论文外文翻译译文题目:新兴市场跨国公司的通用国际化战略以中国公司为例

毕业论文

外文翻译

原文题目：Generic Internationalization

Strategies of Emerging Market Multinationals:

The Case of Chinese Firms

译文题目：新兴市场跨国公司的通用国际化战略:以中国公司为例

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二级学院

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1 Introduction

foreign direct investment (FDI) outflows and the remarkable rise of multinational

enterprises (MNEs) from emerging economies. FDI outflows from emerging economies reached

a record level of $553 billion in 2014, accounting for 39% of global FDI outflows compared with

only 12% at the beginning of the 2000s . Emerging market multinational enterprises (EMNEs),

as vehicles of FDI outflows from emerging economies, are expanding overseas at an increasingly

large scale and at an ever-accelerating speed. In 2014 there were 123 MNEs from the BRIC

countries (Brazil, Russia, India, and China) on the Fortune Global 500 list, as compared with

about 20 companies from these countries a decade ago.

The evolution of EMNEs has gained attention of scholars in international business (IB) and

strategic management, prompting them to rethink and develop models and theories relating to the

internationalization of firms. Although there was some interest in emerging market

multinationals since the early 1980s , attention to this topic became an import research in

international business in the 2000s, because emerging-market firms are quickly catching up and

internationalizing in recent years. Scholars are starting to take stock of what is actually known

about EMNEs and what is speculation .

Particularly, the rise of emerging economies such as China and India has generated a

number of EMNEs, providing an opportunity for scholars to review the theories of MNEs’

internationalization in contemporary context. For example, Paul and Mas examined the

common factors that had contributed to the emergence of Chinese and Indian multinationals in

the global market including their focus on exports, manufacturing growth, science and

technology, etc. One of the evolving research entails adopting both strategic view and

international business studies, a pilot study of which derived from case studies of Indian

companies proposes the generic strategies for EMNEs as they embark on an international

expansion.

In this research, the major question is raised as what are the generic strategies of the

internationalization of Chinese firms? What are the strategic directions including the targeted

countries, value chain movement, branding, and mode of entry that Chinese firms are executing

in their overseas expansion? How do the choices and combination of strategic directions

ultimately lead to the distinct path of Chinese internationalization? What are the firm-specific

factors that have influence on the generic strategies of Chinese internationalization?

We consider these questions through examination of the strategies of Chinese EMNEs as

they propel increasing FDI outflows world widely. We argue that the models explaining the

generic strategies of Indian multinationals can be extended and modified to the study of Chinese

multinationals. We begin by selecting and describing cases of Chinese EMNEs in typical

manufacturing industries. We then examine the strategic directions for each of these Chinese

EMNEs in its internationalization, which include a multinational’s targeted countries, value

chain activities in host country, choice of original equipment manufacturer (OEM) versus own

branded manufacturer (OBM), and themode of entry. On the basis of this analysis, we identify

and discuss the generic internationalization strategy that can be illustrated from Chinese EMNEs.

Further discussions on several firm-specific the industry a multinational is concerned

of, the experience of its overseas operations, R&D intensity as indicator of firm-specific

advantage are used to develop practical and theoretical insights from the internationalization of

Chinese EMNEs. We conclude the paper by offering a few directions for future studies of the

internationalization strategies of emerging-market multinationals. We believe this study will be

helpful for deepening our understanding of the internationalization of EMNEs by bringing the

analysis of multinational’s generic strategy into the focus.

ture Review

International business studies are emerged from investigations of developed economies in

North America and Europe. Consequently, mainstream IB theories on internationalization have

been developed based on studies of developed-country multinational enterprises (DMNEs). Such

theories, for example, monopolistic advantage theory , product life cycle theory , the eclectic or

ownership-internalization-location (OLI) paradigm, and the internationalization process model ,

have provided a strong foundation for explaining the presence of MNEs. Some scholars thus

argue that the emergence of EMNCs can also be explained with these theories. For example,

Dunning et al. relies on OLI framework to explain the existence of EMNEs, which have

become multinationals despite their limited firm-specific advantages. Rugman argues that

EMNEs do not have firm-specific advantages, and their internationalization depends on the

country-specific advantages in low-cost labor, finance, economies of scale, and natural

resources.

On the other side, a widely accepted taxonomy of strategies such as multi-domestic,

transnational, and global strategies of DMNEs exists , few schemes have described the strategies

of EMNEs in building up their global presence . Researchers suggest that the multinationals from

emerging markets have pursued distinctive approaches to internationalization and they enjoy

different specific advantages than multinationals from developed countries. At this point, the

resource-based view of firms originated from strategic management has enriched IB studies in

explaining the behavior of EMNEs , since the traditional strategic management approach has not

yet yielded substantive knowledge within research on internationalization as a strategic process

adopted by MNEs . Mathews introduces the linkage, leverage, learning (LLL) framework,

which is consistent with the extended resource-based perspective, to provide the explanations of

the rapid appearance of EMNCs. Luo and Tung describe that EMNEs use international

expansion as a springboard to obtain new resources and capabilities via the alliances or

acquisition of firms to upgrade capabilities at home and catch up to DMNCs.

The rise of new multinationals from emerging markets provides researchers an opportunity

with extension and modification of the models and theories of internationalization [34]. Buckley

et al. [35] find strong support for the argument that aspects of the special the

institutional factors influencing outward direct investment help to explain the behavior of

Chinese MNEs, since Chinese internationalization has both a conventional and an idiosyncratic

dimension. Yiu et al. studies the international venture of Chinese companies and highlights the

importance of incorporating the institutional component of a multinational including networking

with domestic institutions and entrepreneurial organizational transformation into existing

theories of the MNEs. Goldstein argues that as emerging market multinationals are embedded

in their political, social, and ethnic networks, their internationalization of business offers

valuable lessons for practical and theoretical implications. Guillen and Garcia-Canal note the

decline of American model of the MNEs and to what extent we need a new theory to explain the

growth of EMNEs, with analysis of the distinctive internationalization of EMNEs with regard to

the competitive advantages, political capabilities, expansion paths, preference of entry mode, and

organizational adaptability. The study of EMNEs can thus bring context more explicitly and

comprehensively into theory and deepen our understanding of how firms internationalize.

Ramamurti indicates that multinationals from emerging markets follow particular paths of

international expansion, which modifies some of the predictions of existing theories of MNEs.

EMNEs internationalize differently since the global environment facilitates speed-up

internationalization, the industry characteristics lead to different patterns, the companies exploit

differences rather than similarities in foreign expansion, and they have ownership advantages

that are different from DMNEs. Consequently, he suggests the generic strategies for EMNEs’

internationalization, each of these generic strategies, for example the vertical integrator, local

optimizer, low-cost partner, global consolidator, and global first-mover have resulted in distinct

internationalization paths of EMNEs . Each generic strategy leverages different country-specific

advantages and firm-specific advantages and results in distinct internationalization path of

emerging market multinationals. Ramamurti proposes a framework of generic

internationalization strategy as a common platform for the analysis of EMNEs’

internationalization and explains how the research of EMNCs can help better understand the

MNEs’ internationalization process, the contextual factors, and firm-specific and

location-specific ownership advantages.

However, the framework is developed from the case study of Indian multinationals, which

requires more rigorous empirical studies aimed at gathering and analyzing large sample data at

the firm level . Generic strategies are notunique to the internationalization of Indian EMNEs,

they are also relevant to other EMNEs, with distinct aspects of each emerging economy resulting

in some generic strategies being more viable than others . Williamson and Zeng , who analyzed

four of the biggest Chinese multinationals, namely Hisense, Wanxiang, CIMC, and Huawei, and

argued that several strategies of Indian multinationals could also be observed from the

internationalization of Chinese firms. Further research on a number of Chinese firms is needed

for developing alternative configurations of generic strategies that contribute more explanatory

power regarding the internationalization of EMNEs.

The core of the analysis of generic strategies of EMNEs’ internationalization is a

company’s strategic direction in its international expansion. In the incremental

internationalization model, Johanson and Vahlne explain the selection among countries and

regions in which to enter, which is also analyzed in Ramamurti’s framework of EMNEs. The

incremental internationalization model also explains a firm’s selection of its operation in the host

production base, sales subsidiaries, procurement center, which in the generic

strategy is described as the movement and relocation of value chain activities. Besides, in the

linkage-leverage-learning model, Bonaglia et al. discuss the implications for OEM firms

originated from emerging countries that aim to upgrade to OBM status to compete on the basis

of global brand rather than just on their manufacturing capabilities. The choice of OEM versus

OBM direction is probably one of the most challenges for Chinese companies while they are

seeking foreign markets for international growth. Finally, the rapid expansion of Chinese

companies in the 2000s through merges and acquisitions of brands and production operations

other than greenfield investment has been widely discussed in several research. All of these

targeted country, value chain movement, OEM or OBM products, and the mode of

entry are analyzed in this research in consideration about the generic internationalization

strategies of Chinese EMNEs.

ch Methodology

In this research, we analyze the strategies of Chinese EMNEs’ internationalization through

multiple case study method. Firstly, we defined the multinational enterprises (MNEs)

operationally and screened out a number of multinational enterprises from typical Chinese

manufacturing industries. We subsequently examine the strategic directions toward

internationalization for each of these cases to find any results and make further discussions about

the strategies of Chinese internationalization. Since the scope of this study is focused on the

more surprising and interesting Chinese manufacturing firms, companies in service and resource

sector are excluded. A number of typical Chinese manufacturers are included as

telecommunication equipment manufacturers, computers and peripherals manufacturers,

semiconductor manufacturers, home appliances manufacturers, consumer electronics

manufacturers, automobiles and motorcycles manufacturers, and auto parts manufacturers. The

Global Industry Classification Standard and Hang Seng Industry Classification System are

followed here. The above industries can be categorized into high-tech industries, medium-tech

industries, and medium-low-tech industries according to the OECD classification .

ts from Case Study: Strategic Directions

Table 1 illustrates each of the strategic directions of Chinese EMNEs’ internationalization.

The target countries are the locations of FDI activities conducted by an EMNE, which is

classified into south–south or south–north paradigm in this study. South–south FDIs originate in

emerging economies and flow into other emerging economies. By contrast, the destinations of

south–north FDIs are developed countries. “North” is broadly defined as developed countries,

including North America, Europe (excluding Eastern Europe), Australia, New Zealand, and

Japan. “South” comprises emerging economies in South America, Eastern Europe, and Asia, and

includes developing and transition economies, as defined by the United Nations Conference on

Trade and Development (UNTCAD). At the firm level, south–south FDI occurs when an EMNE

establishes its overseas subsidiaries in emerging economies, while south–north FDI occurs when

an EMNE’s overseas subsidiaries are located in developed countries. Our analysis of each of the

50 Chinese manufacturing EMNEs showed that 5 firms are only engaged in south–south FDI, 25

firms in south–north FDI, and 20 firms in both south–south and south–north FDI. There were

more overseas subsidiaries of Chinese EMNEs located in developed countries than in emerging

economies, which reflected that south-north FDI is the major path of Chinese internationalization.

Among the developed countries, the United States and Western European countries such as

Germany, France, and Netherlands were the primary FDI destinations of Chinese manufacturing

EMNEs.

ts from Case Study: Generic Internationalization Strategies

Based on the above analysis of Chinese multinational’s strategic directions toward

internationalization, we examined and identified the generic strategy for each of the companies

(as summarized in Table 1). As in the following section, each of the generic strategy illustrated

from Chinese cases targets south-south or south-north expansion, moves up or down the value

chain activities, provide OEM or OBM products in international markets, enter foreign countries

through greenfield investment or M&A. A multinational’s preference in combination with these

strategic directions thus results in distinct strategies for Chinese EMNEs including local

optimizer, low-cost supplier, advanced-market seeker, and global consolidator. To be noted in

the case study, few firms may pursue one strategy in pure form or do so to the exclusion of other

strategies, however it is conceptually useful to specify each of the strategies and its properties.

We illustrate each generic strategy with cases that have come closest to pursuing that strategy.

Particularly, the identification of which generic strategy a firm had pursued was based on the

analysis of its major business segment. In case of Chinese automobile and motorcycle

manufacturers, it was found that a firm pursued an internationalization strategy in its small

business segment is different from the strategy while internationalizing its major business.

1介绍

新兴经济体的外国直接投资(FDI)外流和跨国企业(MNEs)的显著增长。2014年，新兴经济体的FDI流出达到创纪录的5530亿美元，占全球FDI流出的39%，而本世纪初这一比例仅为12%。新兴市场跨国企业作为新兴经济体对外直接投资流出的载体，正以越来越大的规模和越来越快的速度向海外扩张。2014年，《财富》全球500强榜单中有123家来自金砖四国(巴西、俄罗斯、印度和中国)的跨国公司，而十年前，这些国家的跨国公司约有20家。

EMNEs的演变引起了国际商务和战略管理学者的关注，促使他们重新思考和发展与企业国际化相关的模型和理论。尽管自20世纪80年代初以来，人们对新兴市场跨国公司产生了一些兴趣，但在21世纪初，对这一话题的关注成为国际商业的重要研究，因为新兴市场公司近年来正在迅速赶上并国际化。学者们开始对EMNEs的实际情况以及什么是投机进行评估。

特别是中国、印度等新兴经济体的崛起，催生了一批新兴市场经济国家，为学者们在当代背景下审视跨国公司国际化理论提供了契机。例如，Paul和Mas研究了促成中国和印度跨国公司在全球市场上出现的共同因素，包括它们对出口、制造业增长、科学和技术的关注等。其中一项不断发展的研究需要同时采用战略观点和国际商业研究，其中一项源自印度公司的案例研究的试点研究，提出了EMNEs在进行国际扩张时的一般战略。

本研究提出的主要问题是中国企业国际化的一般战略是什么?中国企业海外扩张的战略方向是什么，包括目标国家、价值链运动、品牌和进入模式?战略方向的选择与组合，如何最终形成中国国际化的独特路径?影响中国国际化一般战略的企业特有因素有哪些?

我们通过考察中国新兴市场国家的战略来考虑这些问题，因为它们推动了全球范围内越来越多的FDI外流。我们认为，解释印度跨国公司一般战略的模型可以扩展和修改到中国跨国公司的研究。我们首先选择和描述中国典型制造业的EMNEs案例。然后我们研究了这些中国新兴市场经济体国际化的战略方向，包括跨国公司的目标国家、在东道国的价值链活动、原始设备制造商(OEM)与自有品牌制造商(OBM)的选择以及进入模式。在此基础上，我们确定并讨论了可从中国新兴市场企业中借鉴的通用国际化战略。本文进一步讨论了跨国公司所关注的行业、海外运营经验、研发强度等企业特有优势指标，并从中国新兴市场经济企业国际化的实践和理论角度提出了见解。最后，本文提出了新兴市场跨国公司国际化战略未来研究的几个方向。本研究通过对跨国公司总体战略的分析，有助于加深对新兴市场国家国际化的理解。

2.文献综述

国际商业研究源自对北美和欧洲发达经济体的调查。因此，主流的IB国际化理论都是在发达国家跨国企业研究的基础上发展起来的。垄断优势理论、产品生命周期理论、折中或所有权-内化-定位(OLI)范式、国际化过程模型等理论为解释跨国公司的存在提供了强有力的基础。因此，一些学者认为，这些理论也可以解释新兴市场企业的出现。例如，Dunning等人依靠OLI框架来解释EMNEs的存在，这些EMNEs虽然具有有限的公司特有优势，但已经成为跨国公司。鲁格曼认为，新兴市场国家不具有企业特有的优势，它们的国际化取决于低成本劳动力、金融、规模经济和自然资源等国家特有的优势。

另一方面，多边国内战略、跨国战略和全球战略已被广泛接受，但很少有方案描述了多边国内战略、跨国战略和全球战略。研究者认为，新兴市场跨国公司的国际化路径与发达国家跨国公司不同，具有不同的具体优势。在这一点上，源于战略管理的企业资源基础观丰富了IB研究对EMNEs行为的解释，因为传统的战略管理方法尚未在跨国公司采用的国际化战略过程的研究中产生实质性知识。Mathews引入了与扩展的基于资源的视角相一致的链接、杠杆、学习(LLL)框架，来解释新兴市场企业网络的快速出现。罗和东描述，新兴市场国家利用国际扩张作为跳板，通过联盟或收购企业来升级国内能力，赶上dmnc，从而获得新的资源和能力。

新兴市场新兴跨国公司的崛起为研究者提供了一个扩展和修正国际化模型和理论的机会。Buckley et al.认为，由于中国国际化既有传统的维度，也有特殊的维度，因此，影响对外直接投资的制度因素有助于解释中国跨国公司的行为，这一观点得到了强有力的支持。姚等人研究了中国公司的国际风险投资，并强调了将跨国公司的制度组成部分纳入跨国公司现有理论的重要性，包括与国内机构建立联系和创业型组织转型。戈尔茨坦认为，由于新兴市场跨国公司已融入其政治、社会和种族网络，它们的业务国际化为实践和理论启示提供了宝贵的经验。吉兰和Garcia-Canal注意跨国公司的美国模式的衰落和到什么程度我们需要一个新的理论来解释人物的发展,分析人物的独特的国际化的竞争优势,政治功能,扩张路径,偏好的模式,和组织的适应性。因此，对EMNEs的研究可以将背景更明确、更全面地纳入理论，加深我们对企业如何国际化的理解。

Ramamurti指出，新兴市场的跨国公司遵循特定的国际扩张路径，这修正了现有跨国公司理论的一些预测。由于全球环境有利于国际化的加速发展，行业特征导致国际化模式不同，企业对外扩张利用的是差异而不是相似之处，企业拥有不同于跨国公司的所有权优势。因此，他提出了新兴市场企业国际化的一般战略，每一种一般战略，例如垂直集成商、局部优化者、低成本合作伙伴、全球整合者和全球先行者，导致新兴市场企业的国际化路径不同。每一种通用战略都利用了不同国家和企业的不同优势，并导致了新兴市场跨国公

司不同的国际化路径。Ramamurti提出了通用国际化战略框架，作为EMNEs国际化分析的共同平台，并解释了emnc的研究如何有助于更好地理解跨国公司的国际化过程、环境因素、企业特定和位置特定的所有权优势。

然而，该框架是由印度跨国公司的案例研究发展而来的，这需要更严谨的实证研究，旨在收集和分析企业层面的大样本数据。通用战略并非印度新兴市场经济体国际化所独有的，它们也与其他新兴市场经济体相关，每个新兴经济体的不同方面导致一些通用战略比其他战略更可行。Williamson和Zeng分析了中国最大的四家跨国公司，即海信、万向、中集和华为，认为印度跨国公司的几个战略也可以从中国公司的国际化中观察到。需要对一些中国企业进行进一步的研究，以发展对新兴市场经济国家国际化具有更大解释力的通用战略的替代配置。

EMNEs国际化一般战略分析的核心是企业国际扩张的战略方向。在增量国际化模型中，Johanson和Vahlne解释了进入的国家和地区之间的选择，Ramamurti的EMNEs框架也分析了这一点。增量国际化模型也解释了企业在东道国的经营选择，例如生产基地、销售子公司、采购中心，在一般战略中被描述为价值链活动的移动和重新定位。此外，在联系-杠杆-学习模型中，Bonaglia等人讨论了来自新兴国家的OEM公司的影响，这些公司旨在升级到OBM地位，以在全球品牌的基础上竞争，而不仅仅是他们的制造能力。在中国企业寻求海外市场以实现国际增长之际，OEM与OBM方向的选择可能是它们面临的最大挑战之一。最后，中国企业在本世纪头十年通过并购品牌和生产业务(而非绿地投资)实现了快速扩张，这在几项研究中得到了广泛讨论。针对中国新兴市场企业国际化的共性战略，本文对目标国家、价值链移动、OEM或OBM产品以及进入模式等方面进行了分析。

3.研究方法

本研究采用多案例研究的方法，对中国新兴市场企业的国际化战略进行了分析。首先，我们对跨国企业进行了界定，并从典型的中国制造业中筛选出了一些跨国企业。随后，我们对每个案例的国际化战略方向进行了分析，以找出任何结果，并进一步讨论中国的国际化战略。由于本研究的范围集中在更令人惊讶和有趣的中国制造企业，服务和资源部门的公司被排除在外。包括电信设备制造商、计算机及外围设备制造商、半导体制造商、家用电器制造商、消费电子产品制造商、汽车和摩托车制造商、汽车零部件制造商等一批典型的中国制造商。以下是《全球行业分类标准》及《恒生行业分类系统》。根据OECD的分类，上述产业可分为高技术产业、中等技术产业和中等低技术产业。

4.案例研究的见解:战略方向

目标国家是由EMNE进行的外国直接投资活动的地点，在本研究中分为南南或南北范式。南南外国直接投资源自新兴经济体，并流入其他新兴经济体。相比之下，南北直接投

资的目的地是发达国家。“北”指的是发达国家，包括北美、欧洲(不包括东欧)、澳大利亚、新西兰和日本。“南方”包括南美洲、东欧和亚洲的新兴经济体，以及联合国贸易和发展会议(贸发会议)所定义的发展中和转型经济体。在企业层面，南南直接投资发生在新兴经济体建立其海外子公司时，而南北直接投资发生在新兴经济体的海外子公司设在发达国家时。我们对50个中国制造业新兴市场经济体的分析表明，5家企业只参与南南直接投资，25家企业参与南北直接投资，20家企业同时参与南南和南北直接投资。中国新兴市场经济体的海外子公司在发达国家的数量多于在新兴经济体的数量，反映出南北直接投资是中国国际化的主要路径。在发达国家中，美国和德国、法国、荷兰等西欧国家是中国制造业EMNEs的主要FDI目的地。

5.案例研究的见解:通用国际化战略

基于上述分析,中国跨国公司对国际化的战略方向,我们审查确定的通用策略为每个公司(总结如表1),在下一节中,每一个基本策略说明从中国南南和南北扩张情况下目标,在价值链上向上或向下移动，在国际市场上提供OEM或OBM产品，通过绿地投资或并购进入国外。跨国公司的偏好与这些战略方向相结合，从而为中国EMNEs提供了独特的战略，包括本地优化者、低成本供应商、先进市场探索者和全球整合者。在案例研究中需要注意的是，很少有公司会纯粹地奉行一种战略，或者这样做是为了排除其他战略，然而，明确规定每一种战略及其属性在概念上是有用的。我们用最接近于实施该策略的案例来说明每个一般策略。特别是，确定一家公司所采取的一般战略是根据对其主要业务部门的分析。以中国的汽车和摩托车制造企业为例，我们发现企业在小业务领域实施国际化战略与在主要业务领域实施国际化战略是不同的。