發(fā)布時(shí)間：2018-06-02 11:35

  本文選題：海外擴(kuò)張速度 + 海外擴(kuò)張廣度��； 參考：《浙江財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：隨著“走出去”戰(zhàn)略的提出,國家與地方政府陸續(xù)出臺(tái)鼓勵(lì)政策措施,在海外投資核準(zhǔn)制改為備案制等一系列政策措施的支持引導(dǎo)下,海外投資不斷便利化,中國企業(yè)海外直接投資迎來了新一輪的高潮。海外投資規(guī)模的不斷增長使得企業(yè)全球化協(xié)作程度提高,國際化格局不斷擴(kuò)張,采取怎樣的海外投資戰(zhàn)略勢(shì)必將成為企業(yè)管理層不得不考慮的因素。企業(yè)在海外擴(kuò)張速度與廣度問題上所作出的決策將給企業(yè)國際化程度帶來怎樣的影響?企業(yè)海外投資的投資效率是否會(huì)對(duì)上述關(guān)系產(chǎn)生一定的調(diào)節(jié)作用?本文試圖通過海外擴(kuò)張速度與海外擴(kuò)張廣度兩個(gè)角度衡量企業(yè)海外投資戰(zhàn)略,研究其對(duì)國際化程度的影響,并加以考慮投資效率因素。只有解決好以上問題,才能優(yōu)化企業(yè)海外投資戰(zhàn)略決策。本文共分為五個(gè)部分,第一部分為導(dǎo)論,主要介紹研究背景及意義,研究思路及方法,研究內(nèi)容及框架,創(chuàng)新之處;第二部分為概念定義與文獻(xiàn)綜述,主要對(duì)投資效率、企業(yè)國際化及國際化程度概念進(jìn)行界定,并回顧海外投資相關(guān)研究,影響企業(yè)國際化因素相關(guān)研究,以及影響投資效率因素相關(guān)研究;第三部分為理論分析與研究假設(shè),在總結(jié)梳理海外直接投資理論、企業(yè)國際化理論、投資效率行為理論的基礎(chǔ)上,提出本文研究假設(shè);第四部分為實(shí)證檢驗(yàn),通過樣本數(shù)據(jù)選擇和變量指標(biāo)選取,構(gòu)建多元線性回歸模型。首先,檢驗(yàn)海外擴(kuò)張速度和海外擴(kuò)張廣度與企業(yè)國際化程度相關(guān)性,其次利用Richardson模型殘差對(duì)樣本上市公司的投資效率進(jìn)行度量,將其區(qū)分為效率投資和非效率投資兩個(gè)子樣本后,檢驗(yàn)其對(duì)海外投資戰(zhàn)略與國際化程度之間關(guān)系是否具有調(diào)節(jié)作用。實(shí)證結(jié)果表明,海外擴(kuò)張速度和海外擴(kuò)張廣度均對(duì)企業(yè)國際化程度具有顯著正向影響,而且上述正相關(guān)關(guān)系只存在于效率投資企業(yè),對(duì)非效率投資企業(yè)海外擴(kuò)張速度和廣度對(duì)國際化程度并無影響。同時(shí)從公司治理角度來看,企業(yè)現(xiàn)金持有量、股票收益、企業(yè)規(guī)模等均對(duì)企業(yè)國際化程度有重要影響。第五部分概括研究結(jié)論,針對(duì)研究中所發(fā)現(xiàn)的問題,提出企業(yè)在進(jìn)行海外投資時(shí)相關(guān)措施建議,在指出本文局限性的同時(shí)展望了未來相關(guān)研究的方向。本文的創(chuàng)新之處在于,區(qū)別于以往宏觀層面研究為主,聚焦企業(yè)微觀企層面,構(gòu)建海外擴(kuò)張速度與海外擴(kuò)張廣度兩個(gè)指標(biāo),并加入投資效率作為調(diào)節(jié)變量,研究海外投資戰(zhàn)略對(duì)企業(yè)國際化程度的影響。
[Abstract]:With the development of the "going out" strategy, the state and local governments have successively introduced policies and measures to encourage overseas investment. With the support of a series of policies and measures, such as the approval system for overseas investment being changed to the record system, overseas investment has been continuously facilitated. Chinese enterprises overseas direct investment ushered in a new round of climax. With the increasing of overseas investment scale, the degree of enterprise globalization cooperation is improved, and the international pattern is expanding constantly. What kind of overseas investment strategy will inevitably become the factor that the management of the enterprise has to consider. What impact will the decision made on the speed and breadth of overseas expansion bring to the degree of internationalization? Will the investment efficiency of enterprises' overseas investment have a certain moderating effect on the relationship mentioned above? This paper attempts to measure the overseas investment strategy of enterprises through the two angles of overseas expansion speed and overseas expansion breadth, study its influence on the degree of internationalization, and consider the factors of investment efficiency. Only by solving the above problems, can we optimize the strategic decision of overseas investment. This paper is divided into five parts, the first part is the introduction, mainly introduces the research background and significance, research ideas and methods, research content and framework, innovation, the second part is the definition of concept and literature review, mainly on investment efficiency, The concepts of enterprise internationalization and degree of internationalization are defined, and the relevant studies on overseas investment, factors affecting enterprise internationalization and factors affecting investment efficiency are reviewed. The third part is theoretical analysis and research hypothesis. On the basis of summing up the theories of foreign direct investment, enterprise internationalization and investment efficiency behavior, this paper puts forward the research hypotheses. The fourth part is empirical test, through sample data selection and variable index selection. The multivariate linear regression model is constructed. First of all, we test the correlation between overseas expansion speed and overseas expansion breadth and the degree of enterprise internationalization, and then measure the investment efficiency of the sample listed companies by using the residual error of Richardson model. It is divided into two sub-samples, efficiency investment and non-efficiency investment, to test whether the relationship between the overseas investment strategy and the degree of internationalization can regulate the relationship between the investment strategy and the degree of internationalization. The empirical results show that both the speed of overseas expansion and the extent of overseas expansion have a significant positive impact on the degree of internationalization of enterprises, and the above positive correlation only exists in efficient investment firms. There is no effect on the degree of internationalization of the expansion speed and breadth of the inefficiency investment enterprises overseas. At the same time, from the perspective of corporate governance, corporate cash holdings, stock returns, and enterprise size have an important impact on the degree of enterprise internationalization. The fifth part summarizes the conclusions of the research, in view of the problems found in the study, puts forward the relevant measures for enterprises to make overseas investment, pointing out the limitations of this paper and looking forward to the future direction of relevant research. The innovation of this paper is that, different from the previous macro-level research, focusing on the micro-enterprise level, the paper constructs two indicators of overseas expansion speed and overseas expansion breadth, and adds investment efficiency as a regulating variable. This paper studies the influence of overseas investment strategy on the degree of enterprise internationalization.
【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F279.2;F125

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