Research On The Relationship Between Chinese Listed Construction Enterprises Internationalization And Performance Under The Background Of The Belt And Road

With the deepening of global economic integration,the economic activities between countries and regions in the world are more closely linked.In order to seek sustainable and healthy development,enterprises have chosen international operation.In 2013,general one of Xi Jinping put forward one of the "one belt,one road" Cooperation Initiative,which pointed out the strategic direction for Chinese enterprises to "go out",opened up the international market and provided policy support.In recent years,with the saturation of the domestic market,the construction industry,as a national pillar industry,has encountered many problems,such as the decrease of the profit margin,the overcapacity and the insufficiency of the sustainable development ability of the industry.Based on the above background,more and more construction enterprises "go out" for international operation.Can international operation improve the performance of enterprises? What factors affect the internationalization performance of enterprises? This is a problem faced by many construction enterprises who want to "go out".Although scholars at home and abroad have done a lot of research on the relationship between the degree of internationalization and performance,most of the samples are from developed countries,while most of the studies of domestic scholars are based on manufacturing enterprises.Based on this,this paper puts forward five research hypotheses on the basis of combing the relevant literature and combining with the actual situation in China.Taking 2009-2018 listed enterprises of China’s construction industry as a sample,this paper empirically studies the relationship between the degree of internationalization and performance of China’s construction enterprises with the help of the measurement software stata14.0.Through the method of replacing the interpreted variables,the robustness test is carried out to ensure the stability of the conclusion.Finally,policy suggestions are given from the national level and the enterprise level,pointing out the lack of research and further research direction.The results show that:(1)the overall internationalization level of listed enterprises in China’s construction industry is not high,and they are still in the initial stage of internationalization.(2)The degree of internationalization of listed enterprises in construction industry has a U-shaped curve relationship with enterprise performance,and the turning point of the U-shaped curve between enterprise internationalization and performance is 44.44%.When the degree of internationalization of enterprises is low,all kinds of expenses needed to overcome the burden of new entrants and outsiders and adapt to the foreign business environment are large;the degree of internationalization is significantly negatively related to the performance of enterprises;with the improvement of the degree of internationalization,enterprises acquire more international knowledge and market knowledge,and have more international business experience.Through the improvement of product and service quality,cost When the degree of internationalization reaches 44.44%,the degree of internationalization has a significant positive correlation with corporate performance.(3)The cost control ability of listed enterprises in the construction industry significantly positively regulates the relationship between the degree of internationalization and performance.In the "going out" strategy of listed enterprises in the construction industry,it is necessary to enhance the cost control ability of enterprises,which will help to improve the bargaining power of enterprises,enhance the competitiveness of enterprises,and obtain higher profits at lower costs,so as to improve the performance of enterprises.(4)The international performance of state-owned construction enterprises is better than that of private enterprises.The state-owned enterprises enter the international market earlier,have more rich experience than the private enterprises,at the same time,the state-owned enterprises have the advantages of advanced technology and equipment,good financing ability and access to better resources,which all lead to the state-owned enterprises have better international performance than the private enterprises.(5)The international performance of listed construction enterprises in the eastern region is better than that in the central and western regions.It shows that the economic development gap between the East and the west of China is still large,and the imbalance of regional economic development affects the internationalization process of enterprises and then affects the performance of enterprises.(6)the one belt,one road initiative has accelerated the internationalization process of Listed Companies in the construction industry and improved the performance of enterprises.The strategy of "one belt,one road" brings a wider international engineering contracting market,which provides more policy support and convenient conditions for Chinese enterprises to "go out",which helps to reduce the cost of "going out",speed up the process of internationalization and improve the performance of internationalization.Figure 1 table 16 reference 73...