| Emerging market corporate internationalization has become a new research frontier in the field of international business, a substantial increase from emerging market multinationals overseas investment activities, caused the wide attention of the academic and practical circles. Companies from emerging markets are not fully in accordance with international practices traditional multinational path in the process of internationalization, But in the case of no absolute advantage to take aggressive international expansion behavior, such as overseas mergers and acquisitions of enterprises in the developed countries, the traditional theory can not explain emerging market multinational enterprise international expansion behavior, the existing theories about the emerging markets to more traditional monopoly advantage theory in developed countries as a starting point, scattered theory relatively systemic; Some research on emerging markets also studied from the Angle of economics of foreign direct investment in emerging markets, from emerging market companies micro level to research are rare.So in order to enrich the existing theories, based on the internationalization of emerging market corporate motivation, path and performance as the research object, to build the integrated analysis framework, research on emerging market corporate internationalization of markets, resources and technology factor's influence on the performance of internationalization, The emerging market corporate internationalization path as the moderator introduced the internationalization of emerging market companies Motivation and Performance, pioneering significance. In this paper, the research content is divided into six parts:the first part is introduction, introduces the research background and research overview of the thesis, defining the key concepts involved in the research, research methods and data sources, puts forward the overall thinking of the research, technical route and the possible innovation place, Determine the arrangements for this article chapter; the second part is the theoretical part summary, summarized the traditional international trade and international division of labor theory, foreign direct investment theory and the developing countries and emerging market enterprise internationalization theory, reviews the domestic and foreign scholars about the enterprise internationalization theory and theory of international companies in emerging markets, which lays the theoretical foundation for the research framework established in fourth; The third part is to describe the current situation and characteristics of emerging market companies international operations, including an overview of the development of the internationalization of enterprises in emerging markets, emerging market internationalization development stage and China enterprise internationalization operation, this part provide a realistic basis for the research framework; the fourth part is the theoretical model and hypothesis, puts forward the theoretical framework of this study, demonstration of theory using a large sample of data model Analysis, this chapter from the perspective of resource based view, analyzes the relationship between internationalization and performance, path, constructs a theoretical analysis framework of the integration, and put forward the corresponding theoretical assumptions, this chapter also discusses methods of empirical study, established using questionnaires to study the moderate role of internationalization path in the internationalization motivation and firm performance relationship, then, design process of the empirical research are described in detail, including theoretical model of measurement of each construct, questionnaire design, sample selection, data collection and analysis method. This study adopts the related literature at home and abroad has been used, relatively mature scale, and properly modified form questionnaire on the basis of this, for the returned questionnaires, using descriptive statistical analysis, reliability analysis, validity analysis, correlation and regression analysis, the empirical results are summarized and analyzed the test results show, the final analysis is discussed; The fifth part is case study, This chapter based on the theory of internationalization process, Integration of emerging market companies internationalization motivation, path and performance, Select five typical cases:BYJC, Sany, Weichai Power, Shenyang Machine tools and Dalian Machine tools for exploratory analysis, using grounded theory method of decoding program specification is analyzed and elaborated system, through alternative case duplicate, copy conducted several case studies, concurrent unearthed five areas of "market-seeking", "seek technology", "seek resources", "to enhance the internationalization path", "enhance performance", the final integration analysis was carried out on the case and extract the proposition; The last chapter is the research conclusions, inspiration and outlook, in the foregoing theory, empirical analysis and case study, on the basis of this paper research conclusion, and in combination with the practice of emerging market corporate internationalization management, puts forward relevant countermeasures and suggestions, in addition, this chapter also summarizes the contribution and deficiency of this study, and for the future research direction was prospected.Empirical study results of this paper is as follows:The internationalization of emerging market companies the market, technology and resources motivation of overseas investment enterprises returns in emerging markets, sales profit ratio and net assets yield rate had a significant positive effect, The emerging market corporate internationalization path as the moderator introduced the internationalization of emerging market companies Motivation and Performance, The empirical results show that:the degree of internationalization has a significant moderating effect on the market, resource and technology drivers based on International Performance. This paper exploratory case study conclusion is as follows:In order to make up for the technical bottleneck of latecomer firms, Emerging market companies through cross-border mergers and acquisitions in developed countries enterprise to obtain creative assets, especially the research and development ability, in order to get the core technology, and focusing on technology digestion, absorption, enterprise sustainable technology innovation ability, help emerging market companies achieve technological catch-up, improve enterprise's capacity and international competitiveness; Emerging market companies in the process of internationalization, transnational merger and acquisition of the enterprises in developed countries through the creative assets to obtain strategic resources, rather than relying on has resources to carry out international operation, and the key strategic resources to help enterprises obtain competitive advantage, and achieve leaping development; In order to avoid the limitations of space in the domestic market and around the international market trade protection barriers, emerging market companies through cross-border merger and acquisition strategic asset in the developed countries to open overseas sales network, seize the international market, improve enterprise operating performance and international competitiveness; Emerging market companies in the process of national, their from several aspects to carry out international operation such as international depth, breadth, speed and stage; Emerging market companies do not fully comply with the internationalization path from near and far "psychological distance", They are more inclined to through mergers and acquisitions enterprises in developed countries to obtain key strategic assets, which is radical expansion mode to make up for the disadvantages of latecomer firms; Emerging market companies in the process of internationalization, the influence factors inside and outside the enterprise, the internationalization of business performance and unyielding in fixed pattern, Showing the difference between a certain time lag and between enterprises, and a more flexible mechanism and high level management system to the internationalization of emerging market companies operating performance has a positive role in promoting.The possible innovations of this paper are as follows:first, from resource-based view put forward in the process of emerging market companies international motivation, path and performance theory system and mechanism analysis framework. The system study of enterprise internationalization in the literature mainly aimed at multinational companies in the developed countries, the study of enterprise internationalization of emerging markets is relatively dispersed, the paper starting from the resource-based view, system discussed the performance of emerging market corporate internationalization drivers, path and the theoretical system and the mechanism of action, and through the empirical test, the enterprise internationalization reason subdivided into emerging markets, resources and technology, analysis of emerging market companies internationalization path from the degree of internationalization, emerging market corporate internationalization performance with overseas investment rate of return, return on sales and return on net assets to measure, the paper first to emerging market corporate internationalization path as the moderator is introduced into the internationalization of motivation and performance relationship, studies have shown that the degree of internationalization has a significant moderating effect on the market, resource and technology drivers based on international performance, This comprehensive analysis framework, laid the foundation for the follow-up theoretical and empirical studies on the internationalization of emerging market companies, the analytical framework of existing international emerging market companies a great complement theory, but also expanded the international business theory. Second, reveals the driving factors enterprise internationalization of emerging markets and the influence factors of enterprise internationalization performance improvement. The basis of traditional theory of multinational company is the monopoly advantage, believe that only have the monopoly advantage, the enterprise can overcome the difficulties in transnational operation against the host country local enterprises, achieved success in overseas markets, traditional theory of multinational companies will monopoly advantage for the enterprise transnational operation condition, the paper studies to emerging market multinational enterprises as the background, discusses its different way, which is an extension of the existing research, discusses the lack of the monopoly advantage of emerging market companies can be successful in their international business, emerging markets business internationalization is not taking advantage of existing but to create new advantages. Studies have shown that, in order to seek the market, technology and resources for the purpose of international emerging market companies have a positive impact on the performance of its internationalization, compared with the traditional multinational enterprises internationalization path, emerging market corporate internationalization path differences, through international can make up the latecomer disadvantage, improve the business performance of the enterprise internationalization, these conclusions to some extent, is a development to the existing theory of multinational enterprises. Third, from the perspective of emerging market corporate internationalization path reveals the conditions of the internationalization of emerging market corporate performance improvement. Previous literature is to study the influence of the degree of internationalization of international performance, revealing a lack of international emerging market corporate performance improvement conditions from the perspective of internationalization path, this is the first emerging markets corporate internationalization path as the moderator introduced the internationalization of enterprises to explore emerging markets performance improvement of conditions, research shows that when the emerging market companies degree of internationalization deeper, to seek markets and resources for motivation emerging market internationalization have a positive effect on its promotion of international performance, and to seek technology as motivation emerging market companies internationalization on its internationalization performance is negative, The empirical results in a certain degree of clarity of the people in emerging markets business performance improvement of the conditions of international understanding, to provide a theoretical basis for further research. Fourth, the use of rigorous case study method to deduce the process of internationalization of emerging market companies new features. Qualitative research literature resources including access to research data and interview study of literature collection, In the case study part, based on the internationalization process theory, integration of the emerging market companies internationalization drivers, path and performance, Select five typical cases:BYJC, Sany, Weichai Power, Shenyang Machine tools and Dalian Machine tools for exploratory analysis, using grounded theory method of decoding program specification is analyzed and elaborated system, through alternative case duplicate, copy conducted several case studies, concurrent unearthed five areas of "market-seeking", "seek technology", "seek resources", "to enhance the internationalization path", "enhance performance", the final integration analysis was carried out on the case and extract the proposition. Case studies have found that the enterprise in the process of internationalization, international breadth, depth, phase and speed to influence its carry out international operation, and previous research only pay attention to the depth and breadth of internationalization have differences, Expansion of the ideas for the follow-up study, in addition, the research conclusion is also different with the traditional IP model, Emerging market companies do not fully comply with the internationalization path from near and far "psychological distance", They are more inclined to through mergers and acquisitions enterprises in developed countries to obtain key strategic assets, which is radical expansion mode to make up for the disadvantages of latecomer firms, they selectively implement internationalization behavior, rapidly improve the independent innovation ability of the enterprise, which is consistent with the view of the doctrine of springboard, but springboard doctrine has not system for empirical and case analysis, this article made up for the inadequacy of emerging market corporate internationalization process theory, and to some extent, correct and expand the internationalization process theory. In the course of the five case companies in grounded theory analysis, we also found that Emerging market companies in the process of internationalization, the influence factors inside and outside the enterprise, the internationalization of business performance and unyielding in fixed pattern, Showing the difference between a certain time lag and between enterprises, and a more flexible mechanism and high level management system to the internationalization of emerging market companies operating performance has a positive role in promoting. The findings expand the emerging market internationalization theory.This study has important implications for emerging market multinationals overseas investment activities. First, emerging market companies for the purpose of seeking market internationalization has important influence on the internationalization performance. Emerging market multinational companies to enter the international market is not long time, latecomer disadvantage is obvious, enterprises through mergers and joint ventures, quick access to overseas sales network. Emerging market companies in the international level is not high, should increase efforts to expand overseas market, for example, Dalian Machine Tool mergers and acquisitions US Ingersoll and German Zimmermann, With capital in exchange for market, won the overseas business performance, at the same time, the higher the proportion of foreign sales to total sales, to take the market as the main purpose of internationalization of emerging market corporate performance has a positive effect, that is to say, emerging market companies in the process of internationalization, to promote its internationalization degree, improve enterprise overseas sales share, in the expansion of the market at the same time, can have a better return on investment, the promotion enterprise's ability and competitive advantage is a great help. Second, in order to seek the technology for the internationalization of emerging market companies have positive influence on the performance of internationalization. Enterprises in the developed countries tend to have advantage on technology, in order to get the needed for the enterprise technology, at the beginning of the internationalization of emerging market companies should take proactive manner adverse foreign direct investment, they through mergers and acquisitions in developed countries the R&D ability of the enterprise or department, in order to obtain the key technology and research and development capabilities, when the enterprise internationalization in-depth, should shift its overseas investment motives. For example, Through the acquisition of the Coburg, BYJC achieved a successful transfer of technology, to obtain the required technology is to take a reverse merger, research and development ability is formed in BYJC, so as to promote the long-term performance of the BYJC, but it is worth noting that, with the deepening of internationalization, this effect becomes negative, that is to say, when emerging market companies overseas sales accounted for the proportion of total sales up, for the purpose of seeking technology emerging market corporate internationalization performance is declining, the study found that has important reference value for enterprise management, enterprise should be in the internationalization degree is not deep, to strengthen the learning of technology introduction, have a positive effect to the promotion of international performance, When the degree of internationalization development, enterprise should consider whether to change its internationalization motivations focus, otherwise it will have the reverse effect on performance. Third, emerging market companies to seek resources for the purpose of internationalization has important influence on the internationalization performance. Emerging market companies for a variety of strategic resources and natural resources dependence, in order to ensure the development of its economy it is necessary to quest for resources overseas, to carry on the outward direct investment, access to strategic assets, the enhancement enterprise's own ability and competitive advantage. For example, Shenyang Machine Tool Company through the acquisition of German Heath, to get a team in the target enterprise and brand resources, enhanced the long-term performance of the enterprise, at the same time, the deeper the internationalization of emerging market companies, i.e. the greater the share of foreign sales to total sales, the effect will be more obvious, therefore, emerging market companies should strive to improve the degree of internationalization, actively seeking strategic resource of enterprises to overseas at the same time, can have a better return on investment, to the ability of the enterprise and enhance competitive advantage is of great help. Fourth, enterprises should expand the internationalization path, in the process of internationalization, can get competitive advantage through the expansion of the radical way. In the process of internationalization, emerging market companies should not be constrained by the neighboring investment development of the neighboring countries, such as Dalian machine tool, when choosing investment location in the first place to market, to market demand as the drive, does not follow from near and far "psychological distance",on the other hand, blindly following strategy is likely to mislead enterprises, in the process of internationalization, enterprise can through the transnational merger and acquisition enterprise key strategic asset in the developed countries way rapid strategic resources needed to get the business, achieve latecomer to catch up with business strategy. Fifth, emerging market companies in the process of internationalization, the establishment of flexible enterprise mechanism and high level management system has a positive significance on business performance. Emerging market companies in the process of internationalization, performance improvement has a certain time lag and presents the differences between enterprise, it involves the enterprise to obtain the strategic resources of digestion and absorption ability, and transformation needs to process, nevertheless, the internationalization of Companies in emerging markets is the trend, moreover, emerging market multinationals should constantly improve the level of enterprise management team, establish a more efficient system of flexible structure, shorten the time span of the internationalization of emerging market corporate performance improvement, learn from excellent similar international enterprises, help enterprises to enhance the performance of international operations. |
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