Research On Relationship Between Internationalization,Property Rights Structure And Enterprise Performance

In the era of global economic integration,companies have not only focused on the home market,but more and more companies have used internationalization as an important way for their businesses to grow.Since President Xi Jinping proposed the "One Belt and One Road" strategy in 2013,China’s export trade and foreign investment have been developing rapidly.A large number of Chinese companies have taken part in the international competition through the opportunities brought by the rapid development of emerging markets.According to the nearly four-year World Investment Report of the United Nations Trade and Development Organization(UNCTAD),the year-on-year growth of overseas investment by mainland Chinese companies during 2013-2016 was 17.6%,14.2%,14.7%,and 44.1%,respectively,in export trade and foreign investment.The operation of investment has achieved remarkable results.The development of a new economic model is bound to bring about a big discussion between academia and practice.The thesis,through combing the opinions of scholars from the East and the West,finds that the research results are not consistent with either theory or practice research.The traditional enterprise management theory holds that internationalization is one of the manifestations of business diversification and has a positive effect on corporate performance,which can effectively improve corporate value.However,empirical studies conducted by scholars have found empirically that the effect of internationalization on corporate performance is not a single form,but a dynamic feature.The results include positive correlation,negative correlation,U-shaped and inverted U-shaped curves.There are even more complex S-curve relationships.The differences in results are mainly due to different methods of measurement,selection of internationalization variables,and selection of economic and environmental backgrounds.At the same time,there are few researches on the regulatory effect of the relationship between internationalized management and corporate performance at home and abroad,and they are limited to the study of the relationship between the two.Based on this,this paper hopes to study the impact of the property right structure on the relationship between the two by introducing the property right structure as a regulatory variable and explore the utility of the property right structure in international business decision-making and execution,and to a certain extent,enrich the relevant research fields.This thesis uses the CSMAR database,the WIND information database,and the financial community website to collect relevant data of the listed companies of the state-owned enterprises in Shenzhen and Shanghai A shares manufacturing industries.Based on the theoretical interpretation model,an empirical test model is established and regression analysis is conducted.The conclusions of the study are as follows:(1)there was a U-shaped relationship between internationalization and enterprise performance and the inflection point of positive U-shaped is 49.36%;(2)the proportion of state-owned shares negatively moderated the relationship between internationalization and enterprise performance;(3)the proportion of investor ownership positively moderated the relationship between internationalization and enterprise performance;(4)the ownership concentration has a positive effect on the relationship between internationalization and enterprise performance;(5)the equity balance negatively regulates the relationship between internationalization and enterprise performance.Compared with the previous relevant studies,this research is based on the reform of property rights system and the gradual return of foreign investors,not only focus on the linear or nonlinear modes of mathematical relations between internationalization and performance,but also introduce the moderating relationship between the two variables.This study was from the perspective of property rights structure to consider the relationship between internationalization and performance,with theoretical innovation certain.At the same time,this thesis also has many limitations,there are still many areas for improvement in the future.