The Impacts Of Corporate International Expansion Speed On Performance Based On Industry Heterogeneity

Based on the industry heterogeneity scenario,this article uses the panel data of listed companies in 25 subdivided production sectors in China’s manufacturing industry from 2012 to 2016 to empirically study the relationship between corporate internationalization speed and corporate performance,and explores respectively technological opportunities,human capital,foreign investment and government participation in regulating the corporate internationalization speed and corporate performance.The study of Chinese companies’ internationalization strategies and performances is extended to a deeper level.It provides new fundamental theoretical analysis perspectives and strong evidence for explaining the causes of the failure of the internationalization of certain Chinese enterprises,and it is of important reference value for the government to form a policy system to guide foreign investment.The research results show that the speed of the corporate internationalization and corporate performance forms a nonlinear curve(inverted U-shaped curve relationship).Through empirical analysis,it is proved that the influence of the internationalization degree of the enterprise on its performance depends on the degree of internationalization speed,and that the degree of such influence varies with different industries.At the same time,the empirical analysis also shows that the technology opportunities and human capital have a positive and obvious adjustment effect on the speed of corporate internationalization and corporate performance;while the adjustment effect of the proportion of foreign investment in the enterprise on the speed of corporate internationalization and corporate performance,though positive,is not obvious.And also,the adjustment effect of the degree of government participation in the corporate internationalization and corporate performance,though obvious,is negative.