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本文以创业板上市企业2009-2014年的面板数据为样本,通过随机效应模型对企业的国际化、创新和企业绩效三者之间的相互关系进行了系统的研究。研究结果表明:其一,国际化和业绩之间具有正U形曲线关系,随着企业国际化程度的提高,国际化对企业绩效在初期呈现负向相关关系,随后转变成正向相关关系,而企业的创新程度负向调节国际化-业绩的曲线关系;其二,创新和业绩之间具有负向线性关系,随着企业创新程度的提高,创新会对企业绩效产生负向影响,而企业国际化程度会增强创新-业绩之间负向作用;其三,前一期的国际化程度会正向促进本期的创新产出,而前一期的创新产出与本期国际化程度之间呈现正U形曲线关系。从整体上看,国际化战略和创新战略并不是互补性战略,两种战略同时实施会对企业绩效产生额外的降低效果,这对我国企业的战略选择和经营安排有着重要的参考价值。
Based on the panel data of GEM listed companies from 2009 to 2014, this paper systematically studies the interrelationship among internationalization, innovation and business performance through stochastic effects model. The results show that: First, the relationship between internationalization and performance has a positive U-shaped curve. As the degree of internationalization of enterprises increases, internationalization has a negative correlation with the performance of enterprises at the initial stage, and then changes to a positive correlation Second, there is a negative linear relationship between innovation and performance. With the improvement of enterprise innovation, innovation will have a negative impact on the performance of enterprises, while Enterprise International Thirdly, the degree of internationalization in the previous period will positively promote the innovation output in this period, while the output between the previous period’s innovation and the current internationalization degree Showing a positive U-shaped curve. As a whole, international strategy and innovation strategy are not complementary strategies. The simultaneous implementation of the two strategies will have an additional effect on the corporate performance, which has important reference value for our country’s strategic choices and business arrangements.