The Impact Of Internationalization Degree Of Chinese Manufacturing Enterprises On Enterprise Value

Manufacturing industry is the engine of national economic development,the important foundation of economic development,and the key to promote the rapid development of the national economy.It has made great contributions to economic operation and development,economic and social construction,scientific and technological progress,and employment increase.Through internationalization,enterprises can not only acquire new knowledge and advanced technology,enhance their international experience and learning ability,but also use transnational resources to enhance their competitiveness and ultimately improve the value of enterprises to achieve long-term development.Internationalization has become the trend of the times,and it is imperative for the manufacturing industry to go global.Chinese manufacturing enterprises also need to carry out effective resource allocation on a global scale to enhance the competitive advantage of the industry.The most direct purpose of enterprise internationalization is to enter the international market and enhance international competitiveness.Its essence is to use the international market to obtain more profits and improve enterprise value.Therefore,the study of the actual impact of the degree of internationalization of enterprises on enterprise value has become a problem that cannot be ignored,and the impact of different scenario variables on the relationship between the degree of internationalization and enterprise value has also become a problem worth exploring.Reasonable ownership structure is the guarantee for enterprises to make correct decisions,"go out" and improve enterprise value.The existing research is only limited to the study of enterprise internationalization,equity structure and enterprise value respectively,but this paper combines the three to conduct empirical research,which is of great significance.Based on the above background,this paper collects the data of manufacturing enterprises listed in Shenzhen A-share,Shenzhen SME,Shenzhen GEM,Shanghai Ashare and Shanghai B-share markets,studies the impact of the internationalization of manufacturing enterprises on enterprise value,and further studies the regulatory role of the ownership structure as the entry point,with the equity concentration and equity balance as the moderating variables.First of all,based on the research direction of this paper,find the domestic and foreign references related to the topic of this paper,sort out and summarize,and find the research focus of this paper.Then,the paper analyzes the current situation and development of the internationalization of Chinese manufacturing enterprises,and provides a reference for the following assumptions.Secondly,by integrating the existing theories about internationalization and enterprise value,this paper puts forward the research hypothesis.Finally,in the empirical research part,the selection and measurement of indicators of various variables are clarified,the main effect regression model and the adjustment effect model of equity structure are constructed,and the statistical analysis software Stata15.0 is used for empirical analysis to draw relevant conclusions.The research conclusions of this paper enrich the understanding of the relationship between the degree of internationalization and enterprise value,and have certain theoretical and practical significance.This paper draws the following conclusions: First,the degree of internationalization of Chinese manufacturing enterprises has a positive impact on enterprise value;Secondly,equity concentration weakens the positive relationship between the degree of internationalization and enterprise value;Finally,equity checks and balances strengthen the positive relationship between the degree of internationalization and enterprise value.In addition,this paper puts forward the following suggestions: First,the government should encourage enterprises to go out and provide strong national support for manufacturing enterprises;Second,manufacturing enterprises should pay more attention to the international market,actively implement the internationalization strategy,and also pay attention to the training and introduction of international management talents;Third,appropriately reduce the concentration of equity.For manufacturing enterprises with "one share dominant",the largest shareholder should be guided to reduce its shareholding;Fourth,to maintain effective equity checks and balances,equity should be reasonably distributed among major shareholders.