业绩期望落差对企业国际化速度的影响机理  

The Impact of Performance Expectation Gaps on the Speed of Corporate Internationalization

作　　者：衣长军[1] 郭敏敏 赵晓阳 颜春 Yi Changjun;Guo Minmin;Zhao Xiaoyang;Yan Chun(Business School,Huaqiao University,Quanzhou 362021,China)

机构地区：[1]华侨大学工商管理学院,福建泉州362021

出　　处：《科技进步与对策》2024年第20期141-150,共10页Science & Technology Progress and Policy

基　　金：国家社会科学基金重点项目(22AGL004)。

摘　　要：持续推进更高水平的对外开放是融入国际经济大循环的重要战略,把握好国际化速度对跨国企业海外投资布局具有重要现实价值。利用2010—2020年中国上市公司对外投资数据,探讨业绩期望落差对企业国际化速度的影响及作用机制。结果表明,业绩期望落差对企业国际化速度具有正向影响;企业风险承担水平是业绩期望落差影响国际化速度的重要机制。进一步研究发现,行业期望落差对企业国际化速度的促进作用更为显著;高管团队海外背景异质性情境下,业绩期望落差对企业国际化速度的影响更为显著。结论对提高跨国企业海外投资效率和海外经营稳定性具有一定的启示。Speed has become an important factor for multinational enterprises to gain new competitive advantages so as to seize the opportunity of economic catch-up in the complex and changing international environment.It is a challenge for decision-makers to optimize internationalization speed.The theory of firm behavior provides a new lens to solve this problem,asserting that enterprises will adjust their strategic decisions according to a specific reference point for performance expectations.In fact,enterprises with different resource endowments make different strategic adjustments when they face performance expectation gaps.It is a topic worth pondering whether decision-makers should adopt the coping strategy of"making changes after poverty"or"sticking to the rules".For enterprises with performance expectation gaps,accelerating the speed of internationalization is representative of risky activity,and it is also an important way to optimize the investment layout and enhance the value of enterprises.Therefore,it is the most convenient choice for enterprises to alleviate financial difficulties by creating new advantages in international competition through rapid internationalization.Meanwhile,according to enterprise behavior theory and prospect theory,managers'willingness to take risks will increase with the increase in performance pressure,thus accelerating the internationalization of enterprises.In this context,this paper starts with the adjustment of corporate strategic decisions in the context of performance feedback and makes an empirical test by matching the overseas investment data from 2010 to 2020 from multiple databases,focusing on the mechanism of the impact of the performance expectation gap on the internationalization speed of enterprises.The research results show that the performance expectation gap has a significant positive impact on the speed of internationalization.The level of risk-taking by enterprises plays a part in the relationship between the performance expectation gap and the speed of internationa

关 键 词：期望落差 企业风险承担水平 国际化速度 

分 类 号：F272.3[经济管理—企业管理]