In the context of economic globalization,the rapid development of world trade and investment has increasingly become an important force in the growth of world economic.As a major carrier of international economic activities and market division of labor,multinational enterprises are also increasingly valued by governments and enterprises.Multinationality strategy enables enterprises to obtain economies of scale and economies of scope,search for production materials and strategic resources,learn from the external marketknowledge,advanced production technology and management experience.It improves the economic efficiency and the competitiveness.At the same time,the multinationality strategy of enterprises also faces many challenges,such as unfamiliar market,institutional and social environment,as well as the incompatibility of internal management system and the instability of external business network.These will increase the transaction costs and coordination costs.So the relationship between firm performance and degree of multinationality is full of uncertainty.In this context,it is necessary to study the internal relationship between enterprise multinationality and enterprise performance.The relationship between the degree of multinationality and the performance of enterprises has been an important research proposition in the field of international business and enterprise strategic management,though there is no uniform conclusion.There are linear correlation,non-linear correlation(U-type,inverted U-type,S-type,etc.)and irrelevant conclusions.Through the summary of existing literature Analysis,this paper finds that earlier studies of the relationship between the degree of multinationality and the performance focused more on the developed countries' MNCs,and neglected the situation in developing countries.About the multinationality indicators,earlier studies often use comprehensive indicators without considering the location selection problem.But enterprises from different location with different multinationality stage will differ significantly in the relationship of multinationality and performance,as well as different economic level,institutional environment,resource endowment and technical condition also have influence on the relationship.This paper selected multinational corporations from different economies in Orbis database as research objects,and carried out the empirical study based on the location selection.The specific contents are as follows:Firstly,chapter ? is about the background,practical and theoretical significance, content,research method,innovation,and shortcomings of this paper.Secondly,chapter ? introduces the concept of internationalization and enterprise performance,then summarizes the literatures about the relationship between the degree of multinationality of enterprises and the performance.It is found that the conclusion of the research on the relationship between the internationalization degree and the enterprise performance is not unified.And the innovation input,institutional environment,the way of entering,and the stratege of products diversification all have significant effect on the relationship between the multinationality degree and the performance.At the same time,it is found that there are few studies on the manufacturing enterprises in developing countries in the previous research literature,neither considering the influence of location factors on the relationship between the degree of multinatonality and the performance of enterprises.Chapter ? analyzes the gap of the degree multinationality of manufacturing multinational corporations between developing and developed countries.This chapter also describes the status quo of the regional selection of the international investment of the manufacturing enterprises,and the problems in the international development of the manufacturing enterprises.Chapter ? analyzes the influence mechanism of the multinationality degree of the manufacturing enterprise on the performance,also analyzes the location,factors' influence.And putting forward the hypothesis that the relationship between the degree of multinationality and enterprise performance behaved U-type.And the relationship is also influenced by the location selection factor and the international comparative advantage of the enterprise.The relationship not only differs from different loction,but also behaves differently in enterprises from different economics.Finally,the chapter ? testifies the relationship between degree of multinationality and performance based on 2159 manufacturing multinationals in Orbis from 2007 to 2015.The empirical tests are carried out using fixed panel method and comprise overall regression,regional regression and robustness test.The empirical results show that:(1)The multinationality level of enterprises in manufacturing industry is related to the performance,and the form is U-shaped.At the beginning of the multinationalization,the performance of enterprises is down due to cost factors.When the degree of multinationality exceeds a certain threshold,the performance began to rise due to the accumulation of market knowledge and international experience.(2)The relationship between the degree of multinationality of manufacturing multinational corporations and the performance of enterprises is affected by the location factors.The return of the investment located in developing countries is earlier and higher than that in the developed countries.(3)There are differences in the returns of investment located in different regions.The return of investment of developing countries located in developing countries is higher than that of developed countries located in developing countries.The return of investment of developed countries located in developed countries is higher than that of developing countries in developed countries.(4)The relationship between the degree of multinationality of manufacturing enterprises and the performance is affected by R&D,assets and enterprise age.R&D density,enterprise scale(total assets),enterprise age(market experience)and asset turnovers positively adjustthe relationship between multinationality and performance. |