Research On The Relationship Between Chinese Enterprises’ International Entrepreneurship Strategy And Performance Under The "Belt And Road" Initiative

In the context of economic globalization,it is an irreversible trend for Chinese companies to go global and implement international entrepreneurship.In recent years,China has been getting better and better in terms of trade and investment.In 2013,General Secretary Xi Jinping’s "Belt and Road" initiative provided an unprecedented historical opportunity for Chinese enterprises to go global,especially for the implementation of international entrepreneurship along the "Belt and Road" region.Enterprises are the microscopic subjects of implementing international entrepreneurship.With the continuous advancement of the "Belt and Road",companies are constantly participating in the search for better development,so the international entrepreneurship of Chinese companies is becoming more and more common.On the other hand,there are many countries along the "Belt and Road" and most of them are developing countries.The development stage is very different,and the national conditions are complex and diverse.While providing Chinese enterprises with broad entrepreneurial space,it also increases the potential risks of Chinese enterprises’ overseas entrepreneurship.Then,what will be the impact of corporate performance on companies that implement international entrepreneurship in countries and regions along the "Belt and Road"? This is an important practical issue in response to the internationalization of Chinese enterprises in the new era,and it also provides new empirical evidence for the development of relevant theoretical research.International entrepreneurship strategy refers to a comprehensive strateg y for enterprises to achieve their core interests through the analysis of the target market,and the optimal allocation of their own capabilities,resources and development models in the international target market in the process of international entrepreneurship.Some studies have shown that international entrepreneurial strategies can improve corporate performance,and some studies have shown that there are negative correlation,positive U,inverted U,M,and even irrelevant relationships.This paper believes that one of the important reasons for these inconsistent research conclusions is the situational difference between international entrepreneurial strategy and corporate performance.Therefore,this study focuses on countries along the "Belt and Road" and first studies the direction and extent of the impact of international entrepreneurship strategies on corporate performance.Further,combining with the reality that the gap between countries and regions along the "Belt and Road" is large,the role of institutional distance adjustment is discussed,thus contextually enriching the relationship between international entrepreneurship strategy and performance.It also contributes to relevant theoretical research and policy research through the lack of empirical evidence of international entrepreneurial performance in the "Belt and Road" scenario.This paper matches the Guotaian listed company’s overseas direct investment database,the customs database,the World Bank’s Global Governance Index(WGI)and the Hofstede four-dimensional "Cultural Distance" index.The national international entrepreneurship strategy and its performance database along the "Belt and Road" of China’s Shanghai and Shenzhen A-share manufacturing listed companies were constructed.Based on this,this paper proposes research hypotheses through theoretical analysis,establishes statistical test models,and conducts empirical research.The research results show that: 1.The greenfield investment model in the international entrepreneurial model has significant differences in the impact of corporate performance on overseas mergers and acquisitions,joint ventures and consortium;2.The depth of internationalization in the degree of internationalization negatively affects corporate performance;3.The adjustment effect of the informal institutional distance on the international entrepreneurial model in the institutional distance,that is,the relationship between the informal system and the positive adjustment of the greenfield investment model and corporate performance.The innovations of this research are as follows: 1.Combined with the reality of "Belt and Road",the paper empirically studies the impact of Chinese enterprises’ opportunity of "Belt and Road",and its international entrepreneurial strategy on performance.2.This paper uses the international entrepreneurial model and the degree of internationalization to measure the company’s international entrepreneurial strategy,and comprehensively considers the company’s international entrepreneurial strategy from behavior and results.3.This study examines the situational effects of institutional distances by focusing on the "Belt and Road" countries and regions,and increases the understanding of the relationship between international entrepreneurial strategies and corporate performance.