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Rethinking the Literature on the Performance of Chinese Multinational Enterprises

Published online by Cambridge University Press:  24 June 2016

Alan M. Rugman ,
Quyen T. K. Nguyen  and
Ziyi Wei
Alan M. Rugman
Affiliation:
University of Reading, UK
Quyen T. K. Nguyen*
Affiliation:
University of Reading, UK
Ziyi Wei
Affiliation:
University of Sheffield, UK
*
Corresponding author: Quyen T. K. Nguyen ([email protected])
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Abstract

We synthesize the literature on Chinese multinational enterprises (MNEs) and find that much of the prior research is based on as few as a dozen case studies of Chinese firms. They are so case-specific that it has led to a misplaced call for new theories to explain Chinese firms’ internationalization. In an attempt to better relate theory with empirical evidence, we examine the largest 500 Chinese manufacturing firms. We aim to find out the number of Chinese manufacturing firms to be true MNEs by definition, and to examine their financial performance relative to global peers using the financial benchmarking method. We develop our theoretical perspectives from new internalization theory. We find that there are only 49 Chinese manufacturing firms to be true MNEs, whereas the rest are purely domestic firms. Their performance is poor relative to global peers. Chinese MNEs have home country bound firm-specific advantages (FSAs), which are built upon home country-specific advantages (home CSAs). They have not yet developed advanced management capabilities through recombination with host CSAs. Essentially, they acquire foreign firms to increase their sales in domestic market, but they fail to be competitive internationally and to achieve superior performance in overseas operations. Our findings have important strategic implications for managers, public policy makers, and academic research.

摘要:

摘要:

我们综合有关中国跨国企业 (MNEs) 的文献, 发现许多先前的研究是基于只有十几个中国公司的案例研究。它们如此基于特定案例从而导致错位地提倡用新理论来解释中国公司的国际化。为了尝试更好地将理论与实践证据关联, 我们调查了500家最大的中国制造公司。我们旨在从定义上找出能成为真正MNEs的中国制造公司的数量, 并使用财务基准法调查它们相对于全球同行的财务绩效。我们从新内部化理论发展我们的理论视角。我们发现只有49家中国制造公司是真正的MNEs, 而其余的是纯粹的国内公司。它们的绩效比全球同行差。中国MNEs具有母国绑定的公司特定优势 (FSAs) , 这建立在母国特定优势 (母国CSAs) 上。它们还没有通过重组母国CSAs开发先进的管理能力。本质上, 它们收购外国公司来增加其在国内市场的销售, 但是它们在国际上不具备竞争力, 也无法在海外运营中实现优秀的绩效。我们的研究结果对管理者、公共政策制定者以及学术研究具有重要的战略启示。

हमने चीनी बहुराष्ट्रीय कम्पनियों पर उपलब्ध शोध साहित्य के समन्वित अध्ययन में पाया की अधिकतर शोध कुछ दर्जन चीनी फर्मों के वृत्तों पर आधारित हैं. यह शोध इतने वृत्त केंद्रित हैं की चीनी बहुराष्ट्रीय कम्पनियों के अंतरराष्ट्रीयकरण को समझने के लिए नए सिद्धांत के प्रतिपादन का अनुपयुक्त आह्वान हो रहा है. सिद्धांतों को अनुभवजन्य प्रमाणों से बेहतर जोड़ने के लिए हमने ५०० सबसे बड़ी चीनी उत्पादक कम्पनियों का अध्ययन किया है. हमारा लक्ष्य मान्य परिभाषाओं के आधार पर वास्तविक चीनी बहुराष्ट्रीय कम्पनियों की संख्या निर्धारित करना, और साथ ही वित्तीय मानकों के आधार पर चीनी कम्पनियों के प्रदर्शन की उनके समकक्ष वैश्विक कम्पनियों से तुलना करने का है. हमने अपना परिप्रेक्ष्य नवीन समावेश (न्यू इंटर्नलैजेशन) के सिद्धांत पर आधारित किया है. हमने पाया की केवल ४९ चीनी कम्पनियां ही वास्तविक बहुराष्ट्रीय कम्पनियां कहला सकती हैं, अन्य फर्म पूर्णतया स्वदेशी कम्पनियां हैं. इन कम्पनियों का प्रदर्शन समकक्ष वैश्विक कम्पनियों की तुलना में बुरा है. चीनी बहुराष्ट्रीय कम्पनियों के पास स्वदेशपरक फर्म-केंद्रित फायदे हैं, जो स्वदेश-केंद्रित फायदों पर आधारित हैं. उनमें मेजबान देश की फर्मों से जुड़ने पर भी अग्रणी प्रबंधन क्षमता का विकास नहीं हुआ है. मूलतः चीनी कम्पनियां देश मैं विदेशी कम्पनियों के अधिग्रहण से देशीय बाज़ार मैं अपनी बिक्री बढ़ाती हैं लेकिन वे अंतर्राष्ट्रीय बाज़ार में प्रतिस्पर्धात्मक नहीं हो पाती और न ही विदेशी परिचालन में बेहतर प्रदर्शन कर पाती हैं. हमारे शोध परिणामों का प्रबंधकों, नीति निर्धारकों, और शैक्षणिक अनुसंधानकर्ताओं के लिए महत्त्वपूर्ण सैद्धांतिक आशय है.

Nós sintetizamos a literatura sobre empresas multinacionais (EMN) chinesas e descobrimos que grande parte da pesquisa existente é baseada em apenas cerca de uma dúzia de estudos de caso sobre empresas chinesas. Os casos são tão específicos que levaram a uma inapropriada chamada para novas teorias para explicar a internacionalização de empresas chinesas.

Numa tentativa de melhor relacionar a teoria com evidência empírica, examinamos as 500 maiores empresas chinesas de manufatura. O nosso objetivo é descobrir o real número de empresas manufatureiras chinesas que são EMN por definição, e examinar o seu desempenho financeiro em relação aos seus pares globais usando o método de benchmarking financeiro.

Nós desenvolvemos nossas perspectivas teóricas a partir da nova teoria de internalização. Nós concluímos que existem apenas 49 empresas manufatureiras chinesas que são de fato EMN, enquanto o restante é formado de empresas puramente domésticas. Seu desempenho é fraco em comparação com seus pares globais. EMN chinesas têm vantagens específicas da empresa (FSA) vinculadas ao país de origem, que são construídas a partir de vantagens específicas do país de origem (CSA origem). Elas ainda não desenvolveram capacidades avançadas de gestão através da recombinação com CSA do país de destino. Essencialmente, elas adquirem empresas estrangeiras para aumentar suas vendas no mercado interno, mas elas não conseguem ser competitivas internacionalmente, nem alcançar um desempenho superior em operações no exterior. Nossos resultados têm implicações estratégicas importantes para gestores, formuladores de políticas públicas e pesquisa acadêmica.

Аннотация:

Аннотация:

Мы делаем обзор научной литературы о китайских многонациональных компаниях (МНК) и обнаруживаем, что предыдущие исследования проведены на основании данных всего лишь десятка китайских компаний. Эти исследования посвящены конкретным случаям, на основании которых предлагается создавать новые теории для объяснения интернационализации китайских компаний. В попытке лучше сопоставить теорию и эмпирические данные, мы исследуем 500 крупнейших китайских промышленных предприятий. Мы ставим своей целью узнать, какое количество китайских промышленных предприятий действительно являются многонациональными по определению, а также сравнить их финансовые показатели с глобальными игроками, используя метод сравнения финансовой эффективности. Мы развиваем наши теоретические взгляды на основании новой теории интернализации. Мы констатируем, что только 49 китайских промышленных предприятий являются действительно многонациональными, в то время как остальные просто являются национальными компаниями. По финансовым показателям они уступают глобальным игрокам. Китайские МНК опираются на ограниченные корпоративные конкурентные преимущества (ККП), которые основаны на национальных конкурентных преимуществах (НКП). Эти компании все еще не достигли высокого уровня управленческих ресурсов на основе дополнительных конкурентных преимуществ на внешних рынках. По сути, они приобретают иностранные компании, чтобы увеличить продажи на внутреннем рынке, но не являются конкурентоспособными на международной арене и не могут достигнуть высокого уровня доходности на внешних рынках. Наши выводы имеют стратегическое значение для менеджеров, законодателей и исследователей.

Sintetizamos la literatura sobre las empresas multinacionales (EMN) Chinas y encontramos que mucha parte de la investigación previa se basa en tan sólo una docena de estudios de empresas Chinas. Son tan específicos los casos que se ha llegado a convocar innecesariamente nuevas teorías para explicar la internacionalización de empresas Chinas. En un intento de relacionar mejor la teoría con la evidencia empírica, examinamos las 500 empresas chinas manufactureras más grandes. Nuestro objetivo es encontrar el número de empresas manufactureras que sean por definición verdaderamente multinacionales, y examinar su rendimiento financiero en relación a sus pares globales utilizando el método de comparación financiera. Desarrollamos nuestra perspectiva teórica de la teoría de nueva internalización. Encontramos que solamente hay 49 empresas chinas manufactureras que son verdaderas multinacionales, mientras que el resto son empresas puramente domésticas. El rendimiento es pobre en relación a los pares globales. Las multinacionales Chinas tienen ventajas específicas de la empresa (FSA) ligadas al país de origen, las cuales se construyen sobre ventajas especificas del país de origen (CSA de origen). Aún no han desarrollados capacidades gerenciales avanzadas mediante una combinación de ventajas del país de origen anfitrión. Esencialmente, adquieren empresas extranjeras para aumentar las ventas en el mercado doméstico, pero fracasan en ser competitivos internacionalmente y en conseguir rendimiento superior en operaciones internacionales. Nuestros hallazgos tienen implicaciones importantes para gerentes, formuladores de políticas públicas, y la investigación académica.

Keywords

Chinese MNEsfinancial benchmarkingindustry financial datanew internalization theoryoverseas performance
Type
Articles
Information
Management and Organization Review , Volume 12 , Issue 2 , June 2016 , pp. 269 - 302
Copyright
Copyright © The International Association for Chinese Management Research 2016 

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