본국 정부지원이 기업의 국제화 성과에 대한 효과: 중국기업을 대상으로 한 실증적 연구

The Effects of Home Country Government Support on International Business Performance: Evidence from Chinese Firms

An appreciable number of Chinese firms have successfully expanded their businesses into foreign economics although they have limited resources. Advocating that home country government supports can mitigate firms’resource-disadvantages in international expansions, we attempted to investigate whether and how the Chinese government’s support enables Chinese firms to compete in foreign markets. Based heavily on the knowledge-based theory of the firm and the resource-based theory of the firm, we developed a model that explain and predicts the effects of home-country government-supports on superior financial performance. The model was empirically tested using a accounting dataset regarding Chinese firms’323 international expansion events from 2008 to 2015. Empirical evidence presents that the Chinese government’s support has a positive effect on Chinese firms’international success and that these firms’ marketing, technological, and managerial resources positively moderate the effect of the government support on the firms’ international success. Nonetheless, because we employed an event-study method, the limitations of the method can be applied to the current research. In addition, because of the empirical context, the results of the research might lack generalizability. We, however, provided an understanding how firms from emerging countries can succeed in international expansions specifically when they have lack of resources for international competition.