The effects of network embeddedness and international learning on the speed of enterprise internationalization
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摘要: 新兴经济体企业在全球化中呈现出快速国际化现象,良好的网络嵌入有助于企业国际要素流动和优化资源配置。基于2000—2019年中国制造业上市公司的面板数据,研究了网络嵌入性对企业国际化速度的影响,并分析了国际学习的过程机制及东道国制度水平的边界影响。研究结果表明,网络嵌入性不仅直接提高了基于广度和基于深度的企业国际化速度,还通过国际学习的中介效应发挥了间接影响。此外,制度发展水平也在网络嵌入性、国际学习和基于广度的国际化速度的关系间发挥了调节效应。扩展了网络嵌入与国际化速度关系的理论文献,也为我国企业提供了有益的国际化经营实践启示。Abstract: Emerging economy enterprises are showing a rapid internationalization phenomenon in globalization, and good network embeddedness promotes international factor mobility and optimal resource allocation of enterprises. Based on panel data of Chinese manufacturing listed companies from 2000 to 2019, the impact of network embeddedness on the internationalization speed of enterprises was investigated and the process mechanism of international learning and the boundary effect of host country institutional level was analyzed. The findings showed that network embeddedness not only directly increased the internationalization speed of enterprises based on breadth and depth, but also exerted an indirect effect through the mediating effect of international learning. In addition, the level of institutional development also played a moderating role in the relationship between network embeddedness, international learning, and breadth-based internationalization speed. The article not only enriches the theoretical literature on the relationship between network embeddedness and speed of internationalization, but also provides useful insights into the practice of international business for Chinese enterprises.
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表 1 主要变量符号和含义
Table 1. Main variable symbols and meanings
变量名称 符号 含义 基于广度的国际化速度 Speed_bre 海外子公司数量与总的子公司数量的比值 基于深度的国际化速度 Speed_de 海外业务收入与总销售额的比重 网络嵌入性 NE 企业国际联系相关的国家数量 企业国际专业关系占国际关系总数的占比 国际学习 Learning 探索性FDI项目个数 利用性FDI项目个数 东道国制度发展水平 WGI 全球治理指数平均值 企业规模 Size 期末总资产加1后取自然对数 企业年龄 Age 调查年份减去企业上市年份数后加1取自然对数 董事会规模 Board_size 董事会人数加1后取自然对数 全资海外子公司比例 WOSP 全资海外子公司数除以FDI项目总数 独立董事比例 IDP 独立董事人数与董事会总人数的比值 国际化经验 IE 调查年份和首次开展国际化业务年份之差 表 2 变量描述性统计和相关性分析
Table 2. Descriptive statistics and correlation analysis of variables
变量 均值 标准差 1 2 3 4 5 6 7 8 9 10 11 1 speed_bre 0.222 0.174 1 2 speed_de 0.281 0.262 0.287*** 1 3 NE 2.342 1.734 0.485*** 0.133*** 1 4 Learning 2.207 1.519 0.031** 0.102*** 0.213*** 1 5 WGI 48.70 0.662 0.0210 0.033** -0.043*** -0.032** 1 6 age 2.644 0.362 -0.167*** -0.138*** 0.122*** 0.173*** -0.236*** 1 7 size 24.95 4.908 -0.066*** -0.048*** 0.078*** 0.071*** 0.035*** 0.223*** 1 8 Board size 2.503 0.234 -0.109*** -0.064*** 0.0140 0.022* -0.023* 0.176*** 0.079*** 1 9 WOSP 2.117 2.749 0.457*** 0.064*** 0.641*** -0.194*** -0.037*** 0.033*** 0.049*** 0.020 1 10 IDP 0.369 0.0752 0.035*** -0.030** 0.023* 0.055*** 0 -0.044*** 0.006 -0.17*** 0.029** 1 11 experiences 13.83 4.307 -0.135*** -0.087*** 0.097*** 0.215*** -0.245*** 0.804*** 0.196*** 0.169*** -0.023* -0.03*** 1 表 3 基准回归结果
Table 3. Baseline regression results
国际化广度速度 国际化深度速度 模型(1) 模型(2) NE 0.036*** 0.027*** (0.001) (0.003) age –0.100*** –0.144*** (0.009) (0.016) size –0.003*** –0.001* (0.000) (0.001) Board_size –0.061*** –0.054*** (0.008) (0.015) WOSP 0.015*** –0.004** (0.001) (0.002) IDP –0.007 –0.165*** (0.025) (0.045) experience 0.002*** 0.004*** (0.001) (0.001) _cons 0.606*** 0.862*** (0.053) (0.096) N 5973.000 5973.000 R2 0.330 0.051 控制年份 Yes Yes 注:小括号内为稳健标准误差,*、**、*** 表示显著 表 4 中介效应回归结果
Table 4. Intermediation effect regression results
国际学习 国际化广度速度 国际化深度速度 模型(1) 模型(2) 模型(3) 模型(4) 模型(5) NE 0.475*** 0.036*** 0.034*** 0.027*** 0.018*** (0.013) (0.001) (0.002) (0.003) (0.003) age –0.017 –0.100*** –0.100*** –0.144*** –0.144*** (0.082) (0.009) (0.009) (0.016) (0.016) size 0.014*** –0.003*** –0.003*** –0.001* –0.002** (0.004) (0.000) (0.000) (0.001) (0.001) Board_size 0.051 –0.061*** –0.061*** –0.054*** –0.055*** (0.075) (0.008) (0.008) (0.015) (0.015) WOSP –0.300*** 0.015*** 0.017*** –0.004** 0.002 (0.008) (0.001) (0.001) (0.002) (0.002) IDP 1.304*** –0.007 –0.014 –0.165*** –0.190*** (0.229) (0.025) (0.025) (0.045) (0.045) experience 0.046*** 0.002*** 0.002** 0.004*** 0.003** (0.007) (0.001) (0.001) (0.001) (0.001) Learning 0.006*** 0.019*** (0.001) (0.003) _cons –0.921* 0.606*** 0.611*** 0.862*** 0.880*** (0.490) (0.053) (0.053) (0.096) (0.095) N 5973.000 5973.000 5973.000 5973.000 5973.000 R2 0.260 0.330 0.332 0.051 0.060 控制年份 Yes Yes Yes Yes Yes Sobel检验 4.164*** 7.641*** 注:小括号内为稳健标准误差,*、**、***表示显著 表 5 有调节的中介效应模型回归结果
Table 5. Regression results for the mediated effects model with adjustment
国际学习 国际化广度速度 国际化深度速度 模型(1) 模型(2) 模型(3) 模型(4) 模型(5) 模型(6) 模型(7) NE 0.475*** 0.036*** 0.034*** 0.033*** 0.027*** 0.018*** 0.018*** (0.013) (0.001) (0.002) (0.002) (0.003) (0.003) (0.003) WGI –0.021 0.014 0.014 0.013 –0.002 –0.001 –0.003 (0.109) (0.012) (0.012) (0.012) (0.021) (0.021) (0.021) age –0.017 –0.100*** –0.100*** –0.101*** –0.144*** –0.144*** –0.145*** (0.082) (0.009) (0.009) (0.009) (0.016) (0.016) (0.016) size 0.014*** –0.003*** –0.003*** –0.003*** –0.001* –0.002** –0.002** (0.004) (0.000) (0.000) (0.000) (0.001) (0.001) (0.001) Board_size 0.051 –0.061*** –0.061*** –0.061*** –0.054*** –0.055*** –0.055*** (0.075) (0.008) (0.008) (0.008) (0.015) (0.015) (0.015) WOSP –0.300*** 0.015*** 0.017*** 0.017*** –0.004** 0.002 0.002 (0.008) (0.001) (0.001) (0.001) (0.002) (0.002) (0.002) IDP 1.304*** –0.007 –0.014 –0.016 –0.165*** –0.190*** –0.192*** (0.229) (0.025) (0.025) (0.025) (0.045) (0.045) (0.045) experience 0.046*** 0.002*** 0.002** 0.002** 0.004*** 0.003** 0.003** (0.007) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001) Learning 0.006*** 0.006*** 0.019*** 0.019*** (0.001) (0.001) (0.003) (0.003) Learning×WGI 0.003* 0.005 (0.002) (0.003) _cons –0.996*** 0.656*** 0.662*** 0.664*** 0.855*** 0.874*** 0.878*** (0.264) (0.029) (0.029) (0.029) (0.052) (0.051) (0.051) N 5973.000 5973.000 5973.000 5973.000 5973.000 5973.000 5973.000 R2 0.260 0.330 0.332 0.332 0.051 0.060 0.060 控制年份 Yes Yes Yes Yes Yes Yes Yes 注:小括号内为稳健标准误差,*、**、***表示显著 表 6 基准回归稳健性检验结果
Table 6. Baseline regression robustness test results
国际化广度速度 国际化深度速度 模型(1) 模型(2) NE 0.036*** 0.027*** (0.000) (0.005) age –0.100*** –0.144*** (0.006) (0.021) size –0.003*** –0.001 (0.001) (0.001) Board_size –0.061*** –0.054*** (0.006) (0.007) WOSP 0.015*** –0.004*** (0.001) (0.001) IDP –0.007 –0.165*** (0.018) (0.038) experience 0.002*** 0.004* (0.001) (0.002) _cons 0.606*** 0.862*** (0.018) (0.053) N 5973.000 5973.000 R2 0.330 0.051 控制年份 Yes Yes 注:小括号内为稳健标准误差,*、**、***表示显著 表 7 中介效应稳健性检验结果
Table 7. Results of robustness tests for intermediation effects
国际学习 国际化广度速度 国际化深度速度 模型(1) 模型(2) 模型(3) 模型(4) 模型(5) NE 0.136*** 0.036*** 0.031*** 0.027*** 0.018*** (0.003) (0.001) (0.002) (0.003) (0.003) age 0.009 –0.100*** –0.100*** –0.144*** –0.145*** (0.021) (0.009) (0.009) (0.016) (0.016) size 0.003*** –0.003*** –0.003*** –0.001* –0.002** (0.001) (0.000) (0.000) (0.001) (0.001) Board_size –0.007 –0.061*** –0.060*** –0.054*** –0.054*** (0.019) (0.008) (0.008) (0.015) (0.015) WOSP –0.084*** 0.015*** 0.018*** –0.004** 0.002 (0.002) (0.001) (0.001) (0.002) (0.002) IDP 0.211*** –0.007 –0.015 –0.165*** –0.179*** (0.057) (0.025) (0.025) (0.045) (0.045) experience 0.013*** 0.002*** 0.001* 0.004*** 0.003** (0.002) (0.001) (0.001) (0.001) (0.001) Learning 0.037*** 0.067*** (0.006) (0.010) _cons 0.924*** 0.606*** 0.572*** 0.862*** 0.801*** (0.123) (0.053) (0.053) (0.096) (0.096) N 5973.000 5973.000 5973.000 5973.000 5973.000 R2 0.309 0.330 0.335 0.051 0.058 控制年份 Yes Yes Yes Yes Yes Sobel检验 6.609*** 6.84*** 注:小括号内为稳健标准误差,*、**、*** 表示显著 表 8 有调节的中介效应稳健性检验结果
Table 8. Results of robustness tests with moderated mediating effects
国际学习 国际化广度速度 国际化深度速度 模型(1) 模型(2) 模型(3) 模型(4) 模型(5) 模型(6) 模型(7) NE 0.136*** 0.036*** 0.031*** 0.031*** 0.027*** 0.018*** 0.018*** (0.003) (0.002) (0.002) (0.002) (0.003) (0.003) (0.003) WGI –0.007 0.014** 0.014** 0.002 –0.002 –0.001 –0.020 (0.029) (0.007) (0.007) (0.009) (0.024) (0.025) (0.030) age 0.009 –0.100*** –0.100*** –0.101*** –0.144*** –0.145*** –0.146*** (0.022) (0.013) (0.013) (0.013) (0.016) (0.016) (0.016) size 0.003*** –0.003*** –0.003*** –0.003*** –0.001* –0.002** –0.002** (0.001) (0.000) (0.000) (0.000) (0.001) (0.001) (0.001) Board_size –0.007 –0.061*** –0.060*** –0.060*** –0.054*** –0.054*** –0.054*** (0.020) (0.009) (0.009) (0.009) (0.014) (0.014) (0.014) WOSP –0.084*** 0.015*** 0.018*** 0.018*** –0.004** 0.002 0.002 (0.003) (0.001) (0.002) (0.002) (0.002) (0.002) (0.002) IDP 0.211*** –0.007 –0.015 –0.016 –0.165*** –0.179*** –0.182*** (0.060) (0.024) (0.024) (0.024) (0.047) (0.047) (0.047) experience 0.013*** 0.002* 0.001 0.001 0.004*** 0.003** 0.003** (0.002) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001) Learning 0.037*** 0.037*** 0.067*** 0.067*** (0.006) (0.006) (0.010) (0.010) Learning×WGI 0.010** 0.015 (0.005) (0.013) _cons 0.897*** 0.656*** 0.623*** 0.625*** 0.855*** 0.796*** 0.799*** (0.073) (0.029) (0.030) (0.030) (0.051) (0.051) (0.051) N 5973.000 5973.000 5973.000 5973.000 5973.000 5973.000 5973.000 R2 0.309 0.330 0.335 0.335 0.051 0.058 0.058 控制年份 Yes Yes Yes Yes Yes Yes Yes 注:小括号内为稳健标准误差,*、**、***表示显著 -
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