Overseas Investment Strategy,Investment Efficiency And The Degree Of Internationalization

With the advance of "going out" strategy,the state and local government has introduced encouragement policies and measures,with the overseas investment approval system turn into record system and a series of policies and measures,overseas investment continues to facilitate,foreign direct investment of Chinese enterprises ushered in a new round of high tide.The growth in the scale of overseas investment improves the level of global cooperation of enterprises,the pattern of internationalization continues to expand,taking what kind of overseas investment strategy is bound to become a factor in the decision of the enterprise management.The decision enterprises make about the speed of overseas expansion and breadth of overseas expansion will bring what kind of impact on the degree of internationalization of enterprises overseas investment? Whether the investment efficiency of enterprises overseas investment will have a moderating effect on the relationship? This paper attempts to measure the overseas investment strategy of enterprises through the speed of overseas expansion and breadth of overseas expansion,and considering the factor of investment efficiency,to study its effect on the international level.Only solve the above problems,can optimize the investment decision of enterprises.This paper is divided into five parts,the first part is the introduction,mainly introduces the research background and significance,research ideas and methods,research content and framework,innovation;the second part is concept definition and literature review,mainly define the investment efficiency,the internationalization of enterprises and the concept of the degree of internationalization,and reviews the related research on overseas investment of enterprise,the factors impacting the internationalization of enterprises,and the factors affecting the investment efficiency;the third part is theoretical analysis and research hypotheses,which is based on the conclusion of the overseas direct investment theory,enterprise internationalization theory,investment efficiency behavior theory;the fourth part is empirical test,construct the multivariate linear regression model through the selection of sample data and variables.First of all,test the correlation about the speed of overseas expansion and breadth of overseas expansion on the international level,then measured the investment efficiency of listed companies by the method of Richardson model residuals,which can be divided into two sub samples as the efficiency of investment and inefficient investment,test whether the investment efficiency has a regulatory role on the relationship between the overseas investment strategy and internationalization.The empirical results show that,in general,the speed of overseas expansion and breadth of overseas expansion have positive impact on the degree of enterprise internationalization;and the positive correlation exists only in the sample of enterprise investment efficiency,the sample of non-efficiency investment enterprises had no significant correlation.At the same time,from the perspective of corporate governance,corporate cash holdings,stock returns,enterprise scale have an important influence on the degree of enterprise internationalization.The fifth part summarizes the research conclusion,the problems that founded,and puts forward some suggestions related to overseas investment,points out the limitations and future research direction.The innovations of this paper is,different from the previous research which mainly focused on macro level,this paper focuses on enterprise micro level,constructing two indicators: the speed of overseas expansion and the breadth of overseas expansion of overseas.And add the investment efficiency as the adjustment variable,to study the impact of overseas investment strategy on the degree of enterprise internationalization.