【作者】 王娜；

【导师】 王益民；

【作者基本信息】 山东大学 ， 企业管理， 2016， 硕士

【摘要】 随着中国经济日渐成为一个开放的经济体,中国企业在国际化舞台上日益凸显其自身价值。然而由于中国企业国际化起步较晚,其正呈现出加速、跳跃等与传统国际化模式不太一致的特殊性,这与企业国际化过程中的决策行为紧密相关,.因此探究企业的决策行为对加速国际化的影响极具重要意义。同时由于起步较晚,中国企业在加速推进国际化过程中阻力也较多,即便诸如联想、华为这种代表性企业在国际化扩张过程中也困难重重,因此探究企业在面临不同经营状况时的决策行为对加速国际化的影响就更具现实意义。企业行为理论由Cyert和March在1963年提出,其将企业理论与组织理论相结合,将企业整体视为研究对象,探讨了企业的实际决策过程。绩效反馈是其中重要的概念之一,解释了企业在面临实际绩效和期望绩效不同的对比结果时倾向于采取的各种决策行为；而国际化速度作为衡量企业国际化过程的核心概念,它是企业在国际化过程中战略决策行为的具体体现,并且可以从基于宽度的速度、基于深度的速度、基于变化率的速度等不同测量视角多角度的解释企业的国际化过程；因此本文着重探究绩效反馈对企业国际化速度的影响,从而将研究问题聚焦和深化,并且结合中国企业国际化的特殊性,着重探究低水平的绩效反馈对企业国际化速度的影响,因此在后文中所提到的绩效反馈在整篇文章中大多具体代指低水平的绩效反馈。在调节变量的选取中,本文引入了国有控制权、资源冗余及市场竞争程度3个调节变量,分别从内部治理层面、组织层面和外部环境层面对研究问题全方位剖析。本文数据源自上市公司年报、公司官网、上交所、深交所、巨潮资讯网、CSMAR数据库等,最终获取了220家上市公司2007-2013连续7年的面板数据,并借助stata12.0对面板数据进行回归分析。研究结果发现,当企业实际绩效或低于历史期望绩效或低于同行业期望绩效时,出于对当前绩效的改善,企业会倾向于加速国际化去探求新的目标市场获取先发优势；同时将两种低水平的绩效反馈交互项与企业国际化速度做回归亦验证了企业的加速国际化倾向。而对于国有控制权、资源冗余和市场竞争程度的回归结果发现,当企业实际绩效低于历史期望绩效时,国有控制权在绩效反馈与企业国际化速度间起负向调节作用,企业所在市场竞争程度在绩效反馈与企业国际化速度间起正向调节作用,即国有控制权高的企业其加速国际化的倾向性更弱,所在市场竞争程度较为激烈的企业其加速国际化的倾向性更强；而当企业实际绩效低于以同行业绩效为参照的期望绩效时,国有控制权和资源冗余均在绩效反馈与企业国际化速度间起正向调节作用,即国有控制权较高且资源冗余存量丰富的企业更倾向于快速国际化。更多还原

【Abstract】 As China’s economy is growing as an open economy, more and more enterprises tend to go abroad to highlight it’s value on the international stage. While as the Chinese enterprise internationalization process starts late, it appears to accelerate, jump which is not consistent with traditional internationalization mode, and these characteristics are closely related to the decision behavior of the firm in the internationalization, then it is of great significance that conduct researches about the relationship between decision-making behavior and speed. Moreover, since they starts late, Chinese enterprises are confronted with many challenges in the process of accelerating the internationalization even for the excellent representative domestic enterprises such as Lenovo and Huawei, then it is much more significant to explore the effects of decision behaviors on accelerating internationalization when enterprises are faced with different operating conditions.The firm behavioral theory are put forward by Cyert and March in 1963, and it regard the whole of the enterprise as a research object to discusses the actual decision making process of the enterprise combining enterprise theory and organization theory. Performance feedback is one of the important concepts in the firm behavioral theory, and it explains different kinds of enterprise decisions according to the difference between the actual performance and the desired performance. International speed is the core concept of the enterprise internationalization process, and it is the embodiment of the real strategic decision of the enterprise. Moreover, it can be used to explain the internationalization process through multiple perspectives including the depth speed, the velocity speed and the change rate of the speed. In order to focus and deepen the research problem, this article is dedicated to investigate the effects of performance feedback on the internationalization speed. In consideration of the current situation of Chinese enterprises, the study is mainly to probe the low level performance feedback influence on enterprise internationalization speed, and the concept "performance feedback" are all refer to the low level performance feedback. Three moderating variables are added to this study respectively including the state control (the internal governance level), the resource redundancy (the organization level) and the degree of competition in the market (the external environment level) to provide a comprehensive analysis to the research problem.The data of this paper originates from the company’s website, the Shanghai stock exchange, Shenzhen stock exchange, the annual report of listed companies, the tide of information network, CSMAR database, etc., and it has a total of 220 listed companies in 2007-2013 panel data for seven years. With the help of the statal2.0, the regression results shows that when the history performance feedback or the social performance feedback less than zero, the companies always tend to accelerate internationalization to search the first-mover advantage for the improvement of the current performance, and when both of the two kinds of performance feedback are lower than zero, the enterprise tend to accelerate the internationalization as well. Moreover, it finds that the GYG, the slack as well as the competition all have a big influence on the relationship between performance feedback and speed, and when the historical performance feedback less than zero, companies with high state control are reluctant to accelerate while companies in high marketing competition would tend to accelerate more. When the actual performance of the enterprises are lower than the industry expected performance, companies who have abundant resources or companies with high level state control will tend to accelerate more since they are capable to cope with the risks.更多还原