国企业,受国际化动力驱使的年轻企业的国际化倾向更高。此外,这种关系还受到企业规模、外商直接投资密度和国际化企业密度调节作用的影响。本研究从一个新的视角对中国企业的国际化行为进行了诠释,为更好地理解不同年龄阶段的企业国际化行为以及中国企业的快速国际化进程做出了贡献。When to internationalize？ The traditional international business theory considered that only mature finns could foreign expand. Yet more and more international new ventures have challenged the traditional argu- ments. Intriguing by this contradict phenomenon, this study combines the International New Venture （INV） and Process Theory of Internationalization （PTI） together, and establishes a general model as ＂age dependence of inter- nationalization＂. Prior studies primarily predict a monotonous relationship between firm age and internationaliza- tion. Firm＇s foreign expansion probability either monotonously ascends （PTI）, or monotonously descends （INV） with finn age. However, by breaking down age effect into two components, age effect on capability and age effect on aspiration, we predict a U-shaped relationship between finn age and finn＇ s internationalization propensity. Due to the aspiration effect, finn＇ s internationalization propensity is high in its inception, and this propensity decline with firm age ; whereas with the gradual build up of firm＇ s capability, finn＇ s international propensity ascends again with finn age after an inflection point. Using a comprehensive panel data of manufacturing finns in China 1998-2007, this U-shaped prediction has been strongly supported. Our finding indicates that firms can either be a young and passionate international adventurer or a mature and sophisticated international explorer. These foreign expan- sion activities show up at different age are promoted by dissimilar motivations and reflect firm＇ s divergent develop- ment needs in different stages. This study further predicts that the relationship between firm age and internationalization is contingent on firm＇ s interior characteristics and external environment. Firstly, our results confirm that firm size do moderate the age effect on internationalization, as the larger the firm is, the greater age effect on internationalization probability will be. Secondly, the results for extern

关 键 词：国际化 企业年龄 企业规模 FDI 出口 

分 类 号：F23[经济管理—会计学]