【作者】 孟华；

【导师】 唐海燕；

【作者基本信息】 华东师范大学 ， 世界经济， 2009， 博士

【副题名】基于制度环境的研究

【摘要】 改革开放三十年来，中国制造业的产出规模和出口规模不断攀升，中国已成为世界制造业的中心。与开放进程保持同步，我国内部改革进程一刻也没有停止过，地区市场化程度不断加深、地区金融市场化程度不断加深、各地区外资吸引力度不断加强，为我国企业实施走出去战略创造了良好的制度环境。在此大背景之下，作为我国优秀企业代表的上市公司群体，其产业国际化程度的高低是否与制度环境密切相关，国际化是否能够提升公司业绩就成为我们需要重点关注的一个议题。如果国际化真的能够提升业绩，而良好的制度环境既有利于国际化，又能促进国际化发挥其业绩提升作用，那么政府管理部门的必然之举就是继续创造良好的制度环境，充分发挥其帮助之手作用。本文选取2000年—2007年间在上海证券交易所和深圳证券交易所上市交易的所有A股制造业上市公司作为对象，对国际化与企业业绩间的相互关系、制度环境与国际化对企业业绩的综合作用以及产业国际化的制度影响因素进行了研究。本文采用两种指标衡量国际化：第一，以销售收入中外销收入占比作为国际化程度的衡量指标；第二，以销售收入中是否有外销收入作为企业是否进行国际化，即国际化可能性的衡量指标。以净资产收益率、总资产收益率和销售净利润率作为衡量企业业绩的指标。文中考察的制度变量包括地区市场化程度、地区金融市场化程度、地区引进外资程度对国际化程度的影响，并采构造了各地区的产业聚集指数和各样本公司的一体化程度衡量指标。首先，本文研究国际企业和本土企业的业绩差异。就净资产收益率、销售净利润率这两项业绩衡量指标而言，国际企业与本土企业并无明显差异，但国际企业和本土企业的总资产收益率存在显著差异。此外，良好的制度环境，包括地区市场化程度、金融市场化程度和外资引进程度能够显著地加强国际化对总资产收益率的推动作用，但这种推动作用在净资产收益率和销售净利润率这两项指标上没有显现出来。其次，本文研究国际化程度对企业绩效的影响。研究结果表明，国际化程度对企业净资产收益率和销售净利润率并不产生显著影响，但对总资产收益率的促进作用明显。此外，良好的制度环境，包括地区市场化程度、金融市场化程度和外资引进程度能够显著地加强国际化对总资产收益率的推动作用，但这种推动作用在净资产收益率和销售净利润率这两项指标上没有显现出来。第三，本文采用动态面板数据模型和异方差调整模型对国际化与总资产收益率间的关系进行了稳健性检验，得到了与前述研究结果相一致的结论。第四，本文研究了产业一体化与国际化对业绩的作用。若总资产收益率作为业绩衡量对象，以是否有外销收入作为企业是否进行国际化的衡量指标，此时产业一体化有助于发挥国际化对业绩的助推器作用。第五，本文研究制度变量与国际化程度间的关系。研究结果表明：地区市场化程度越高，产业国际化程度越高；地区金融市场化程度越高，产业国际化程度越高；地区引进外资程度越高，产业国际化程度越高。总的来看，地区要素市场越发达，产业国际化程度越高，本文从得分和排名两方面衡量制度变量的影响，都得到了相一致的结论。但研究结果并不完全支持产业聚集程度越高，国际化程度越高的假设。最后，本文研究制度变量与国际化可能性间的关系。结果表明：地区市场化程度越高，产业国际化可能性越大；地区金融市场化程度越高，产业国际化可能性越大；地区引进外资程度越高，产业国际化可能性越大。总的来看，地区要素市场越发达，产业国际化可能性越大，本章从得分和排名两方面衡量制度变量的影响，都得到了相一致的结论。但研究结果并不完全支持产业聚集程度越高，国际化可能性越大的假设。本研究采用尽可能多的样本数据，以定量化化的手段研究我国上市公司国际化进程中制度变量的影响以及国际化和制度变量对企业业绩的贡献，其突出之处在于将财经界广为关注的制度变量引入到产业国际化的研究中来。研究结论对我国企业目前正在摸索尝试的走出去战略有重要的现实意义。首先，国际化是提升企业总资产收益率的重要驱动要素；其次，由于良好的制度环境对充分发挥国际化的催化作用意义非凡。因此，我们应不遗余力地继续推进市场化进程，包括金融市场化程度的提升、引进外资程度的提升以及整体市场化水平的提高。更多还原

【Abstract】 Since adoption of“Reform and Open-up”policy, Chinese manufacturing firmsare gaining more and more market share in global market, when output and export areincreasing continuously. China has become center of worldwide manufacturingindustry. At the same time, reform is never being stopped, which means more marketoriented, more financial market freedom and more foreign direct investment invarious provinces. All these are stimulus of industry internationalization.Whether Chinese listed companies being excellent group are more international,whether internationalization is related institutional factors and whetherinternationalization improves performance are central topics of this paper. If all theseare true, the government must go great length to deepen reform and improveinstitution, which means helping hands.Using A-Share listed manufacturing firms in Shanghai Stock Exchange andShenzhen Stock Exchange from 2000 to 2007 as sample; we study the institutionalfactors that spur industry internationalization and the positive relation betweeninternationalization and performance.Two indices are taken to measure internationalization. First, percentage offoreign sales of total sales is used to measure the Degree of Internationalization (DI).Second, whether foreign sales exist is used to measure the Probability ofInternationalization (PI). Return on Asset (ROA), Return on Equity (ROE) and Returnon Sales (ROS) are used to measure performance. Institutional factors include Degreeof Market Orientation (DMO), Degree of Financial Freedom (DFF) and Degree ofForeign Direct Investment(DFDI). Industry Clustering Index (ICI) and IndustryIntegration Index (Ⅲ) are developed using modern methods.First, this paper illustrates performance difference between international firmsand local firms. ROE and ROS of these two type firms are of little difference. But,ROA of international firms is significantly higher than that of local firms. Betterinstitutional circumstance, which means higher DMO, higher DFF and higher DFDI,intensify the positive effect of internationalization on ROA, but not on ROE and ROS.Second, this paper clarifies effects of DI on performance. DI is positively relatedto ROA, but insignificantly related to ROE and ROS. Better institutional circumstance,which means higher DMO, DFF and DFDI, intensify the positive effect of DI onROA, but not on ROE and ROS.Third, robust checks, which test relation between ROA and PI and relationbetween ROA and DI are given using heteroskedasticity adjustment methods and dynamic panel data model. The results are consistent with that above.Forth, the relation between performance and DI is tested. If ROA is used asperformance index and percentage of foreign sales of total sales as DⅠ,Ⅱfurtherintensify the positive effect of DI on ROA. In other circumstance, the similarconclusion cannot be reached.Fifth, this paper investigates the relation between degree of internationalizationand institutional factors. The results show that: (1) the higher DMO, the higher DI; (2)the higher DFF, the higher DI; (3) the higher DFDI, the higher DI. All institutionalfactors are positive stimulus, which are proven from several rank and score of thesefactors. But we cannot conclude that ICI is positively related to DI.Last, this paper studies the relation between probability of internationalizationand institutional factors. The results show that: (1) the higher DMO, the higher PI; (2)the higher DFF, the higher PI; (3) the higher DFDI, the higher PI. All institutionalfactors are positive stimulus, which are proven from several rank and score of thesefactors. But we cannot conclude that ICI is positively related to PI.This paper collects all data that can be collected and explores quantitatively therelation between internationalization and performance, relation betweeninternationalization and institutional factors, and its intensifying effects onperformance by means of internationalization. We feature the institutional factors inthis paper, which is gaining more and more notice in academic area.The conclusion also has practical meaning. First, industry internationalizationplays important roles in improving performance of firms. Second, better institutionalcircumstances intensify the positive role of industry internationalization.Therefore, we must make great efforts to improve institution, which mean moremarket oriented policy, more financial freedom and more foreign direct investments invarious provinces.更多还原