基于SEM的企业国际化经营与绩效关系研究

本文分析了我国上市公司国际化经营程度与企业绩效间的关系，探讨了国际化经营程度对企业绩效的影响程度。通过对深沪A股410个样本企业的分析，本文尝试构建结构方程模型（SEM）以验证中国企业国际化经营与企业绩效之间的路径关系，估计国际化经营对绩效的影响程度。结构方程模型估计结果表明，中国上市公司的规模经济效率对其短期绩效有正向影响，企业的全球协同效率对其长期绩效有正向影响。

SEM'S ESTIMATION ON THE RELATIONSHIP BETWEEN INTERNATIONAL OPERATION AND PERFORMANCE

This paper mainly discussed the relationship between the degree of international operations of China’s listed companies and their performances as well as the impact of international operations on their performances.Based on the analysis on 410 sample companies listed in A-share market in Shenzhen and Shanghai,this paper built a structure equation model(SEM) to test the relationship between the international operations of Chinese companies and their performances and estimate the impact of the company international operations on their performance.Results of SEM estimation showed that the scale of economy of Chinese listed companies had a positive impact on their short-term performance,and the global synergy efficiency also had a positive impact on long-term performance.