双循环背景下民营企业国际化与经营绩效研究  

The Impact of Internationalization on Performance of Private Firms:under A“Dual Circulation”Development Pattern Background

作　　者：汤玮晨 王丹 

机构地区：[1]中国致公党中央委员会参政议政部 [2]上海财经大学商学院

出　　处：《现代管理科学》2021年第8期80-90,共11页Modern Management Science

摘　　要：在双循环背景下,深入研究民营企业国际化对经营绩效的影响,并进一步分样本探讨公司治理、高管背景和“一带一路”可能的调节效应。研究结论表明,民营企业出口规模正向影响企业经营绩效,当企业速动比率、现金负债比和资产负债率比较高,以及高管具备海外背景,“一带一路”倡议提出后,这种正向促进作用得以进一步加强。进一步地,基于企业海外建立子公司数量衡量企业国际化速率,构建三次方非线性回归模型,发现企业国际化速率与经济效益间存在门槛效应。即在国际化速率较低和较高的两个阶段,企业国际化速率的提升能增加企业经营绩效,而当企业国际化速率处于中等水平时,企业绩效随国际化的增长反而有所减慢。研究成果拓展了企业国际化的相关研究,为民营企业更好地“走出去”及推进国内国际双循环提供了指引。Under the background of“dual circulation”development pattern,this paper expands the relationship between the internationalization and the performance of private firms.The results suggest that,the increase in the scale of export significantly raises the firm performance.Moreover,we find that the positive influence is more pronounced when the private firms with higher quick ratio,higher cash liability ratio and asset-liability ratio,or having senior executives with overseas background,in addition,the implementation of the"One Belt and One Road"policy in 2013 also matters.Furthermore,we use the number of foreign subsidiaries that private companies established to measure the rate of internationalization,and constructs the nonlinear cubic regression model to test the mechanisms,and find there exits the threshold effect between internationalization rate and performance.To be specific,in the lower and higher levels of internationalization rate level,the internationalization rate is conducive to the performance of private firms,while in the medium level of internationalization,the performance of enterprises decreases with the increase of internationalization.This study contributes to the literature by extending the understanding on the relation between internationalization and performance of private firms,and provides guidance on how private firms to better going out,and also conducive to the realize of domestic and international double circulations.

关 键 词：双循环 企业国际化 出口规模 经营绩效 

分 类 号：F276.5[经济管理—企业管理] F272.3[经济管理—国民经济] F125