中国高科技新创企业国际化成长：动因、模式与绩效——一个整合性分析框架与例证

作为一种新兴的现象,新创企业国际化的兴起对传统理论提出了挑战,文章探讨了中国高科技新创企业国际化成长的动因、模式与绩效及其相互关系,建立了一个企业国际化的整合性分析框架,并以展讯通信的案例进行验证,结论如下：第一,企业的国际化需要、国际化机遇和国际化能力,是影响企业国际化战略选择的三个主要因素;第二,新创企业须基于自身特征,寻求适合于自身条件和特征的发展路径和战略模式;第三,企业国际化的绩效将反过来影响企业的国际化需要、国际化机遇和国际化能力。     

国际新创企业理论中关系网络的研究进展述评

国际新创企业作为中小企业国际化的新现象,成为国际商务和创业学交叉研究的热点。文章首先介绍了国际新创企业的研究背景及内涵界定,然后论述了其研究的主要问题和理论视角,最后对国际新创企业中关系网络的国内外研究进行梳理并给予简要评述,以期为未来的研究提供方向。     

基于企业家层面的新创企业国际化驱动力研究

传统国际化理论对企业国际化的动因与行为的分析只停留在企业与环境层面上探讨企业,没有深入到人的因素,忽略了企业家在企业国际化过程中的作用。而企业家作为决策者,支配着企业的商务活动,对包括国际化在内的企业战略制定与实施产生重要影响。本文结合新创企业国际化的新发展,把企业家层面的分析引入到国际化的分析框架之中,从企业家特质、企业家认知和企业家网络三个方面探讨了新创企业国际化中的企业家驱动力。     

国际新创企业理论的研究进展和述评

国际新创企业作为中小企业国际化的新现象,成为国际商务和创业学研究的共同热点。文章首先介绍了国际新创企业的研究定位,然后对其研究框架和内容进行梳理和评述,最后指出了现有研究的贡献和不足,以期为未来的学者研究提供理论借鉴。     

中国高科技新创企业对发达国家的逆向投资——基于制度理论的分析视角

中国高科技新创企业通过逆向投资进军发达国家是近几年新出现的现象，传统的对外直接投资理论对此难以给出有效的解释。本文基于制度的视角对我国高科技新创企业逆向投资行为进行解释，从制度的三个维度论证我国高科技新创企业逆向投资是组织与制度互动的结果，在法律法规层面，新创企业到发达国家投资是逃避不合理的制度安排，寻求更为有利的融资与成长环境；在社会规范层面，到发达市场投资能够为高科技新创企业在国内赢得更多的社会声誉，进而获得更大的合法性；在认知层面，具有国际化经历的企业家具有较强的国际视野和国际化导向。     

基于企业家精神视角的国际新创企业形成机理

国际新创企业（International New Ventures）作为一种新型的创业模式和国际企业组织形式在全球范围内蓬勃兴起与发展,这类企业从一创始就走上了国际化之路,并以其创新、变革的品质和快速成长能力引起了学术界和实业界的关注与兴趣。国际新创企业并非成熟企业的小版本,正如年幼小孩并非小的成年人一样,其思维方式与行为特征大不相同,国际新创企业与成熟跨国企业在资源与能力禀赋、行为风格、战略选择与路径方面存在着诸多差异。在面临诸多不利因素的情况下,新创企业何以能够在创始时期就能够开展国际商务活动？国际新创企业是如何形成的？文章基于企业家精神的分析视角,探索国际新创企业形成的内在机理与管理意蕴。     

新创企业国际化过程中的企业家特定能力研究

新创企业国际化的蓬勃发展对传统的国际化理论提出了挑战,第三代企业家所拥有的企业家特定能力是新创企业国际化行为的驱动因素,本文把新创企业国际化过程中的企业家特定能力界定在以下几个方面：机会能力、关系能力、概念能力、整合能力、战略能力、承诺能力。企业家正是通过界定业务范围、培育组织能力和设置目标并采取行动等任务而作用于企业的国际化成长。     

国际新创企业海外创业机会识别与开发

国际新创企业作为一种新型的创业形式和国际企业组织类型,对传统的国际化理论提出了挑战。本文基于国际创业的视角,从创业机会的角度来探讨国际新创企业创立与成长问题,揭示了国际新创企业创业机会的来源以及企业家机会识别与开发过程及其影响因素。     

企业国际化与经营绩效关系研究综述

国际学术界的学者们一直对企业国际化与经营绩效的关系争论不休。文章对国内外已有的企业国际化与企业经营绩效关系文献进行进行梳理和评述，概括归纳出三种不同的理论视角，并国际化与经营绩效关系的实证研究进行总结，对未来研究的发展趋势进行了展望。     

中国企业国际化经营的理论探源

中国企业开展国际化经营作为一项长期的战略抉择,是中国经济对外开放发展的必然结果,有其充分的理论根据。究其理论渊源来看,马克思关于世界各国经济相互依赖的理论及其国际价值理论,成为中国企业国际化经营理论的两大基石,它与当代西方对外直接投资理论的科学成果以及负债型资本输出理论和国际竞争理论共同构筑成为中国企业国际化经营的理论源泉。马克思主义的理论源泉马克思关于世界各国经济相互依赖的理论     

The impact of venture capital financing method on SME performance and internationalization

One of the basic premises of venture capital is leverage, which often means adding money and other resources to speed up growth. As a result, small- to medium-sized venture funded firms are expected to show significant growth at an early stage. Our research examines how equity based-venture funding methods affect SME performance and internationalization. We divide venture capital financing into several categories: incremental financing where firms receive their venture capital funding in portions, lump-sum funding where firms receive their funding in one lump-sum, syndication where two or more external investors participate in a single financing round and non-syndicated financing where one investor participates in a single financing round. The results show that type of equity-based venture capital financing affect performance and internationalization. Annual sales growth rate and annual turnover are used as proxies for performance. Export ratio is used as a proxy for internationalization. Staged financing and financing through a syndicate has a positive effect on performance and internationalization when used separately. We observe a negative effect when syndication and staged financing are used in combination.     

A Multidimensional Strategy for the Internationalization of Business Programs

Until recently, American business-and therefore American business education-was a domestic venture and precluded the need for any internationalization efforts. The changing environment of both has necessitated a change of direction and emphasis on international business education. This has been a very slow and gradual process and has placed the global competitiveness of American business at risk. To assist with this process, the paper proposes a multidimensional strategy to the internationalization of business programs in this country. These closely interrelated dimensions include curriculum, faculty, research, students, and exposure.     

国际化过程模型与国际新创企业模型的比较——以知识为分析视角

作为中小企业国际化研究的代表性理论模型,国际化过程模型和国际新创企业模型之间既有显著的差异也存在着密切的联系。二者之间的比较分析,有望成为构建更具一般性的中小企业国际化理论框架的出发点。本文以知识为主要分析视角,讨论了知识在不同理论模型中的作用,并从理论根源、知识角色、知识来源与获取机制等维度对两种理论模型进行了比较分析。     

Epistemological foundations of international entrepreneurship

International entrepreneurship emerged in recent years as a promising research stream focusing on how firms explore and exploit opportunities across borders, creating customer value and anticipating competitors’ moves. This study addresses international entrepreneurship literature challenges by analyzing more than seventy studies from the last twenty-four years that deal with the international new venture’s phenomenon. Particularly this study discusses five literature challenges: the increased amount of international entrepreneurship content among different journals; the different types of research conducted in the international entrepreneurship field; international new ventures and high-tech industry; the controversy in the definition and the different labels given to the firms with international presence right from their birth or shortly after; and, the factors that characterize successful firm internationalization. The study findings offer a comprehensive review, synthesis, and organization in the field.     

How new venture initial public offerings benefit from international operations: a study of human resource value

When internationalization goes beyond simply having international sales to having international operations, organizations can benefit from diversity of ideas and knowledge. Our study focuses on a special class of companies called new venture firms. As younger organizations, they may be well equipped to embrace the unique benefits of international diversity. However, new ventures may not be equal in this regard; therefore, our study also explores the moderating effect of human resource value for these firms.     

Network connectedness in vertical and horizontal manufacturing joint venture formations: A power perspective

In the supply chain management (SCM) domain, research has been advanced to understand the role of network structure in buyer-supplier relations. Yet, while there has been a substantial body of work investigating supply chain networks, little research has paid attention to how the network structure affects the power balance between manufacturers and suppliers. This study investigates, from a power perspective, the role that network connectedness plays in new equity based joint venture formations. As such, we further the understanding of supply chain networks by examining network structure as a mechanism from which firms derive power. We articulate several hypotheses rooted in both network and power theories by specifically examining, from a power perspective, factors such as eigenvector centrality, closeness centrality, and weak components centrality. Further, we differentiate between horizontal and vertical joint venture configurations and elucidate the moderating effect it has in engendering new manufacturing joint venture formations. Empirical results show that structural network based power is a significant explanatory mechanism in new joint venture formation, and specifically, that power is, and should be a primary consideration in supply chain partnership decisions.     

The Dynamic Influence of Social Capital on the International Growth of New Ventures

This paper explores the origin, evolution, and appropriation of social capital by new ventures seeking international growth. Using longitudinal case studies in the software industry, we model the dynamic influence of social capital on new venture internationalization. We theorize that new ventures of founders from a globally‐connected environment, such as with return migration or MNC experience, have higher stocks of initial social capital than others. We provide a nuanced analysis of the dynamic processes involved in the evolution of social capital, and highlight the mechanisms of decay and replenishment over time. Network learning plays a critical role in new ventures' ability to realize the potential contribution of social capital to international growth.     

Incorporating the RMB internationalization effect into its exchange rate volatility forecasting

Recently, the Chinese government has launched the renminbi (RMB) internationalization policy as an impetus to foster China’s global economic integration. The RMB internationalization effect on China’s economy and the RMB exchange rate has attracted massive attention in recent financial research. In this paper, we adopt a genetic programming (GP) method to generate new RMB exchange rate volatility forecasting models incorporating the RMB internationalization effect. Our models are proved to have significant accuracy improvement in predicting both RMB/US dollar and RMB/euro exchange rate volatilities, compared with standard GARCH volatility models, which are incapable of capturing the RMB internationalization effect. Furthermore, our models display salient practical implications for policy makers to formulate monetary policies and currency traders to design effective trading strategies.     

‘Who Knows What?’ in New Venture Teams: Transactive Memory Systems as a Micro‐Foundation of Entrepreneurial Orientation

The increasing importance of entrepreneurial behaviour has led scholars to embrace the idea that an entrepreneurial orientation (EO) is an important predictor of firm performance. While EO occupies a central position in strategic entrepreneurship research, scholars have yet to explore its origins in new ventures. Drawing on the knowledge‐based and cognitive views, we theorize that a new venture team's transactive memory system is a cognitive mechanism that spurs the development of an EO. In a field study of high‐tech new ventures in China, we examined the relationship between venture teams’ transactive memory systems (representing the distribution, integration, and utilization of the teams’ knowledge) and EO and the moderating influence of team‐, firm‐, and environment‐level factors. We found that the transactive memory system of a new venture team enhanced their EO and that this relationship was positively influenced by intra‐team trust, the structural organicity of a venture, and environmental dynamism. Our findings provide novel insights into the micro‐foundations of TMS in developing an EO in new ventures.