중국 제조기업의 국제화와 혁신성과 간의 관계: 국가지분율의 조절효과

초록

This study empirically analyzes the effects of the share of overseas sales and the number of countries in which overseas subsidiaries are established on innovation performance of Chinese listed manufacturers. In addition, we analyze the moderating effect of state ownership ratio on these relationships. Based on the existing literature on international business and innovation performance, we formulate and test three main hypotheses using panel data consisting of 205 firm-year observations of 47 companies collected from 2007 to 2022 through the CSMAR database. The results of random-effects Poisson regression analysis show that, first, a higher share of overseas sales significantly reduces the number of patent applications. Second, the number of countries with subsidiaries has a negative effect on the innovation performance of the companies. Third, state ownership ratio significantly moderates both relationships, suggesting that the rigid structure and non-market objectives of firms may hinder innovation performance in the internationalization context. This study contributes to understanding the relationship between interna- tionalization and innovation in the institutional context of Chinese firms, and provides practical implications for policymakers and managers formulating global strategies.

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