中國公司與其國際化

1、.Current literature on internationalization of firms is primarily concerned with the internationalization of enterprises in the western worldThis has proven particularly true of the PeopleS Republic of China(PRC)in the world market；the vast majority of the scientific literature investigates entry of

2、 Westem companies in the PRC，while little aRention has been given to the accelerating internationalization of ChineseenterprisesThis paper analyzes the factors associated with going global for these new world competitorsSpecifically,it measures the levels of internationalization of Chinese companies

3、 and determines whether there is a direct link with their financial performanceParticularly，I shed some empiricallight on the degrees to which five major Chinese MNCs have intemationalized their activities in the past 1 0 yearsI tested the S-shaped intemationalization-performance hypothesis among th

4、ese companies in the international-performance relationshipTheresults show that Chinese MNCs have undergone rapid intemational expansion in the past yearsThe study did find strong evidence of strong correlations between various stages of internationalization and financial performanceThat is in the f

5、irst stage when Chinese companies begin internationalizing there is a strong negativecorrelation between these two variablesSubsequently，at the stage 2，Chinesecompanies continue expanding abroad while their financial performance increases However-and ultimately-I had to reject the S-curve internatio

6、nalization-performance hypothesis，as only the first two stages of therelationships have been confirmedTherefore， Chinese companiesII*;internationalizationperformance link forms a Ucurve shapeThis is a clear indication that Chinese companies have not over-internationalized yetAll in all，I proved that

7、 Chinese companies，for the first two stages of internalization，follow aregular trend similar to other companies studied around the worldTo summarize，in this work I introduced the S-curve hypothesis and showed the fundamental reasonswhy the relationships between performance and internationalization t

8、akes placeThen，I introduced five Chinese companies that by many means are the representative of ChinaS internationalizing companiesAt the end，I run the SpearmanS rank correlation coefficient as well as Ordinary Least Square Regressionin which I found relatively significant correlations and dependenc

9、e among the two studied variablesAt the end，I come up with a few suggestions for possible future research as my thesis is just the beginning of research on internationalization of Chinese companiesIIILIST OF TABLESTABLEPAGE1Past intemationalization-performance research32Sources ofbenefits of interna

10、tional expansion73The idea under the S-curve hypothesis104Descriptive Statistics415Correlations among first two stages of internationalization426SpearmanS rank correlation coefficient：Stage I variables437Ordinary Least Square Regression：Stage I Variables448SpearmanS rank correlation coefficient：Stag

11、e II variables459Ordinary Least Square Regression：Stage II Variables46LIST OF FIGURESFIGUREPAGE1Three stage internationalization-performance link92Motivations of Outward FDI of Chinas top 50 industry leading firms143Top 1 00 by market capitalization，2006174HuaweiS Con包ract Sales215HuaweiS internatio

12、nalizationperformance link2l6ZTES internationalizationperformance link267LenovoS Internationalization Performance Link288TCLS internationalizationperformance link309HaiersS internationalization-performance link371 0ScaRer plot，Stage I Variables451 1Scatter plot，Stage II Variables47X中國的公司及其國際化當前的關于公司

13、國際化的著作主要關注的是西方國家企業(yè)的國際化。進軍國際 的中國企業(yè)很少被關注；絕大多數(shù)的科研著作關注西方企業(yè)進入中國，但很少 注意中國企業(yè)國際化日益加速的國際化進程。本論文旨在分析這些新的世界級 競爭者的國際化。尤其是考量這些中國公司國際化的水平，并考察其與財務業(yè)績 是否有直接關系。我著重五個大型的中國跨國公司在過去十年里的國際化進程。 我嘗試用S型的國際化業(yè)績假設分析這些公司，結(jié)果顯示在中國跨國公司在過 去這些年里已經(jīng)有了很快的國際擴展速度，并且找出了其財務狀況與國際化在不 同發(fā)展階段間的重要關聯(lián)。中國公司開始國際化的初期，兩者間成反比。隨后的 第二階段，中國公司在國際化進程拓展過程中財務業(yè)

14、績同步提高。但是，最終我 不得不推翻S型的國際化一業(yè)績假設，因為只有在這兩個階段兩者有關聯(lián)。所以 中國公司的國際化和業(yè)績間其實是U型關系。這表明中國公司還遠未達到過于 國際化。所以，我驗證了中國公司在國際化的最初的兩個階段中和其他國家的公 司有相似的變化趨勢?？傊以诒菊撐闹薪榻B了S型曲線假設并展示了國際化 和業(yè)績間關聯(lián)的原因；然后，我介紹了五個在很多方面來說可以作為中國國際化 代表的大型中國公司；最后，我運用了思皮爾曼(Spearman)的秩相關系數(shù)和常規(guī)最小二乘法回歸，找出了兩個變量間相對重要的關聯(lián)關系。我以一些關于未來 研究的建議結(jié)束全文，因為我的論文只是對中國公司國際化研究的開始。I

15、VDEDICATIONI dedicate this thesis to my mom and friendsTheir support and concern for my education forged me into the individual I alll todayWithout their unconditional love， mis work would have never come to a closeVACKNOWLEDGEMENTS1 wish to thank the EMA Chinese Economy program professors for their

16、 patience，guidance，support，and help in making this work possibleProfessor Dazhong Cheng，ChinaS foreign trade class was instrumental in the choice of topic and shaping the initial proposal of this thesis as well as the literature reviewI anq also thankful to him as my faculty advisor on this thesis，f

17、or his patience，help，andextensive experience on the matters discussed in this paper,which were invaluableChinese Economy program advisors，Leslie and Jane，who gave support and guidance to me and other colleagues throughout the programMy CO-workers at I Care Liwu for helping me gain a unique professio

18、nal experience and allowing me flexibility to work on this thesis and other coursework and outside projects Finally，1 would like to extend my special thanks to my friends，and fellow graduates，Jacob Dobbs，KyrreLund，Asgeir Ingason and Campbell Brown for all the class work we did together throughout ou

19、r two years of graduate education1 will never forget those life-fulfilling nights in Hard Rock caf6Their presence and support were always able to relieve andshare some of the stress involved in being a part of a tough curriculum such as EMAChinese Economy programFudan University has provided mc with

20、 the tools，opportunity，and stimulation to excel in this challenging program1 will be forever grateful to this wonderful institutionVI礦刀二4September 11，1984Lublin，Poland2004-2008BA，F(xiàn)lorida International University2008一PresentMA student at Fudan UniversityPUBUCATIONSResearch Publications：FIELDS oF STUD

21、YMajor：EconomicsField：Chinese EconomyVIIIIntroductiOilIn recent yearsthe world watched with astonishment as China has become the fastest growing economy in the world，destination country for many international companies and the most promising market in the worldThe current management literature tried

22、 to ke印up with the rapid economic development in China and produced series of investigations and studies on China's developmentBut until now，little attention wasdevoted to the development of enterprises in China and focused exclusively on international development production，manufacture and sale

23、 of innovative，quality products and services It is because Chinese companies had not played the major role among expanding companies However,recent events have shown that Chinese companies are working hard to close the gap、itll Western companies in relation to expansionary pressure on a global scale

24、Chinese expanding companies would like to see how they compare with rivals interms of the effect of internationalization on financial performanceIn this master thesis dissertation,1 want examine whether there is a direct linkbetween Chinese firmslevels of internationalization and their performanceIn

25、 other words， my study seeks an explanation of the complex relationship between degree of internationalization and performance from Chinese company context，by analyzing data from five Chinese companies that have intemationalizedThis paper makes the following major contributionsFirst，I revisit the th

26、l'ee-stage theory of international expansion which has brought many controversies as the academic community around the world had not been able to agree on the relationship between companiesinternationalization level and theirperformance-till this theory emergedSecond，I seek to shed light on the

27、emergence ofmajor Chinese companies on the global scaleLastly,1 will strive to deeply analyze the link between performance and levels of internationalization of these companiesThis will all broaden existing knowledge on the internationalization versus performance link，and most importantly it will ad

28、d a new piece of literature to the field of study of Chinese companiesI decided to write on this topic for my master thesis dissertation a卜in my opinion-theresults of this research go far beyond simple academic research fieldChinese company strategists and fmancial analysts may find this work benefi

29、cial as they will be able to see how their companies compare with rival firms in the sector and understand at which level of internationalization they organizations resideWith this knowledge，Chinese managers and consultants Can plan future strategies based on the projected or potential path for the

30、firmSinternational expansionIt is important to ascertain whether firms that have focused mainly on domestic markets show different profitability and productivity levels than firms with a broader geographic scopeThe answer to this question could enable me to highlight the consequences for the profita

31、bility of Chinese companies of the choice between a proximityand a global approachIn summary，my investigation addresses the following two main research questions related to the FDIbased multinational expansion processes of largest Chinese enterprises： IHow did the extent of internationalization of l

32、eading Chinese companies evolve in therecent years?IIWhat relationships exist between Chinese companiesdegree of internationalization andtheir respective corporate financial performance?2ILiterature ReviewAOverview Internationalization-performance LinkThe relationship between the internationalizatio

33、n and the performance of corporations has triggered extensive interdisciplinary research throughout the last three decades Researchers have examined the link between performance and the level ofinternationalization from many angelsNevertheless，many times the researchers have discovered many contradi

34、cting results and conclusions of their research between the levels of internationalization and financial performance of analyzed companiesThe table below shows the selection of various papers that,勰a whole，found different resultsTable I：Past intemationalization-performance research NoAuthor(s)Year S

35、ourcejoumalbook Dille枷on ofrelationship1Buckley，P。J Dunning，JH，and Pearce，RB1 977 Weltwirtschafiliches ArchivesPositive 2Siddharthan，NSand Lall，S1982 Oxford Bulletin ofEconomics and StatisticsNegative 3Kumar，MS1984 Growth，Acquisition and Investment，Cambridge University Press，Negative 4ShakedI1 986 J

36、ournal of International Busine豁StudiesInconclusive 5MichelAand ShakedI1986 Journal ofInternational Business StudiesNot positive 6GrantRM1987 Journal of International Business StudiesPositive7Grant，RM，Jammine，AP，and Thomas，H1988 Academy ofManagement JournalPositive8HaarJ1989 Management International

37、ReviewInconclusive9Daniels，JDand Bracker，J1 989 Management International ReviewPositive1 0Kim，WC，Hwang，P，and Burgers，WP1 989 Strategic Management JournalInconclusivel 1Gefinger，JM，Beamish，PW，and daCosta,C1989 Strategic Management JournalU·Shapedl 2CollinsJM1 990 Journal of International BUSines

38、s StudiesNot positive1 3JungY1 99 1 Journal of Business ResearchPositive14Sullivan，D1994 Journal ofIntemational Business StudiesU-shaped15SullivanD1994 Management International ReviewU·shaped1 6Ramaswamy，K1 995 Journal of International ManagementU·shaped1 7SambharyaRB1 995 Management Inter

39、national ReviewNo effect18Tallman，Sand Li，JT1996 Academy ofManagement JournalPositive 19Hitt，MA，Hoskisson，RE，and Kim，H1997 Academy ofManagement JournalU-shaped 20Qian，G1 997 Management International ReviewPositive 21Han，KC，Lee，SH，and SukDY1998 Multinational Business Review WeakPositive 22QianG1 998

40、Multinational Business ReviewPositive 23GomesLand Ramaswamy。K1 999 Journal of International Business StudiesUshaped24Kotabe，M，Srinivasan，S S and Aulakh，PS2002 Journal ofInternational Business Stt di幗oderate25Capar，Nand Kotabe，M2003 Joumal ofInternational Business Studies U·shapcd 26Contractor，F(xiàn)

41、，Kundu，SK，and Hsu，C一C2003 Journal of International Business Studi ；s S-shaped 27Lu，Jand Beamish，P2004 Academy ofManagement Journal S·ShapcdContractor,F，Kumar，V，&Kundu，S一(2007)One could find it very difficult to conduct a significant metaanalysis research based on these diverged resultsHowev

42、er，in recent years academic researchers have found a final agreement for their problem：the S-shaped curveThe problem with past studies is related to the level development of internationalization within the companies they studiedSome studies were conducted during early stages of intemationalization d

43、evelopment，while the other ones at later stagesThe truth is that,although contradictory，these studies were telling the truth：effect of international expansion on performance is not monotonicIt is negative in the initial stage of early intemationalization,as well as in a third stage wherein some firm

44、s may over-internationalizeSimply,it is divided into three stages：Stage 1：initial international expansion has a negative effect on fmancial performance；Stage 2：further intemationalizafion produces a positive effect on performance；Stage 3：excessive intemationalization in some companies again results

45、in a negativeslope(Lu&Beamish，2004)I have decided，for the purpose of this study,to introduce this theory andlook through it”when I analyze level of internationalization-performance link among Chinese companies4Why?First，it will help me understand at which stage of intemationalization Chinese com

46、panies resideSecondly，it will let me assess whether my findings could contribute to the specific literature on Chinese companiesSpecifically，many of Chinese companies-before their initial expansion abroad-have acquired their knowledge about foreign marketsfrom their international partners or competi

47、tors within ChinaThis could def'mitely contribute to better decisions made when entering markets abroad and attracting new customersAdditionally,such Chinese expanding multinationals，belong to the SO called of second-wave multinationals，as their presence on the global playing field has been just

48、 a recent eventTheir analysis，indeed，“calls for new perspectives that differ from thosedeveloped to account for outward FDI舶m developed countries，and from thefirst waveof MNEs from developing countries”(Mathews，2006)Specifically speaking，the emergence and expansions of these late comers is derived f

49、rom pull factor motivations as opposed to push factor motivationsAs Yeung(2000)puts it：“the rise of secondwaveMNEs from emerging economies is less driven by cost factors per se，but more by a search for markets and technological innovations to compete successfully in the global economyLastly,such sec

50、ond-wave multinationals present the accelerated record of their internationalization path：Newer multinationals from emerging markets have been nble to pursue rapid 擁ternationalization owing to theft"distinctive ability to come up with organizational and strategic innovations compensating for th

51、eir lack offinancial and managerialcapabilitiesThe harsh environmental conditions such as a weak institutionalcontext,demanding yet price sensitive consumers，and challenging distributionnetworks in their home markets,instead of acting as impediments,have helped emerging market，7"J to develop塒l幻

52、ue competeneies，to be later used to compete successfutryinforeignmarkets(Sinha,2005)5Having said all that，I believe that analyzing Chinese companies may bring a new insight into the international business field-specifically，the field of emerging multinationals and Chinese multinationalsIn my opinion

53、，at the very boRom，my investigation will benefit Chinese enterprises，which in evergrowing numbers have been entering international markets in recent history of globalizationBTheory Overview(3-Steps)&Most Recent ResultsIn general-and similar as mentioned above-enterprises may be classified into t

54、hree different groups depending on their level of internationalizationStarting with early intemationalizers，who belong to stage 1，are enterprises that have just begun their international expansion-many Chinese companies belong to this categorySuch firms suffer the negative impact，or threshold costs，

55、of initial foreign growthIn this stage， enterprises expanding in a new，unfamiliar foreign environment will incur significant learning，coordination，and set up costs that，for a while，will exceed the benefits ofexpanding into the foreign marketAs it is believed，“The foreign enterprise must pay dearly for what the native has acquired at no cost to the firm(because it was part of the entrepreneur