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1 [ ] 13? :1 U ; 2 [ ] ; ; ; ; [ ]F276.7 [ ]A [ ] X(2016) % 2014 [ ] [ ] ( 15ZDA061); ( ); 70 ( WD70BSM) [ ] (1970 ) ; (1991 ) ; (1994 ) : :chen-limin@163.com 127

2 : : 3 : % % % 2 (BCG) % (85%) (75%) (84%) 3 (UNCTAD) 2014 [1] /6 :? ;? [2] : Meyer and Rowan [3] : ; DiMaggio and Powell [4] : ; : 1? 2 1. [5] [6] U [7] [8] U S [9] [10] N U 128

3 U (Ownership Advantage) (Location Advantage) (Internalized Advantage) OLI Lu and Beamish [11] U [9] S? : S 2. U Lu and Beamish [11] : ; U? Hymer [12] : (Liability of Newness) ; Zaheer [13] (Liability of Foreignness) : [14] U : H1a: U 129

4 : H1b: 3. (Legitimacy) Meyer and Rowan [3] (Legitimacy Rather than Efficiency); (Take for Granted) Suchman [15] (Congruence) (Desirable) (Proper) (Appropriate) Kostova and Zaheer [16] (Acceptance) : Legitimacy [1718] ( Legality [19] ) Legitimacy [19] Singh et al. [20] ; Kostova and Zaheer [16] Tobias and Wolfgang [21] 4. DiMaggio and Powell [4] (Organizational Field) 130

5 (Institutional Isomorphism) (Competitive Isomorphism) (Less Efficient Organizational Forms Do Persist) : (Coercive Isomorphism) (Mimetic Isomorphism) (Normative Isomorphism) Haunschild and Miner [22] 539 Xia et al. [23] Haveman [24] : H2: : H2a: H2b: 1 131

6 : M 1 : M 2 : X: :H 1a H 1b :H 2 H 2a H 2b Y: 1 : ; A 883 : ; ST 98 ;3 36 ;4 344 ;5 6 5% [26] (1) : : ROS ROE ROA EPS Q CAR Yang and Driffield [27] Li and Tallman [28] CAR Q Q Q Delios and Beamish [25] FSTS 10% NOC 6 5%

7 Q Li and Tallman [28] : Q Q CSMAR (2) : :1 FSTS FATA FETE 2 OSTS NOS NOC 3 Goerzen and Beamish [29] IAD CED (UNCTAD) [30] :TI=(FSTS+FATA+FETE)/3 FSTS FSTS FSTS FSTS Wind (3) : Haveman [24] : M 1 M 2 : isize it i t (0.5Size it 1.5Size it ) % 243 : 243 i 1/4 243 (4) : [3132]

8 : OECD A : 1: DOI : PERFORM it =β 0 +β 1 DOI it +β 2 SIMDENS it +β 3 SUCDENS it +β 4 DOI it SIMDENS it +β 5 DOI it SUCDENS it +β k CONTR it +γ i +λ t +ε it ; i=12 243; t= (1) 2: DOI DOI 2 : 1 PERFORM Tobin s Q = / CSMAR DOI FSTS = / WIND / SIMDENS i 50% (0.5Size it 1.5Size it ) 243 PERFORM it =β 0 +β 1 DOI it +β 2 DOI it 2 +β3 SIMDENS it +β 4 SUCDENS it +β 5 DOI it SIMDENS it +β 6 DOI it SUCDENS it +β k CONTR it +γ i +λ t +ε it ; i=12 243; t= (2) 1 2 CONTR γ i λ t ε it 1 SUCDENS i 1/4 243 AGE 1 SIZE DEBT =ln( / BACKGR : 100) 1 0 CSMAR OECD (2011) :C27- C358- C374- C39- C40- : C26- C28- C34- C35- ( 358)C36- C37- C38- :C25- C29- C30- C31- C32- C33- C43- :C13- C14- C15- C16- C17- C18- C19- C20- C21- C22- C23- C24- C41- C42-

9 : /3 2 Pearson 0.11(P<0.01) U 3 VIF (27.06%) (11.50%) VIF Tobin s Q *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ** *** *** ** :N=1458;* ** *** 10% 5% 1% : Stata (1) OLS GLS Hausman N T Wald 9 Wald 1% [33] (2SLS) [34] (Durbin Wu Hausman Test DWH) [35] DWH P

10 : FGLS 3 (2) : Q DOI 2 DOI 3 4 DOI DOI DOI DOI 2 6 DOI DOI DOI DOI (3) 3 FGLS Wald chi 2 1% :1 1 : (β=0.22p<0.01) (β=-0.90p<0.01) ; : (β=-0.02p< 0.01) (β=-0.33p<0.01) : DOI 2 DOI U : U 6 9 U H1a 8 U U DOI 2 5 DOI H1b 136

11 U U : *** *** *** *** *** *** *** *** *** ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) *** *** *** *** *** *** *** *** *** ( ) ( ) ( ) ( ) ( ) ( )( ) ( ) ( ) *** *** *** *** *** *** *** *** *** ( ) ( ) ( ) ( ) ( ) ( )( ) ( ) ( ) *** *** *** *** *** *** *** *** *** (7.8331) (6.7375) (6.5991) (6.6185) (5.1949) (6.8002) (6.5657) (6.2710) (5.1956) *** *** *** *** ** DOI (4.1049) (3.9179) (2.7420) (3.3178) ( ) ( ) ( ) ( ) *** * *** ** DOI 2 (2.6384) (1.9303) (2.8630) (1.9617) *** *** *** *** ( ) ( ) ( ) ( ) *** *** *** *** ( ) ( ) ( ) ( ) ** ** * (2.1111) (1.6047) (2.1517) (1.7177) *** *** *** ** (2.9902) (2.5873) (3.1658) (2.5002) *** *** *** *** *** *** *** *** *** ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Wald chi *** *** *** *** *** *** *** *** *** N :1* ** *** 10% 5% 1% 2 Z 3 : Stata : U : ( 3 β=1.13p<0.05; 4 β=2.42p<0.01) U ( 7 β=1.16p<0.05; 8 β=2.84p<0.01) U DOI 137

12 : : ( 4 8 P<0.01) ( 3 7 P<0.05); ( 5 9 P<0.01 P< 0.05) ( 5 9 P<0.1) ; (β=2.42 β=2.84) (β=1.13β=1.16) : U (β=-0.21p>0.1) (β=0.48p<0.01) (β=0.20p<0.01) U (β=2.12p<0.01;β=2.25p<0.01) (β=0.86p>0.1;β= 1.00P<0.1) (β= 0.15P<0.01) (β=-0.81p<0.01) (β=-0.02p<0.01) (β=-0.37p<0.01) 2a 3 ;2b 4 ;2c 5 3a U 7 ;3b U 8 ; 3c U 9 1. (1) U U ; U (2) U U : 138

13 (a) (b) (c) 2 : Excel DOI*= (a) DOI*=0.22 (b) DOI*= (c) 3 U : Excel (3) : ; :1 U 139

14 : (1) ;? (2) : 50% 1/4 (3) U U 140

15 ; 10 U 3. [36] : ? 2 ; 3 FSTS FATA FETE FSTS : FSTS : ; ; DOI 1 United Nations Conference on Trade and Development. World Investment Report 2014: Investing in the SDGs: An Action Plan[R]. Switzerland: United Nations Publication : [A].. : [C]. : Meyer J. W. and B. Rowan. Institutionalized Organizations: Formal Structure as Myth and Ceremony [J]. American Journal of Sociology (27): DiMaggio P. J. and W. W. Powell. The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields[J]. American Sociological Review (2): Grant R. M. Multi-nationality and Performance among British Manufacturing Companies[J]. Journal of International Business Studies (3): Collins J. M. A Market Performance Comparison of U.S. Firms Active in Domestic Developed and Developing Countries[J]. Journal of International Business Studies (2): Sullivan D. Measuring the Degree of Internationalization of a Firm[J]. Journal of International Business Studies 141

16 : (2): Hitt M. A. R. E. Hoskisson and H. Kim. International Diversification: Effects on Innovation and Firm Performance in Product-diversified Firms[J]. Academy of Management Journal (4): Lu J. W. and P. W. Beamish. International Diversification and Firm Performance: The S-curve Hypothesis[J]. Academy of Management Journal (4): Contractor F. J. S. K. Kundu and C. C. Hsu. A Three-stage Theory of International Expansion: The Link between Multi-nationality and Performance in the Service Sector [J]. Journal of International Business Studies (1): Lu J. W. and P. W. Beamish. The Internationalization and Performance of SMEs [J]. Strategic Management Journal (6/7): Hymer S. H. The International Operations of National Firms: A Study of Direct Investment[M]. Cambridge:The MIT Press Zaheer S. Overcoming the Liability of Foreignness[J]. Academy of Management Journal (2): Zaheer S. The Liability of Foreignness Redux: A Commentary[J]. Journal of International Management (3): Suchman M. C. Managing Legitimacy: Strategic and Institutional Approaches [J]. The Academy of Management Review (3): Kostova T. and S. Zaheer. Organizational Legitimacy under Conditions of Complexity: The Case of the Multinational Enterprise[J]. Academy of Management Review (1): : [J]. 2014(2): [J]. 1988(7): [J]. 2008(3): Singh J. V. D. J. Tucker and R. J. House. Organizational Legitimacy and the Liability of Newness [J]. Administrative Science Quarterly (2): Tobias S. and S. Wolfgang. Liability of Foreignness as a Barrier to Knowledge Spillovers: Lost in Translation [J]. Journal of International Management 2009(15): Haunschild R. P. and A. S. Miner. Modes of Inter-organizational Imitation: The Effects of Outcome Salience and Uncertainty[J]. Administrative Science Quarterly (3): Xia J. J. Tan and D. Tan. Mimetic Entry and Bandwagon Effect:The Rise and Decline of International Equity Joint Venture in China[J]. Strategic Management Journal (10): Haveman H. A. Follow the Leader: Mimetic Isomorphism and Entry into New Markets [J]. Administrative Science Quarterly (4): Delios A and P. W. Beamish. Geographic Scope Product Diversification and the Corporate Performance of Japanese Firms[J]. Strategic Management Journal (8): : [J]. 2014(5): Yang Y. and N. Driffield. Multinationality-performance Relationship[J]. Management International Review (1): Li S. and S. Tallman. MNC Strategies Exogenous Shocks and Performance Outcomes [J]. Strategic Management Journal (10): Goerzen A. and P. W. Beamish. Geographic Scope and Multinational Enterprise Performance [J]. Strategic Management Journal (13): United Nations Conference on Trade and Development. World Investment Report 2000: Cross-border Mergers and Acquisitions and Development[R]. Switzerland: United Nations Publication

17 : A [J]. 2012(5): : [J]. 2014(12): Stata ( )[M]. : [J]. 2008(10): [J]. 2015(06): Meta [J]. 2014(10): Influence of Mimetic Isomorphism on Firms Internationalization Performance Relationship An Empirical Study Based on Legitimacy Perspective in Institutional Theory CHEN Li-min LIU Jing-ya ZHANG Shi-lei (Economics and Management School of Wuhan University Wuhan China) Abstract: The outward direct investments (ODI) of China enterprises have increased for continuous 13 years and China has been one of the largest three powers in the world. However there exist many problems in China s ODI such as low international level lack of international experience bad international performance etc. If internationalization could improve performance the geographic expanding is a reasonable choice for firms. But why do many enterprises go abroad when their international performances are unsatisfactory? In institutional theory views many processes of firms occur to make them more similar with each other instead of making them more efficient. When successful enterprises or similar enterprises in the same organizational field adopt international strategy the focal firms will also choose internationalization to obtain institutional legitimacy by mimetic isomorphism. So based on legitimacy perspective in institutional theory and mimetic isomorphism in organizational field we analyze data from China listed firms in manufacturing industry from 2009 to 2014 and get following results: 1 As latecomers from emerging economies suffering liability of newness and liability of foreignness the internationalization-performance relation of China firms appears to be U-shape which means negative correlation while firms have low degree of internationalization and positive correlation while firms have high degree of internationalization. Nevertheless it shows a positive internationalization-performance relation as a whole. 2The mimetic isomorphism for institutional legitimacy has significant positive moderating effect on firms internationalization -performance relation. Both similar -firm -mimetic index and successful -firm -mimetic index constructed by us can strengthen the positive correlation of internationalization-performance or weaken the negative correlation. This shows that firms can obtain more organizational legitimacy by mimetic isomorphism and then improve their international performance. This unique organizational legitimacy theoretical perspective will contribute a mechanism of international performance improving to internationalization-performance study area by taking mimetic isomorphism in organizational field as a moderator. Key Words: internationalization; performance; mimetic isomorphism; institutional theory; legitimacy JEL Classification: F23 F47 M16 : 143

谢辞仿佛 2010 年 9 月的入学发生在昨天, 可一眨眼, 自己 20 多岁的两年半就要这么匆匆逝去, 心中真是百感交集要是在古代, 男人在二十几岁早已成家立业, 要是在近代, 男人

谢辞仿佛 2010 年 9 月的入学发生在昨天, 可一眨眼, 自己 20 多岁的两年半就要这么匆匆逝去, 心中真是百感交集要是在古代, 男人在二十几岁早已成家立业, 要是在近代, 男人我国中小板上市公司 IPO 效应存在性检验及原因分析姓名 : 于洋指导教师 : 黄蕙副教授完成时间 :2012 年 12 月谢辞仿佛 2010 年 9 月的入学发生在昨天, 可一眨眼, 自己 20 多岁的两年半就要这么匆匆逝去, 心中真是百感交集要是在古