The Suitable Is The Best:Selective Experience Learning And The Performance Of Chinese Multinational Firms

The world's cross-border investment has seen a slowdown in growth in recent years,mainly due to the weak global economic growth.After years of rapid growth,China's cross-border investment has seen a decline in the scale of single-year investment flows in 2017,while the stock of cross-border investment After years of growth,the scale has been very large and ranks among the top in the world.Since the beginning of the 21 st century,Chinese enterprises have become more and more frequent in overseas investment,and the flow of cross-border investment has also increased year after year.With the increasing number of Chinese companies going out to sea,they face an unfamiliar and complex and competitive environment overseas in the process of transnational investment.The problems and challenges faced have also increased rapidly.Previous studies have found that experiential learning can help multinational corporations overcome foreign disadvantages in overseas investment and improve transnational investment performance to a certain extent,but traditional organizational learning and empirical learning theories are often from learning objects—experience and learning subjects—enterprise Studying from two angles of study,this can only help companies find the right experience to learn,but they may not always get satisfactory results after learning.Through the literature combing haircuts,there are a large number of correct experiences in cross-border investment in enterprises.There are experiences with better learning effects and more suitable for enterprise learning.Choosing such better quality experiences will often achieve better learning results.For Chinese companies,cross-border investment should not only pay attention to the experience of positively affecting the performance of their own cross-border investment,but also pay attention to the experience of increasing the effect of their own cross-border investment,so as to achieve twice the result with half the effort.Based on the previous experience of traditional transnational investment learning,this paper combines cognitive learning related theory and selective learning to construct a theoretical model based on learning subject(active-constructive)and learning object(inspired-jumping).In the theoretical model,the learning subject is matched with the learning object,and the selective empirical learning hypothesis is proposed: the active learning subject is more suitable for learning the jumping learning object,and the constructive learning subject is more suitable for learning inspiring.Learning object.If this hypothesis is corresponding to the cross-border investment of enterprises,the enterprises that enter the host country under the sole proprietorship mode have strong initiative,and are more suitable for learning the failure experience with strong jump,while the enterprises entering the host country in the joint venture mode have stronger.Constructive,it is more suitable for learning other inspiring other enterprise experience;and whether it is a learning experience of a sole proprietorship,or a joint venture learning other business experience,experience and learning are first experienced after the decline in investment performance,and then with the deepening of the learning process,Investment performance will only increase after the inflection point.Compared with previous experience learning,from the perspective of learning object-experience,focusing on the positive or negative impact of research experience on the performance of corporate cross-border investment,selective experience learning is more focused on the learning experience from the learning subject-enterprise.The effect of improving the performance of multinational investment;the research believes that the experience suitable for the enterprise can produce better learning effects and significantly improve the performance of cross-border investment.Enterprises should focus more on this kind of experience.In order to verify the selective empirical learning hypothesis,the research is based on the overseas investment sample of Chinese listed companies,with investment performance as the dependent variable,entering the host country model(sole proprietorship-joint venture)as a categorical variable,with success-failure,self-other two other types of experience.The four types of experience are grouped into explanatory variables,which constitute four types of experience,namely,their own business success experience,their own business failure experience,other business success experience and other business failure experiences,and control the total of ten countries,industries and companies.Control variables.The empirical study found that companies entering the host country in a sole proprietorship mode are suitable for learning failure experience(including their own failure experience and other failure experiences),while companies entering the host country in a joint venture mode are suitable for learning other business experience(including other business successes and other business failure experiences).In addition,the impact of the above experience on investment performance is positive U-shaped,that is,the enterprise needs to experience the process of decline in investment performance at the initial stage of learning.After the inflection point,empirical learning will have a positive impact on investment performance.On the whole,the hypothesis of the research institute has been verified.If the company adopts the sole proprietorship mode to enter the host country,it should learn other enterprise experience,adopt the joint venture mode to enter the host country,and should learn the failure experience;and experience learning under the two entry modes.The process is not smooth,and companies need to accumulate more knowledge from cross-border investment experience and gradually have a positive impact on investment performance.In addition,the selective empirical learning matrix constructed by learning subject characteristics and learning object characteristics can also explain the view that different enterprises need to learn different types of experiences.Subsequent research can combine this model to develop more learning subjects and learning objects.The pairing is also the theoretical innovation of this article.