創業融資對中小企業國際化績效表現的影響

中小企業已經成為了中國大陸經濟高速發展的重要支柱。在當前『大眾創業、萬眾創新』的浪潮下，國內中小企業的競爭壓力越來越大，因而有越來越多具有野心的創業家開始把眼光投向海外市場，中小企業國際化便逐漸成為了值得關注的一個議題。本文便從當下中小企業研究領域的兩個熱點議題『國際化』和『創業融資』著手，探索創業融資在中小企業國際化中所扮演的角色。本文首先回顧和整理了中小企業國際化以及創業融資相關的文獻，闡明了創業融資之於中小企業的意義以及中小企業在國際化發展中所需的資源和能力。其次，本文選取了在『新三板』掛牌的企業作為本文的研究樣本，採用『多元線性回歸』的統計方法，利用Stata15.0和SPSS21兩個統計軟體，針對創業融資及創業投資機構的特徵對中小企業國際化績效表現的影響進行了實證分析。研究發現：1）創業融資對於中小企業國際化績效表現具有顯著的正向作用；2）具備政府或外資背景的創投機構更能促進被投資企業國際化績效表現；3）獲得過策略投資機構投資的中小企業在國際化績效表現上顯著優於其他中小企業；4）參與融資的創投機構數量對被投資企業的國際化績效表現具有顯著正向影響。最後，本文針對此次實證研究結果進行討論，並提出了相關的建議。本文為具有國際化發展願景的中小企業提供了重要的參考和理論依據，對促進中小企業國際化在理論和實踐兩方面的發展都具有現實意義。

關鍵字

中小企業；國際化創業；創業融資

並列摘要

Nowadays, Small and Medium Enterprises (SMEs) have become the significant mainstay of the economic development of China. With the movement of “Mass Innovation and Entrepreneurship” which was initiated by the Chinese government, the development of SMEs has drawn unprecedented attention from the entire country and has become the major source of economic vitality in China. In this case, there is an increasing number of ambitious entrepreneurs and managers of SMEs looking for business opportunities outside of China. Internationalization of SMEs has become a noteworthy research especially in the context of the Chinese market. The study aims to explore the effects on the international performance of SMEs that are brought by the involvement of venture capital. First of all, the paper reviews the relevant literatures on the areas of “venture capital” and “internationalization of SMEs” in order to outline the effects of venture capital, as well as the resources and abilities that are required for the successful internationalization of SMEs. Then, some specific research questions are defined. In the next section, an empirical research is conducted on a sample of companies that is currently listed in National Equities Exchange and Quotations (NEEQ). Multiple Linear Regression is adopted in this research and the statistical analysis is conducted via Stata15.0 and SPSS21. The findings of this empirical research can be concluded as the following: 1) SMEs with the involvement of venture capital have significantly better performance on internationalization than those who do not have; 2) The venture investment institutions with the association of government or foreign capital can significantly promote the international performance of SMEs; 3) SMEs who have the support of strategic investment institutions have better international performance compared to those who do not have; 4) More venture investment institutions involved brings more positive effects on the international performance of SMEs. Discussions about the findings and several suggestions are provided in the last section so as to help managers of SMEs achieve success in the international market, as well as to improve future academic research in this field.

並列關鍵字

SMEs ； International entrepreneurship ； Venture capital

參考文獻

Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of banking & finance, 22(6-8), 613-673.

Google Scholar

Brander, J. A., Amit, R., & Antweiler, W. (2002). Venture‐capital syndication: Improved venture selection vs. the value‐added hypothesis. Journal of Economics & Management Strategy, 11(3), 423-452.

Google Scholar

Cavusgil, S. T., & Knight, G. (2015). The born global firm: An entrepreneurial and capabilities perspective on early and rapid internationalization. Journal of International Business Studies, 46(1), 3-16.

Google Scholar

Collinson, S., & Houlden, J. (2005). Decision-making and market orientation in the internationalization process of small and medium-sized enterprises. MIR: Management International Review, 413-436.

Google Scholar

Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771-1794.

Google Scholar

國際替代計量

創業融資對中小企業國際化績效表現的影響

全文下載

主題瀏覽