CAJ | 학술논문

本文以中国2006-2010年期间上市的所有民营公司为样本,探讨民营企业在母国的政治关联对其国际化成长的促进作用与机制,并通过细分国际化的维度,考察了在母国具有政治关联与不具有政治关联的民营企业在国际化战略层面提升企业价值的具体路径差异.本文主要结论如下：第一,企业国际化对企业价值总体上具有正向影响,其中国际化深度对企业绩效具有正向的促进作用,国际化广度对企业绩效具有一定程度的负向影响;第二,民营企业在母国的政治关联对其国际化程度总体上不具有显著的正向作用.但进一步发现,民营企业的母国政治关联对国际化深度具有显著的正向促进作用,但却显著地负向影响国际化广度;第三,母国的制度环境对民营企业政治关联与国际化之间关系具有显著的调节作用.进一步研究发现,制度环境对民营企业政治关联与国际化深度之间的关系具有显著的正向调节作用,而对于政治关联与国际化广度之间关系具有显著的负向调节作用;第四,总体上,相对于不具有政治关联的民营企业而言,在母国已构建了政治关联的民营企业所实施的国际化战略更有可能带来公司绩效的提升.我们进一步发现,政治关联型民营企业的国际化深度对企业短期经营状况的改善具有明显的作用;但长期而言,政治关联型民营企业的国际化深度对公司的市场价值却并没有显著的提高.而在母国无政治关联型民营企业的业绩受到国际化广度显著的正面影响,但国际化深度对企业绩效却不存在显著的正向影响.进一步验证了民营企业在母国的政治关联对其国际化路径或模式选择具有显著的调节影响.
본문이중국2006-2010년기간상시적소유민영공사위양본,탐토민영기업재모국적정치관련대기국제화성장적촉진작용여궤제,병통과세분국제화적유도,고찰료재모국구유정치관련여불구유정치관련적민영기업재국제화전략층면제승기업개치적구체로경차이.본문주요결론여하：제일,기업국제화대기업개치총체상구유정향영향,기중국제화심도대기업적효구유정향적촉진작용,국제화엄도대기업적효구유일정정도적부향영향;제이,민영기업재모국적정치관련대기국제화정도총체상불구유현저적정향작용.단진일보발현,민영기업적모국정치관련대국제화심도구유현저적정향촉진작용,단각현저지부향영향국제화엄도;제삼,모국적제도배경대민영기업정치관련여국제화지간관계구유현저적조절작용.진일보연구발현,제도배경대민영기업정치관련여국제화심도지간적관계구유현저적정향조절작용,이대우정치관련여국제화엄도지간관계구유현저적부향조절작용;제사,총체상,상대우불구유정치관련적민영기업이언,재모국이구건료정치관련적민영기업소실시적국제화전략경유가능대래공사적효적제승.아문진일보발현,정치관련형민영기업적국제화심도대기업단기경영상황적개선구유명현적작용;단장기이언,정치관련형민영기업적국제화심도대공사적시장개치각병몰유현저적제고.이재모국무정치관련형민영기업적업적수도국제화엄도현저적정면영향,단국제화심도대기업적효각불존재현저적정향영향.진일보험증료민영기업재모국적정치관련대기국제화로경혹모식선택구유현저적조절영향.
Before accomplishing the target of building up the com- plete market mechanism, the approach of private firms＇ gaining in- stitutional resources, and further improving firm value should still be the focus of attention in practice. However, most of the extantstudies about the impacts of firms＇ political connections on their operations in theoretical field only use firm performance as the dependent variable directly, and lack of the deep research upon the internal influencing mechanism of political connection on firm per- formance. The relationship between political ties and firm perfor- mance is still a ＂black box＂ worth further exploring. The research then uses firms＇ internationalization strategy as a breakthrough, it explores the motivating mechanism of firms＇ host political ties upon their international growth, and further through categorizing the international strategy into two dimensions with international depth and breadth, it investigates the pattern difference（s） between those firms in host country with political ties and those without political ties. The paper provides us with a very insightful thought to open the ＂black box＂, and this is also one of the most important contributions of this study. The main conclusions are as follows： Firstly, the international strategy has overall positive impacts on firm value. More concretely, the international depth will influence firm value significantly and positively, but the breadth has sig- nificantly negative effects upon firm value; Secondly, in total, the private firms＇ political relationship in host country will not promote firm＇s international degree positively. But in further, we figure out that firm＇s host political ties have significant and positive influence upon international depth, but a significant negative impact on in- ternational breadth. Thirdly, the institutional environment in host country has significant moderated effects on the relationship be- tween private firms＇ political relationship and internationalization strategy. Furthermore, the study figures out that the institutional environment will moderate significantly the relationship between private firm＇s political ties and internationalization depth in a posi- tive way, but as of internationalization breadth, the moderate effects are significantly negative. Fourthly, in total, comparing to those private firms without political relationship, the internationalization strategy implemented by the private firms with political ties in host country will be more possible to promote firm＇s performance. Fur- thermore, the findings help figure out that the international depth of the political private firms has a significant and positive impact on firm＇s short-term performance. But in the long run, the political pri- vate firms＇ international depth will not influence firm performance significantly. However, for those firms without political ties in host country, their international breadth will influence firm performance significantly and positively, and international depth has no influ- ence upon the performance, which further explains the significant moderating effects of political connection on firms＇ choice of the internationalization path or pattern.