战略联盟对中国企业国际化的影响研究——来自上市公司公告大数据文本分析的证据  

The Impact of Strategic Alliances on Chinese Firms’Globalization——Evidence from Big Data Text Analysis of Public Company Announcements

作　　者：成程[1] 陈彦名 黄勃[2] CHENG Cheng;CHEN Yanming;HUANG Bo

机构地区：[1]湖南大学金融与统计学院 [2]中国人民大学财政金融学院

出　　处：《国际贸易问题》2022年第6期159-174,共16页Journal of International Trade

基　　金：国家自科基金重大项目“互联网环境中金融市场效率与监管理论”(71790591);国家社科基金重大项目“征信大数据与智能化社会信用体系构建的技术方法及应用研究”(19ZDA103)。

摘　　要：本文通过对2007—2019年A股上市公司320.8万篇公告进行收集整理,对上市公司参与战略联盟的信息进行了详尽的文本分析,并从海外专利、海外收入、海外并购、海外子公司4个维度,通过14个指标构建了企业国际化的综合衡量指数,实证检验了上市公司参与战略联盟对企业国际化的影响。结果表明:首先,上市公司参与战略联盟可以显著提高企业国际化水平,能够促进企业的海外并购和海外子公司活动;其次,企业可以通过获取资金资源、吸引媒体关注、提高生产效率的机制促进企业国际化;最后,在通过双重差分平行趋势检验、2SLS工具变量检验、替换战略联盟指标等方式进行内生性处理和稳健性检验后,本文结论依然成立。上述结果为战略联盟合作促进企业国际化、提升企业竞争实力和加快中国企业参与全球价值链分工提供了实证依据。This paper conducts detailed text analysis by extracting information about strategic alliances in 3.208 million announcements about Chinese A-share listed companies from 2007 to 2019,then using the information above to construct a comprehensive measurment index of firm globalization through 14 indicators based on four oversea dimensions:patents,revenue,acquisitions and subsidiaries thus to examine the impact of listed companies’particitation in strategic alliances on firm globalization.The results show:firstly,the participation improves the companies’internationalization level,overseas acquisitions and global expansions significantly;secondly,the mechanisms behind includes bringing capital resources,attracting public attention and improving production efficiency;lastly,the results still hold after endogeneity and robust tests which include DID parallel trend test,2 SLS instrument variable test and replacement of strategic alliance indicators.The findings above provide empirical support that the strategic alliances are able to promote enterprises’internationalization level and competitive ability,and also able to promote Chinese companies’participation in global value chain.

关 键 词：企业国际化 战略联盟 文本分析 因子分析 

分 类 号：F74[经济管理—国际贸易]