政府补贴、市场进入壁垒对民营企业绩效的影响——基于中国民营上市公司的实证研究

本文基于2013年中国民营上市公司的经验数据,实证检验了政府补贴、市场进入壁垒对民营企业绩效的影响。研究结果发现：①政府补贴对东部和北部地区民营企业绩效的积极影响最大,中部其次,东部最小,这说明政府补贴能够显著促进民营企业绩效增长,且呈现出显著的 区域差异性;②从全国来看,民营企业能否进入高壁垒行业对企业绩效的影响并不显著,但 民营企业进入高壁垒行业的程度却对企业绩效具有显著的积极影响;从分区域来看,东部和中部地区民营企业能否进入高壁垒行业对企业绩效产生显著的正向影响,而只在东部地区民营企业进入高壁垒行业的程度对企业绩效具有显著的积极影响,在西部地区却对企业绩效产 生显著的负面影响;③从总体上看,相对于市场进入壁垒而言,政府补贴对民营企业绩效的影响更大。因此,当民营企业进入高壁垒行业的成本过高时,政府给予民营企业的财政补贴可以弥补过高进入壁垒对企业绩效产生的负面影响。     

The network perspective and the internationalization of small and medium sized software firms from Syria

This study has employed a case-based approach to explore the relevance of relational factors in explaining the internationalization of six software B2B SMEs from Syria. It contributes by providing rare empirical insights on the internationalization behavior of Middle Eastern SMEs and redressing, albeit slightly, the apparent research gap in the internationalization of knowledge-based SMEs from developing countries. Analysis results suggest the importance of the relational perspective in explaining the initial internationalization, market selection and internationalization speed of the investigated software firms. It emerged that the case firms either reacted to the cross-border opportunities offered by their relational contacts or proactively pursued overseas opportunities through existing and newly developed relationships. Their market entry decisions and internationalization pace also appear to have been influenced by these relationships. Both social and business networks were found to be important, but social ties seemed more influential at initial stages, with business networks becoming more dominant subsequently. The article concludes with appropriate recommendations for managerial decision making and future research.     

能源工程企业的国际化发展路径剖析

通过整理7家典型的国际型能源工程公司的国际化发展大事记,分析这些公司国际化发展的路径,研究能源工程企业国际化发展在市场选择、产品/服务提供、国际化方式、商业模式、组织结构、资源配置等方面的演变过程,归纳出能源工程企业国际化发展的一般规律.以海外机构的组织设计形式为主要依据,将能源工程企业的国际化分为萌芽阶段、初始阶段、成长阶段、成熟阶段四个阶段,从组织设计、国际化方式、市场选择、商业模式、产品/服务提供、资源配置六个维度,总结能源工程公司在各阶段的主要特征.目前我国能源工程企业基本上处在国际化发展的萌芽或初始阶段,在实施国际化发展战略时,应该选择能源工程企业国际化早期的发展模式;宜采取海外项目承揽和国际合作的方式,要重点考虑分包和联合投标的商业模式;应将海外目标市场定位于容易进入的机会市场,重点是关系友好国家市场.     

Institutions,resources, and entry strategies in emerging economies

We investigate the impact of market‐supporting institutions on business strategies by analyzing the entry strategies of foreign investors entering emerging economies. We apply and advance the institution‐based view of strategy by integrating it with resource‐based considerations. In particular, we show how resource‐seeking strategies are pursued using different entry modes in different institutional contexts. Alternative modes of entry—greenfield, acquisition, and joint venture (JV)—allow firms to overcome different kinds of market inefficiencies related to both characteristics of the resources and to the institutional context. In a weaker institutional framework, JVs are used to access many resources, but in a stronger institutional framework, JVs become less important while acquisitions can play a more important role in accessing resources that are intangible and organizationally embedded. Combining survey and archival data from four emerging economies, India, Vietnam, South Africa, and Egypt, we provide empirical support for our hypotheses. Copyright © 2008 John Wiley & Sons, Ltd.     

The degree of internationalization and the financial performance of European mobile network operators

Specific internationalization steps of single mobile network operators (MNO) such as the hostile takeover of the German Mannesmann corporation by the British Vodafone group have received substantial public attention. Nevertheless, there is a dearth of scholarly research using quantitative indicators to capture facets of the degree of business internationalization and associations between this internationalization extent and financial performance measures in a sample of major MNO originating from Europe. Therefore, this study gathered internationalization data from 14 European MNO for the 7-year period from 1997 to 2003. The firms had an overall proportionate mobile subscriber market share of 80.2% across 27 European countries at year-end 2003. Their average foreign revenue (subscriber) share rose from 11.4% (15.6%) in 1997 to 46.2% (52.2%) in 2003. The dispersion of degrees of internationalization in the sample was high and has remained fairly similar since 1999. No evidence of significantly positive associations between foreign revenues and subscriber shares on the one hand and three accounting-based criteria of MNO group financial performance on the other hand was found. This result is taken to imply that: (1) executives of MNO with high degrees of internationalization had not yet been successful in transforming potential into actual internationalization advantages; (2) more detailed studies on foreign market selection, entry modes, and management procedures balancing integration and autonomy requirements in running foreign MNO affiliates may uncover circumstances under which internationalization degree-performance associations for MNO are significant; and (3) national regulators should not feel obliged to implement special remedies to enhance the survival probabilities of less internationalized MNO.     

The Formation of Managerial Networks of Foreign Firms in China: The Effects of Strategic Orientations

This study investigates how firms' strategic orientations (i.e., market, technology, and entrepreneurship orientations) influence the formation of two types of managerial networks (top managers' ties with the business community and with government officials), as well as the impact of managerial networking on firm performance. On the basis of a survey of 181 foreign-invested enterprises (FIEs) operating in China, we find that a market orientation fosters both types of network building. Technology-oriented firms are more likely to cultivate managerial ties with top managers at other firms but less likely to establish networks with government officials. In contrast, entrepreneurial firms tend to develop vertical networks with government officials but have no intention to deepen their horizontal networks with other firms. Competitive intensity moderates the relationships between strategic orientations and managerial ties. Finally, managerial networking has a positive impact on FIE performance.     

Behind ownership decision of Chinese outward FDI: Resources and institutions

This paper examines ownership decision of Chinese outward foreign direct investment (FDI) with a focus on the choice between a wholly owned subsidiary and a joint venture entry mode. Based on literature review and findings from our case study of ten Chinese outward investing firms, we develop a conceptual framework that integrates the resource-based and institution-based views of international business strategy. The framework reflects special characteristics of Chinese outward FDI. On the resource side, Chinese outward FDI is both asset exploiting and asset augmenting, and accordingly, both transaction costs and strategic intents have an impact on the FDI ownership decision of Chinese firms. On the institution side, when investing overseas, Chinese firms adjust their entry strategies to attain regulative and normative institutional legitimacy in host countries. Meanwhile, they also need to comply with the rules set by the Chinese government, which provide incentives to and impose restrictions on Chinese firms’ FDI ownership decisions.     

Motivations for selecting cross-border e-commerce as a foreign market entry mode

This article is an in-depth case study examining a foreign firm deploying Cross-border E-commerce as an entry mode to the Chinese market, integrating services provided by a major technology provider and a leading marketplace platform. Selecting which foreign market entry mode is an important internationalization strategic decision of firms and could have a considerable impact on the firm's performance. The CBEC mode emerges as a plausible choice: e-commerce has grown rapidly in many markets, particularly in China. Additionally, foreign firms face high transaction costs due to unfamiliar consumer behavior and institutional barriers. It is especially difficult for SMEs.This study deploys transaction cost theory as the underpinning framework to explain the motivations for selecting a CBEC entry mode. The findings suggest that CBEC could reduce uncertainties and opportunistic behaviors, while increasing trust. Foreign firms could lower their asset investment in physical shops, staff requirements and training, logistics and warehousing: these supports are provided by marketplace platforms. This new entry mode also takes advantage of the involvement and the dependency of intermediaries. In addition to providing market knowledge, technology providers help to build trust and reduce risks and thereby transaction costs, despite the high transaction frequency of e-commerce.     

我国民营企业转型升级的政府作用研究——基于政府行为视角的实证分析

将政府行为细化为政府效能、监管质量、法律规则和腐败控制四个变量,并对民营企业转型升级的相关指标进行量化处理,建立了衡量我国民营企业转型升级的综合指标,对政府行为对民营企业转型升级的影响进行了量化分析,得出以下结论：政府效能、监管质量和法律规则是影响民营企业转型升级的重要影响因素;政府效能与民营企业转型升级呈现正相关关系,政府效能越高,越有利于民营企业转型升级;监管质量对民营企业转型升级的影响较为显著,监管质量越高,越有助于民营企业转型升级;法律法规对于民营企业转型升级具有重要的影响作用,法律法规的执行力度越大,越有利于民营企业的转型升级;腐败控制与民营企业转型升级尽管也呈现一定的正相关关系,但并不很显著,这表明腐败控制的效果并没有直接反映为促进民营企业转型升级的重要因素.     

Legal form of the firm and overseas market choice in India’s software and IT industry

Drawing upon the economics, international business, and law literatures, we hypothesize that variations in governance characteristics, associated with firms being public limited companies, private limited companies, or unincorporated enterprises, influence the internationalization patterns of the software and information technology (IT) companies in India. The results provide some support for our hypotheses, as variations in legal form were found to significantly impact regional sales in the US and Canada, Europe, Latin America, and the Middle East. Organizational size and business type were also significantly related to sales in a number of regions. Implications of our findings and directions for future research are discussed.     

Relevance of organizational capabilities and its dynamics: what to learn from entrants' product portfolios about the determinants of entry timing

The resource‐based view of the firm suggests that the timing of market entry by a firm depends on its resources and capabilities, but several important questions remain. First, in a high‐velocity market where capabilities change quickly, how does entry timing depend on the capabilities at varying points in time? Second, how much flexibility does a firm have in altering its capabilities to achieve desirable entry timing? To answer these questions, this study sets out to develop a dynamic, refined version of the resource‐based view that parameterizes a firm by its time‐varying capability relevance with respect to a focal market, and makes predictions on entry timing and future growth of capability relevance. The study develops a novel approach that uses the entrants' product portfolios to infer a potential entrant's capability relevance. The results based on a panel of potential entrants show that the initial and current capability relevance each affect entry timing alone, revealing the persistent effect of the initial condition. However, given the knowledge of the current capability relevance, the initial relevance has no effect on entry timing, suggesting that the initial relevance affects entry timing through its influence on the current relevance. Firms that are in an initially unfavorable position can still achieve early entry, provided that they improve their capability relevance over time. Copyright © 2008 John Wiley & Sons, Ltd.     

First Product Success: A Mediated Moderating Model of Resources,Founding Team Startup Experience,and Product‐Positioning Strategy

The success of the first product is of paramount importance for the future development of the new venture. Developing and launching a first product in the Chinese market is even more challenging than in a well‐developed market economy because of weak enforcement of intellectual property laws, a general consumer distrust of new products developed by Chinese firms, and the immediate threat of copycat. This article develops a mediated moderating model to examine first product success in Chinese new ventures, in which product‐positioning strategy (conceptualized as the degree of product differentiation) mediates the impacts of marketing resources, technical resources, and founding team startup experience on product success (conceptualized as timing of product launch and product market and financial performance). Furthermore, we argue that founding team startup experience moderates the impact of marketing and technical resources on building strong product‐positioning strategy. We test our conceptual model using a sample of 909 new products developed by 909 Chinese new ventures in a two‐step selection model. The empirical results provide important insight for new ventures' first product development. Product differentiation does not mediate the impact of marketing resource on product success; but it fully mediates the impact of technical resources on timing of product launch and partially mediates the impact of technical resources on product performance. Marketing resources have significant direct positive effects on both product performance and timing of product launch. Surprisingly, the impacts of marketing resources on product differentiation and product performance are negatively, not positively, moderated by founding team experience. When the founding team has nine years or less startup experience, an increase in marketing resources leads to a significant increase in product differentiation; and when the founding team has more than nine years of startup experience, an increase in marketing resources will not lead to an increase in product differentiation. The impact of marketing resources on product performance is smaller for founding teams with more prior startup experience than those with less prior startup experience. The impacts of technical resources are not moderated by founding team startup experience. Technical resources positively affect product market and financial performance directly as well as through its positive impacts on product differentiation. However, technical resources can negatively affect timing of the product launch because developing a highly differentiated produce can potentially delay the launch of the product. Therefore, new ventures have to be mindful in managing the available resources to succeed in the first product development.     

Institutional and resource configurations associated with different SME foreign market entry modes

This study explores the different configurations of internal and externally sourced resources utilized by SMEs, as well as host and home country institutional influences (hereafter abbreviated to ‘internal and external resources’, and ‘host and home country institutions’, respectively) across different foreign market entry modes in a B2B setting. Specifically, this research illustrates the different relative representations of internal vs external resources and host vs home institutions associated with different entry modes, including non-investment/contractual and early-stage investment modes. The different configurations resulting from our study are tentatively explained in the context of prevailing theoretical perspectives, namely, the resource-based view, institutional theory, and SME internationalization. Our research extends the existing literature on SME internationalization by identifying that different resource-institutional configurations are associated with different foreign market entry modes.     

企业社会责任公众评价的影响因素分析——基于2015年中国工业与信息化领域公众调查数据

本文依据2015年中国工业和信息化领域企业社会责任在线公众调查数据，通过构建Ordered Probit模型研究了不同因素对企业社会责任公众评价的影响，并利用Probit模型研究不同所有制企业评价的影响因素。主要研究结论是：（1）公众对各项议题的重视程度显著影响其评价结果；（2）公众评价的影响因素具有地域差异性；（3）公众对不同所有制企业评价的影响因素具有差异性。     

Mental Models and Successful First‐mover Entry Decisions: Empirical Evidence from Chinese Entrepreneurs

Existing research has identified a variety of mechanisms through which early entrants may be able to develop competitive advantages that favorably influence performance relative to later entrants. At the same time, later entrants can sometimes enjoy cost advantages arising from free riding and the resolution of uncertainty. Despite the impressive array of possible explanations linking entry timing with performance, it is unclear how these explanations align with the cognitive representations that guide managerial decision making. The authors address this gap in the literature by arguing that the resource‐based view of the firm provides potential insight into the way that perceived pioneer advantages and disadvantages influence managerial behavior. The resource‐based view argues that the value of various pioneer advantages will depend on the degree to which those advantages enable pioneers to access and control resources that are costly to copy. Because legal and cultural variables also influence access to resources, the value of specific dimensions of pioneer advantage will vary depending on the macroenvironment within which a firm operates. To test this reasoning, the authors examine the impact of perceived pioneer advantages on the number of first‐mover entry decisions of Chinese service entrepreneurs, who operate in an environment characterized by underdeveloped legal institutions and inadequate legal protections, a fledgling capital market, the limited availability of information about products and industries, and an emphasis on personal connections. The authors hypothesize that these unique characteristics of Chinese markets will affect the perceived importance of sources of pioneer advantage identified in studies of Western (primarily United States) firms. Using data collected from 302 Chinese service entrepreneurs, the authors find strong evidence that the number of pioneer entry decisions made by Chinese entrepreneurs are strongly tied to entrepreneurs’ perceptions that pioneer firms tend to outperform later entrants and have the ability to preempt key assets. In addition, the number of entry decisions is negatively related to perceptions of pioneer cost disadvantages and the level of uncertainty faced by pioneers relative to later entrants. However, consistent with the research hypotheses, perceptions of pioneer leadership and cost advantages do not significantly influence the entry decisions of Chinese service entrepreneurs.     

Exploring Mediating and Moderating Influences on the Links among Cycle Time,Proficiency in Entry Timing,and New Product Profitability*

Development cycle time is the elapsed time from the beginning of idea generation to the moment that the new product is ready for market introduction. Market‐entry timing is contingent upon the new product's cycle time. Only when the product is completed can a firm decide whether and when to enter the market to exploit the new product's window of opportunity. To determine the right moment of entry a firm needs to correctly balance the risks of premature entry and the missed opportunity of late entry. Proficient market‐entry timing is therefore defined as the firm's ability to get the market‐entry timing right (i.e., neither too early nor too late). The literature has produced divergent evidence with regard to the effects of development cycle time and proficiency in market‐entry timing on new product profitability. To explain these disparities this study (1) explores the mediating roles of development costs and sales volume in the relationships among development cycle time, proficiency in market‐entry timing, and new product profitability, respectively; and it (2) explores the moderating influence of product newness on the relationship between development cycle time and development costs and that of new product advantage on the link between proficiency in market‐entry timing and sales volume. The results from a survey‐based study of 72 manufacturers of industrial products in the Netherlands suggest that development costs mediate the relationship between development cycle time and new product profitability and that sales volume mediates the link between proficiency in market‐entry timing and new product profitability. In addition, the findings indicate that new product advantage strengthens the positive relationship between proficiency in market‐entry timing and sales volume. The results provide no evidence for a moderating effect of product newness. These results have important implications because to maximize new product profitability managers need to distinguish between costs and demand side effects of development cycle time and market‐entry timing on new product profitability. Keeping this distinction in mind should help them to better determine the relative profit impact of investments in cycle time reduction or improved entry timing. Moreover, the findings suggest that highly advantaged products that enter the market at the right time may have a highly attenuated sales volume. It also implies that new products with lower advantage may have very little leeway in hitting the “sweet spot” in market. The message is that “doing the right thing” (i.e., to develop a highly advantaged new product) may be at least as important as correctly balancing the risks of premature entry and the missed opportunity of late entry.     

人民币升值背景下中国企业发展国际市场策略研究

随着我国改革开放的深入,中国企业在国际市场上地位越来越重要,面临问题也越来越多,人民币升值是其中最重要也是影响最大的问题之一。文章回顾了人民币汇率改革的历程,分析了人民币升值对我国企业的影响,在此基础上,从国际市场进入策略、国际营销策略、成本管理和财务管理等四个方面研究了我国企业如何开拓和发展国际市场,并提出了建议。     

供应链关系资本对企业创新绩效的影响研究——基于需求拉动型吸收能力的视角

针对受国外技术和市场牵引较严重的4个制造类企业,构建了供应链关系资本、需求拉动型吸收能力和创新绩效三者间的概念模型,实施问卷调查,用结构方程模型验证假设。得到的结果表明:以信任为基础的供应链关系资本能够促进企业及时获取和掌握市场信息和技术知识,从而提高创新绩效。但是,样本企业供应链关系资本中的关系承诺维度对知识吸收的促进作用有待加强;需求拉动型吸收能力的知识转化和利用环节对于创新进程的促进作用有待提高。     

Option value and entry timing

When facing uncertainty, firms entering new markets can make initial foothold investments rather than undertake large sunk investments. Such investments are real call option purchases. They offer management flexibility, but also raise questions about whether and when to increase commitments to new markets. We present an entry timing decision criterion and discuss its application to a variety of market entry situations. Optimal timing for exercising real options depends on current dividends, possibilities for preemption, and whether the option is simple or compound, proprietary or shared. Our analysis reveals critical assumptions and new theoretical insights regarding market entry timing. Copyright © 2002 John Wiley & Sons, Ltd.     

信用监管、营商环境与区域经济增长

本文通过构建模型刻画不同地区信用监管水平对区域经济增长的边际效应,综合考虑营商环境等多维要素与信用体系建设的协同效应,利用1999~2018年中国省级城市面板数据和2017~2019年城市信用监测数据,通过实证分析得出以下结论:(1)地区信用监管水平对区域经济增长的边际贡献显著为正,说明信用监管对区域经济增长具有重要作用;(2)营商环境与信用监管水平的交互系数显著为正,说明在营商环境越好的地区,信用监管对区域经济增长的作用越大;(3)信用监管和营商环境有利于降低企业交易成本,促进潜在企业的市场进入,进而推动区域经济发展。