An Empirical Study On The Relationship Between The Degree Of Internationalization Of Manufacturing Enterprises And Enterprise Performance

In recent years,with the development of international trade and the promotion of national policies,more and more Chinese enterprises have decided to "go out",seek foreign markets and development opportunities,and actively participate in the global market competition.International operation has become an important strategic choice for emerging market enterprises represented by China to obtain high returns and competitive advantages in overseas markets.In the past,"going global" was dominated by foreign trade enterprises,but now more manufacturing,service and high-tech enterprises are "going global".Chinese enterprises are making efforts in foreign markets,with more and more economic activities and more and more extensive investment fields.However,it is worth noting that Chinese enterprises are also facing the problem of low internationalization and overall performance.In this case,it is more meaningful to study the relationship between internationalization and enterprise performance.As a typical emerging market enterprise,How does internationalization relate to the performance of Chinese enterprises? Will the degree of internationalization of China’s enterprises be influenced by the moderating effect and show the opposite performance of the developed countries?These issues have been widely discussed by the academic community,but it is difficult to reach a consistent conclusion.At the same time,most of the past academic discussions focused on the old enterprises in developed economies,and the regulatory factors of R&D investment have not been fully recognized.Based on the above considerations,the data of this paper is from the CSMAR financial database,taking 694 manufacturing enterprises listed on A-share market from 2015 to 2021 as the research sample,through data statistics and regression analysis.Using multiple regression method,the independent variable is the degree of internationalization,the dependent variable is enterprise performance,and the regulatory variable is R&D investment,a regulatory effect model is constructed to test the relationship between the degree of internationalization and Chinese enterprise performance.At the same time,the explained variable is replaced by another commonly used indicator that reflects the company’s performance,the return on equity(ROE),to test the robustness of the model,so as to ensure the stability and reliability of the model results.The results show that there is a significant U-shaped relationship between the level of internationalization and the performance of manufacturing enterprises.That is,when the level of internationalization of enterprises is low,there is a negative correlation between the two.When the level of internationalization of enterprises is improved,the level of internationalization and the performance of enterprises will gradually change into a positive correlation.R&D investment has a positive regulatory effect on the level of internationalization and performance.With the improvement of R&D capability,the U-shaped relationship between enterprise internationalization and enterprise performance will become more steep.At the same time,consider different ownership enterprises,and take the lead in entering the second stage,that is,the performance improvement stage,after the state-owned enterprises overcome the disadvantages of early newcomers.Based on the above conclusions,two suggestions are put forward: on the one hand,the global business strategy of an enterprise should match its own level of internationalization.For enterprises with low early level of internationalization,they should focus on the integration and deepening of overseas regions that have already carried out internationalization.For enterprises that have already had a certain depth of internationalization,they should expand their growth rate,maintain risk awareness at all times,actively enhance their innovation ability,and seek sustainable development.On the other hand,the government should further improve relevant economic policies according to the different stages of enterprise internationalization,create a good institutional environment in China,and hope that the government will give active guidance to enterprises that are about to "go global"."Becoming" encourages enterprises to take the initiative,seek cooperation with third parties,strengthen the protection and protection of the rights and interests of Chinese enterprises,and continue to encourage enterprises to innovate independently,including strengthening the innovation of intellectual property rights and independent brands,to maintain their competitiveness in the market.