Research On The Impact Of Internationalization On Enterprise Performance

In the context of economic globalization,internationalization has increasingly become an important driving force for enterprises to enhance their competitiveness and realize their own development.The research on the relationship between internationalization strategy and enterprise performance has always been the focus issue in the field of global strategic research.However,in the practical background,not only are there great differences in the performance of internationalization among enterprises,but also the academic research on the relationship between internationalization and enterprise performance has not reached a relatively unified conclusion.The controversy of different views has a long history: positive correlation,negative correlation,nonlinear,or even irrelevant.Especially in the context of COVID-19,the epidemic crisis has posed new challenges for multinational enterprises to go overseas,and the relationship between the degree of internationalization and corporate performance also shows more complexity and uncertainty.Therefore,in this context,it will be of great significance to further clarify the transmission mechanism in the relationship path between enterprise internationalization and performance,and to open the middle black box where the degree of internationalization affects enterprise performance.The influence of internationalization on enterprise performance is not only complicated by its own function mechanism,but also influenced by the external market competition environment and the internal key resource utilization efficiency of the enterprise.From the internationalization successful experience of traditional multinational enterprises,monopoly advantage is the key factor for their internationalization success.And the market competitive position to some extent,represents the enterprise monopoly forces,the higher the enterprise market competitive position,the resistance in the international competition and extra cost pressure is often less,making the enterprise market competitive position has become an important factor of international performance.From the perspective of the catch-up of late-comer enterprises in emerging markets,the appropriate path for late-mover enterprises to achieve international success is imitation-learning-absorption-innovation.The development of internationalization also puts forward strict requirements on the absorption ability,technological innovation level and the investment efficiency of research and development resources.At present,although there are rich literature research on the relationship between internationalization and performance,there are still some gaps in the exploration of the relationship between internationalization degree and enterprise performance with market competitive position and R&D investment intensity as threshold variables.The existing studies mainly focus on exploring the promotion or inhibitory effect of internal and external key variables on the main effect relationship,and few studies involve the "threshold" and "the optimal resource input interval" of the variables themselves.Therefore,in view of the gap in the existing institute,the specific research problems of this paper will be conducted from the following aspects:(1)test whether the nonlinear relationship between the degree of internationalization and enterprise performance;(2)explore whether the market competition position will constitute a threshold for multinational enterprises to improve their performance in international competition;and(3)explore whether the different levels of R&D resource investment will affect the international performance of enterprises.Based on the above problems,this paper uses Stata16.0 as a measurement and analysis tool,and selects the A-share market manufacturing enterprises in the CSMAR "overseas direct investment thematic database" to build the balance panel data.Through the results of empirical measurement analysis,it is known to see that the degree of internationalization and performance of manufacturing enterprises in enterprises both have significant double threshold effect under the action of threshold variable market competitive position and R&D investment intensity.When the stronger the R&D investment intensity of manufacturing enterprises,without crossing the first threshold value of 4.71%,the relationship between the degree of internationalization and enterprise performance will show a positive impact.With the continuous increase of the proportion of R&D investment,the relationship between the degree of internationalization and enterprise performance will show a negative inhibition effect when crossing the first threshold value,and when the second threshold is over at 9.48%,it will show an obvious tendency to accelerate the deterioration.However,due to the different market competitive position of different enterprises,the relationship between the degree of internationalization of manufacturing enterprises and the performance of manufacturing enterprises shows an obvious range effect.According to the three-stage nonlinear relationship interval formed by the two thresholds of market competitive position(-0.0016 and 0.0869),it can be clearly found that the higher the market competitive position of the enterprise,the stronger the enterprise performance will be,and the non-linear relationship generally presents a gradual process from negative correlation-negative weakening-positive correlation.Based on the above empirical results,this paper gives the following management practice suggestions:(1)in order to avoid resource crowding,multinational enterprises need to dynamically adjust their r & d resource investment strategies according to the international competition situation;(2)Low efficiency and blind and excessive investment in R&D resources are not conducive to the improvement of enterprise international business performance,Enterprises should pay attention to improving the utilization efficiency of R&D resource input,Actively seek the optimal range of R&D resource input;(3)Late-mover enterprises should actively seek creative resources that can enhance their market competitive position and technological innovation level,Crossing core technologies and breaking bottlenecks,In order to improve the performance of the enterprise’s international operation;(4)Influenced by the relevant adverse factors such as the disadvantages of outsiders in the early stage of internationalization,The target market choice of late-mover enterprises is suitable to accumulate international management experience through the gradual internationalization route,Accelerate the arrival of the performance inflection point.