Research On The Impact Of Asset Size On Internationalization Performance

In 2015,the state council put forward guidance and Suggestions on promoting the development of manufacturing industry in "made in China 2025”.The paper stressed that manufacturing industry is the main body of national economy,and it is the foundation of building a country,rejuvenating the country and strengthening the country.To build an internationally competitive manufacturing industry is the only way for China to enhance its comprehensive national strength,safeguard national security and build itself into a world power.Since the founding of new China,especially since the reform and opening up,China's manufacturing industry has enjoyed sustained and rapid development,and an independent and complete industrial system with a full range of industries has been established,vigorously promoting industrialization and modernization.We will significantly increase our overall national strength and support our position as a major country in the world.However,compared with the advanced level in the world,China's manufacturing industry is still large but not strong,with obvious gaps in independent innovation capacity and industrial structure level,and the task of transformation,upgrading and leapfrog development is urgent and arduous.In the tide of economic globalization,the international operation of enterprises is a problem that strategic decision makers must face.This paper focuses on whether Chinese manufacturing enterprises will follow the "asset beneficial theory" or the "asset trap theory" in the process of internationalization.To discuss this problem,based on the strategic view of venture capital to explore our country enterprise asset size effect on the performance of enterprise internationalization,building including asset scale,the performance of strategic entrepreneurship,institutional investors holding and the internationalization theory model,through literature analysis,normative analysis and empirical analysis method,to institutional investors holding in trap international asset that play the role of an in-depth analysis and research.The research conclusion of this paper has practical significance for opening the black box of the relationship between asset size and enterprise internationalization performance and exploring how to change or improve the relationship between asset size and enterprise internationalization performance.Based on the relevant data of China's a-share manufacturing listed companies during 2016-2017,the relationship between asset size,strategic entrepreneurship,institutional investor shareholding and internationalization performance is investigated.The research shows that there are asset traps in the process of internationalization of manufacturing enterprises in China.The scale of assets accumulated by enterprises restricts strategic entrepreneurial activities such as opportunity search and new advantage establishment in multinational markets,which has a negative impact on the improvement of internationalization performance of enterprises.Further research shows that institutional investors holding is an important means of weakening international assets in the trap,its social pressure to strategic decision makers help reduce strategic decision makers in the international operation of cognitive inertia,weakening the asset size of manufacturing enterprises in China to negative influence the performance of strategic business level and internationalization.