| "Made in China 2025" proposes: to improve the level of international development of manufacturing industry,make overall use of two resources,two markets,implement a more active open strategy,better combine "introduction" and "going out",expand new open areas and spaces,enhance the level of international cooperation,promote the internationalization of key industries,and guide enterprises to improve their international competitiveness.In recent years,the manufacturing industry has achieved sustained and rapid development.The industrial scale,technical level and international competitiveness have been greatly improved.More and more enterprises are moving towards internationalization by exporting products to foreign countries,setting up factories abroad and international M&A.However,as resources and environmental constraints continue to strengthen,the cost of production factors such as labor force continues to rise.At present,the manufacturing industry relies mainly on resource-based input,scale expansion and other extensive international management roads,which opportunities and challenges coexist.Because the background,purpose and strategy of the international operation of the enterprise are different,and the enterprise resource control and operation ability are different,the theoretical community has no unified view on the systematic relationship between international operation and financial performance,and the experience of the case is different.Therefore,It is particularly important to combine specific research in the current market situation of China and the economic environment of the international market.This paper firstly sorts out the research results of international management and financial performance at home and abroad.The internationalization operation is divided into three dimensions: depth,breadth and speed of international operation,which indicate the intensity of resource input to the international market and the dependence on foreign markets,the degree of diversification of international markets,and the degree of international expansion in unit time.Secondly,by analyzing the development status of the international operation and financial performance of China's manufacturing listed companies in the past three years,and combining international production eclectic theory,organizational learning theory,resource-based theory,etc.,a preliminary theoretical exploration of the correlation between the two is carried out.Furthermore,taking the 2015-2017 main board A-share manufacturing listed company as the empirical research object,constructing an index system based on the three dimensions of international management and the quantitative evaluation method of financial performance in the comprehensive performance evaluation of central enterprises,and building The theoretical model of structural equations with latent variables of international operations depth,international operations breadth,international operations speed and financial performance.Finally,through the descriptive analysis of the sample data,the fitness test and the path analysis to discuss the empirical results,and put forward relevant suggestions,the empirical conclusions of this paper are:(1)The breadth of international operations is positively related to financial performance,expanding the scope of overseas markets,continuously improving global coverage,and achieving market diversification can significantly improve corporate financial performance.(2)The speed of internationalization is negatively related to financial performance,adopting a faster international development strategy per unit time has a depressing effect on financial performance.(3)The positive correlation between the depth of international operation and financial performance has not passed the significant test.If the resource input intensity of the enterprise is large or the enterprise relies excessively on foreign markets,it is difficult to exert the advantages of integrating global resources and improving resource utilization efficiency. |
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