企业国际化理论的新发展:国际新企业理论

传统的国际化理论认为,企业国际化发展是一个渐进的过程。而近年来却出现了企业国际化加速的现象,许多企业在建立之初就开始进行跨国发展,这是传统理论所不能解释的。国际新企业理论就是在这种背景下产生的。本文从国际新企业的概念、形成、发展以及其理论框架模型出发,对国际新企业理论的相关研究进行了回顾和评述,探讨了其未来研究方向,同时阐述了其对我国企业相关研究的指导作用,并对后续研究作了简要的讨论。     

Does Venture Capital Syndication Spur Employment Growth and Shareholder Value? Evidence from German IPO Data

This study empirically examines the syndication of equity by multiple venture capitalists in Germany. Following the literature, there are mainly two competing views as to why venture capitalists syndicate investments. First, syndication can be viewed as a means of risk-sharing. Second, venture capitalists may provide important productive resources to firms: capital and information. I test hypotheses based on these two aspects. The results show that the syndication of equity and the number of venture capitalists involved cannot be fully explained by firm characteristics like size, age, or industry affiliation. Although syndicated investments do not differ significantly in stock-market performance, they do show significantly higher growth rates.     

基于智力资本绩效的实证分析

使用SPSS统计软件,运用相关分析和回归分析法对我国电子信息产业的34家上市公司进行实证分析。发现企业绩效(获利能力)与物质资本显著正相关,与结构资本正相关,与人力资本正相关,但在统计上并不十分显著。文章对此结果进行了探讨。     

不平等是否弱化了企业家精神——来自转型期中国的经验证据

创新型经济的本质要求在于有效激发全体社会成员的企业家精神。降低不平等程度及其对企业家精神的负面影响,对于转向创新驱动的增长方式,进而实现更\"充分\"和更\"平衡\"发展具有重要意义。本文构建了一个基于内生经济增长的动态模型,从企业家精神(创新供给)的角度出发,刻画了不平等影响企业家创新的机理,并利用中国综合社会调查数据及相关省际面板数据检验了不平等对企业家精神的影响。本文发现:(1)机会不平等显著降低了企业家精神,努力不平等对企业家精神有积极影响,收入不平等与企业家精神呈现倒U型关系;(2)社会保障水平提高能部分抵消机会不平等带来的不利影响,激发企业家精神,人力资本投资成本的下降能部分抵消机会不平等对人力资本积累的负向作用,提高人力资本水平;(3)机会不平等仍然是制约人力资本积累的重要因素,而努力不平等尚未起到促进人力资本积累的作用。本文具有深刻的政策含义:实现创新驱动发展的一个重要前提条件是要降低社会成员的机会不平等同时增加努力不平等,保持适当的社会保障水平、降低人力资本投资成本,从而有效激发全体社会成员的企业家精神,催生经济增长新动能。     

The role of networking alliances in information acquisition and its implications for new product performance

The premise of Austrian economics on entrepreneurial discovery suggests that mutual knowledge about market participants defines who will acquire potential information about opportunities to bring future products into existence. Building upon this argument, this research investigates the role of networking alliances in information acquisition and its lagged effect on the new product performance of the firm. By using a longitudinal analysis, the study shows that a firm improves its new product performance as it increases the number of repeated partners and its centrality position relative to others in the technology collaboration network.     

Why encouraging more people to become entrepreneurs is bad public policy

Policy makers often think that creating more start-up companies will transform depressed economic regions, generate innovation, and create jobs. This belief is flawed because the typical start-up is not innovative, creates few jobs, and generates little wealth. Getting economic growth and jobs creation from entrepreneurs is not a numbers game. It is about encouraging the formation of high quality, high growth companies. Policy makers should stop subsidizing the formation of the typical start-up and focus on the subset of businesses with growth potential. While government officials will not be able to “pick winners,” they can identify start-ups with a low probability of generating jobs and enhancing economic growth. By eliminating incentives to create these low probability companies, policy makers can improve the average performance of new businesses.

企业规模、融资结构与经营绩效——基于战略性新兴产业和传统产业对比的研究

战略性新兴产业要不要发展以及如何发展,这是目前理论和实务界普遍关注的问题。本文以广东省的上市公司为样本,基于和传统产业的对比,研究了战略性新兴产业的企业规模和融资结构对其经营绩效的影响。研究发现企业规模和股权资本对传统产业和战略性新兴产业绩效的影响迥异,即规模扩张不利于传统产业提高经营绩效,却有利于战略性新兴产业提高经营绩效;股权资本降低了传统产业的经营绩效,却显著提高了战略性新兴产业经营绩效。这个研究结果表明战略性新兴产业目前还处于规模效应递增阶段,需要大力发展;同时表明其规模的扩张更倾向于通过股权融资的方式来实施。本文的研究结论有重要的理论意义,对国家宏观经济政策的制定具有一定的参考价值。     

Industry Effects on the Determinants of Unquoted SMEs' Capital Structure

This paper reports a study of 3500 unquoted, UK small and medium sized enterprises (SMEs). The objectives of the research were to test various hypotheses concerning the determinants of SME capital structure and to establish whether and how the relationship of these determinants to long- and short-term debt varied between industries. Long-term debt was found to be related positively to asset structure and company size and negatively to age; short-term debt was related negatively to profitability, asset structure, size and age and positively to growth. Significant variation across industries was found in most of the explanatory variables. The effect of growth on short-term debt, however, was consistent across industries whilst profitability had no effect on long-term borrowing in any industry.     

The contrasting interaction effects of improvisational behavior with entrepreneurial self-efficacy on new venture performance and entrepreneur work satisfaction

Although improvisation is often considered to be an elemental component of entrepreneurship, little work has been done to evaluate factors that influence the relationship of entrepreneur improvisational behavior with important outcome variables. In an attempt to partly fill this gap, the current study examines the moderating effect of entrepreneurial self-efficacy on the relationship of founders' improvisational behavior with both the performance of their startups and their individual level of work satisfaction using a national (United States) random sample of 159 entrepreneurs. In alignment with our predictions, improvisational behavior was found to have a positive relationship with new venture performance (i.e., sales growth) when exhibited by founders who were high in entrepreneurial self-efficacy, whereas improvisational behavior was found to have a negative relationship with new venture performance when exhibited by founders who were low in entrepreneurial self-efficacy. Contrary to our expectations, entrepreneurial self-efficacy was found to have a negative moderating effect on the relationship between entrepreneur improvisational behavior and work satisfaction.     

Determination of Export Channel Strategies–The Experience of New Zealand Firms

ABSTRACT

There are many issues which need to be considered when businesses decide to internationalise their operations. One of the issues is the choice of export channels. The choice of export channels has a decisive impact on a firm's international marketing program. Export channel decisions are well researched in many countries However little attention has been made to investigate the choice of export channels by New Zealand international marketers This study examines the factors influencing the choice of export channels of 115 New Zealand firms conducting business with Taiwan. The results suggest that marketer's choice of export channels is influenced by the host market's business system, market size of the industry in the host market, and the degree of produce differentiation. The host market's business system is revealed for the first time to be a factor influencing the choice of export channels.     

The evolution of interorganizational relationships in emerging ventures: An ethnographic study within the new product development process

Emerging ventures rarely have the resources they need, which often force them to reach beyond their boundaries to access these resources. While the field has acknowledged how critical external relationships are in the emergence process, we lack an understanding of how these relationships evolve. Drawing on fourteen longitudinal case studies, this article begins to fill that gap by examining how emerging ventures use interorganizational relationships to discover, develop, and commercialize new products. We found that emerging ventures tended to establish outsourcing relationships early and that many outsourcing relationships progressed into alliances. This suggests that these early relationships are dynamic, evolve through the emergence process, and may be critical to the successful emergence of a venture. We also discovered that many entrepreneurs developed strong socioemotional bonds with their alliance partners. Unexpectedly, our study revealed that in many cases these socioemotional bonds clouded the entrepreneur's judgment of the partner's abilities and led to problems that threatened the venture's survival.     

The effect of new business formation on regional development over time: the case of Germany

We investigate the effects of new business formation on employment change in German regions. A special focus is on the lag-structure of this effect and on differences between regions. The different phases of the effects of new business formation on regional development are relatively pronounced in agglomerations as well as in regions with a high-level of labor productivity. In low-productivity regions, the overall employment effect of new business formation activity might be negative. The interregional differences indicate that regional factors play an important role.

How do new ventures grow? Firm capabilities, growth strategies and performance

While new venture growth performance has been studied extensively, little work has been done to examine the complex strategic choices through which growth is pursued and attained. Building on the resource-based view and social capital perspective, this study develops a conceptual framework that links combinations of ventures' (1) technological, (2) financial, and (3) networking capabilities to different growth strategies in terms of organic growth, partnership, and acquisition. We further assess the mechanisms through which a new venture's growth choices affect firm performance. Using data from 238 new high-tech ventures in China, we find that new ventures with different resource combinations follow different growth strategies. While partnership growth leads to greater product diversity, and acquisition is more effective in realizing firm internationalization, both lead to a better chance of survival of new ventures. In addition, the study explicates the role of technological capability in moderating the relationship between growth strategies and new venture performance.     

外资对我国互联网业市场影响的研究

互联网业作为提供信息、技术服务的高科技产业,一旦与资本结合将对社会形成强大的影响力。国内互联网业经过10多年的发展,已经形成一些对社会能够产生重大影响的企业。2000年以来,国内主要互联网企业基本都选择在海外上市,进而引起我们对国内互联网业被国际资本和海外资本控制情况的关注和研究。通过研究,本文得出互联网企业也具有与传统产业类似的两头在外的结构、外资基本上实质性控制了我国互联网业务的结论;据此,本文提出在对互联网业的法律规范和监管时,应深入到业务层面,并通过制度上的创新和金融业的完善为互联网业的发展培育有利的环境。     

How does new business formation affect regional development? Introduction to the special issue

This paper gives an overview of the empirical research on the effects of new business formation on regional development and introduces the contributions to this special issue. The effects of new businesses on regional development emerge over a longer time-period of up to ten years. A main focus of the contributions to this special issue is on the distribution of these effects over time and on the magnitude of the overall effect. While the basic pattern found for the different countries and regions is quite similar, the magnitude of the overall effect can be different and may even be negative. There are strong indications, that the type of entrants plays an important role in this respect.