A Study on impacts of corporate internationalization speed on performance—Analyses on the listed Chinese manufacturers 2006–2010

摘要

With the analysis perspective of “time compression dis-economies” this paper uses panel data of listed Chinese manufacturing companies to empirically test the impact of internationalization speed upon corporate performance and the regulatory functions of governmental involvement and foreign capital participation to the relationship between the two ends. The empirical results show a U-shape curve between internationalization speed and corporate performance, marked negative regulatory function of governmental involvement to the relationship between the two, and no significant regulatory impact of foreign capital upon corporate performance. Corporate size and corporate age have significantly positive impacts on corporate internationalized performance. Based on the empirical findings, this paper argues that Chinese enterprises should attach more importance to the improvement of their international absorptive capacity and constantly accumulate international experience. They can become internationalized faster only when they cross the risk threshold.