國家助力還是趁勢而起？中國企業國際化績效之研究

Helping Hand from the Government or Taking Advantage of Trend: Analysis on the Relationship between Internationalization and Performance of China Firms From the View of Marketing Strategy

本研究以國際化擴張與股權結構兩個主要的變數 為 視角來檢驗中國上市公司的相對績效，並以國有股為調節變數，研究於2008年金融海嘯動盪 環境前後，以及不同的產業環境下，探討國有股所代表的國家角色在國際化、股權集中度與績效間的關係。本研究採用panel迴歸與MLM多層次分析模型，試圖處理多年，多產業的複雜大數據資料。結果顯示績效與國際化為正U型關係，與股權集中度呈倒U型關係；國有股比率僅調節績效與股權集中度間的關係；國有股比率對國際化與績效間並無交互作用。根據鄒檢定 (Chow test)，金融海嘯前後國際化與績效的關係有顯著的不同，金融海嘯後也不利於國際化的績效。不同產業因素對國際化、股權集中度與國有股則對績效各有不同影響，可能由於各行業的特 殊性、政府的產業政策等因素所造成。一般而言，國有股對績效呈現負面影響；做大不一定做強，提升國際競爭力與持續的國企公司化改革是中國未來不容忽視的課題。

 

This thesis aims to examine the relationship among internationalization, ownership concentration, and performance in China firms during the 2008 financial crisis. In order to examines whether or not the role of government would affect the implementation of internationalization and ownership concentration strategies on firm performance in China, this study investigated the impact of the 2008 financial crisis by dividing the framework into two periods: pre-crisis period (2003 to 2007) and post-crisis period (2008 to 2015).This research applies panel data regression of ordinary least squares method and multilevel model to test on the sample of 9299 observations in 15 different industries dated from 2003 to 2015. The analysis shows a U-shaped relationship between degree of internationalization and firm performance, and an inverted U-shaped relationship between degree of ownership concentration and firm performance. Moreover, the finding shows that there is a significant effect of the financial crisis on the degree of ownership concentration and state ownership. However, the degree of state ownership didn’t moderate the association between internationalization and firm performance during the crisis period. Performance of China firms in post-crisis period was lower when they expanded their international involvement. The findings suggest competitiveness and corporate governance of firms in China is an important issue that should not be ignored in the future.