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针对不同企业国际化速度高度离散的现象,本文以期望差距为切入点,构建了一个期望差距作用于企业国际化速度的理论框架。该框架认为,期望差距所引致的决策者快速国际化扩张意愿与企业快速国际化扩张资源的动态变化最终导致了不同企业的国际化速度差异。基于以上逻辑,通过对2012—2015年中国制造业上市公司经验数据的分析发现:期望差距与企业国际化速度并非简单的线性关系,期望落差与企业国际化速度呈倒U型关系,而期望顺差与企业国际化速度呈U型关系;在高管国际经验丰富的企业或具有政治关联的企业中,期望落差与期望顺差对企业国际化速度的影响都将减弱。进一步区分企业所有权性质后发现:高管国际经验、政治关联对期望差距与企业国际化速度之间关系的削弱作用主要存在于非国有企业中,在国有企业中仅发现高管国际经验对期望落差与企业国际化速度之间关系的削弱作用。本文的发现丰富了企业国际化速度方面的研究成果,对正在实施国际化扩张的企业也具有一定的启示意义。
Aiming at the phenomenon that the internationalization speed of different enterprises is highly discrete, this dissertation takes the expectation gap as the starting point, and constructs a theoretical framework that the expectation disparity acts on the internationalization speed of enterprises. The framework argues that the dynamic change in the resources of the internationalization of the rapid internationalization of decision-makers caused by the expected disparity eventually led to the different internationalization speed of different enterprises. Based on the above logic, through the analysis of the empirical data of China’s manufacturing listed companies from 2012 to 2015, it is found that the expectation gap is not a simple linear relationship with the internationalization of the enterprise, but the expectation gap is in an inverted U-shaped relationship with the internationalization of the enterprise, Which has a U-shaped relationship with the speed of internationalization of enterprises. In the international companies with senior management experience or those with political connections, the impact of expected and expected surplus on the pace of internationalization of enterprises will be weakened. After further distinguishing the nature of the ownership of enterprises, it is found that the weakening effect of senior management’s international experience and political connections on the relationship between the expectation gap and the speed of internationalization of enterprises mainly exists in non-state-owned enterprises. And the relationship between the speed of the internationalization of enterprises weakened. The findings of this paper enrich the research results of the internationalization of enterprises, and also have certain enlightenment to the enterprises that are implementing international expansion.