A Study of the Relationship between the Characteristics of Internationalization Course and Performance: The Degree, Velocity, and Rhythm of Internationalization

Abstract

過去學者研究國際化與績效間之關係時，多將焦點置於國際化程度之探討，而較少論及廠商國際化的其他程序特性，如擴張速度或規律性。本研究嘗試綜合探討企業國際化程度、速度及韻律三者之績效意涵，驗證廠商進行國際擴張時之最適歷程特性。本研究以台灣上市上櫃製造業廠商為研究樣本，採取綜合橫斷面（929家）與縱斷面(2000-2004) (panel data)之資料進行分析。實證結果顯示，廠商國際化程度與績效間呈現先遞減、後遞增、最後再遞減的三階段S型曲線關係，最適區間為1.3至4.6家海外子公司。在海外擴張速度上，採取較慢（平均超過14年增加一家海外子公司）或較快（平均少於4年增加一家海外子公司）之國際化速度的企業，具有較佳之績效；速度趨中的國際擴張並無助於績效提升。最後，在海外市場採取規律擴張模式的廠商，其績效優於採取不規律擴張之廠商。綜合上述研究發現結果顯示：國際企業宜採取或慢、或快的擴張速度，以規律穩定之韻律步調，將國際化程度維持於最適水準區間以利其績效。本研究除彌補國際化文獻缺口外，對企業從事國際化活動亦具有重要之管理意涵。

While past studies focusing on the relationship between internationalization and firm performance are abundant, most researchers simply captured the relationship between the degree of internationalization and firms' performance but neglected such process characteristics as pace and volatility of international expansion. This study aims to demonstrate an optimal portfolio of internationalization characteristics in terms of the degree, velocity, and rhythm. Using a sample of 929 Taiwanese listed manufacturing firms, this study traced sample firms' FDI activities from 2000 to 2004 and examined the relationship between the three characteristics of internationalization and firm performance. Empirical results show that the relationship between internationalization degree and performance could be graphically depicted as a three-staged S-shaped curve. MNEs with either deliberate or fast expansion on international markets outperformed those with a moderate pace. In addition, an unstable rhythm (high volatility) in setting up foreign subsidiaries could do harm to firms' performance. Based on the findings above, an optimal portfolio of internationalization characteristics suggests that MNEs maintain their internationalization degree on the second stage, without under-developing or over-expanding their international markets. Meanwhile, on the way to the target degree of internationalization, we suggest that MNEs expand either slowly with thorough deliberation or quickly in pursuing time economy while stabilizing their expansion. Managerial implications are provided, and suggestions are made for future studies.