Research On The Relationship Between The Degree Of Internationalization And The Ability Of R&D Innovation Of Private Manufcturing Enterprises In China

With the in-depth development of the trend of economic globalization,in order to improve the international influence of Chinese enterprises and enhance China's comprehensive economic strength,China vigorously advocates the "going out"development strategy.Chinese enterprises have stepped out of the country to participate in international market competition.In particular,private enterprises have achieved rapid development in recent years.In the process of internationalization,Chinese enterprises have also realized that enterprise innovation is an important support point that can gain a foothold in the international market,trying to pass Technical advantages to enhance their competitive strength,in order to achieve a dominant position in the process of international division of labor and global value chain recasting.From the microscopic point of view,this paper uses a combination of theoretical research and empirical analysis to select a total of 433 enterprise samples and 2,215 sample data from 2013 to 2017 of China's A-share manufacturing private enterprises as research objects to study the relationship between the degree of internationalization and the ability to develop and innovate.From the perspective of internal corporate governance,we select the equity concentration,the shareholding ratio of the executives and the separation degree of the two powers of the actual controller as the adjustment variables to verify the adjustment effect of the above three adjustment variables on the relationship of the main variables.For better implementing their external development strategies this paper also provide guidance for those countries that implement internationalization strategies.The main conclusions of this paper are as follows:(1)The degree of internationalization of private manufacturing enterprises is positively affecting the ability of R&D and innovation of enterprises.That is to say,as the degree of internationalization of enterprises deepens,enterprises will increase resources for R&D innovation.(2)The degree of equity concentration is positively regulating the relationship between the degree of internationalization of private manufacturing enterprises and innovative R&D investment.That is to say,within a certain range,with the increase in the shareholding ratio of the largest shareholder of private enterprises,the influence of the degree of internationalization of enterprises on R&D and innovation capabilities will continue to increase.(3)The shareholding ratio of executives negatively regulates the relationship between the degree of internationalization of private manufacturing enterprises and innovative R&D investment.That is to say,with the increase in the shareholding ratio of executives,the effect of the degree of internationalization of enterprises on R&D and innovation capabilities is waning.(4)The actual controller's separation of two powers positively regulates the relationship between the degree of internationalization of private manufacturing enterprises and innovative R&D investment.That is to say,within a certain range,with the improvement of the separation of the two powers,the marketing effect of the degree of internationalization of enterprises on R&D and innovation capabilities is continuously strengthened.