解析高科技產業之國際新創企業: 以美國上市公司之首次出口為例

Abstract

本篇論文的目的在發展一個理論架構來解釋國際新創企業(International New Ventures)為什麼會採用快速國際化(Accelerated Internationalization)的策略。國際新創企業被定義為一家新成立的獨立公司，在成立不久後就涉入海外市場的營運活動。本論文開宗明義的把新創事業定義成一家新成立的獨立公司，在成立不久之後立即進行海外市場的國際化活動。本論文以此漸受國際企業學術界與實務界所關注的活動為研究主題，探究在此一高風險的環境中，國際新創企業如何快速崛起，以及這樣的快速國際化所影響的公司績效表現和管理意涵。在理論方面，我們採用了快速國際化文獻，同時考量資源基礎面(RBV)與公司行為理論(behavioral theory)的因素對於是否進行快速國際化的影響。在實證方面，本論文利用COMPUSTAT和SDC等資料庫搜集美國高科技業中IPO的國際新創事業，有效的樣本數是331家。本論文主要包含幾篇相關的研究，其內容概述如下： 1. 本論文首先著眼於各種可能存在的因素對於新創事業進行快速國際化的影響。基於過去的文獻分析，本論文檢驗幾項經常被國際企業所認為會影響國際化的因素—研發能力(R&D capability)、行銷能力(marketing capability)以上述幾項因素推導出影響快速國際化決策的前置因素。實證結果顯示研發優勢對於國際化速度有正向影響。 2. 延伸前述研究，本論文嘗試探討影響快速國際化中被忽略的因素和觀點。明確的說，本論文引進策略理論模型而加入公司行為理論(behavioral theory)觀點，而分析國際新創事業廠商不同類型的閒置資源(organization slack): 可用閒置(available slack) 、可回復閒置(recoverable slack) 、和潛在閒置(potential slack)對快速國際化的影響。 本研究同時認為公司創立時間(firm age)對於上述效果會有干擾效果。結果顯示可回復閒置(recoverable slack) 、和潛在閒置(potential slack)對國際化速度有正向影響，干擾效果則是部份成立。 3. 除了上述研究外，本研究把在策略理論常被討論的組織閒置和公司績效關係(organization slack-performance) 的典範轉移到國際新創事業的架構下進行實證。根據組織理論和國際新創事業觀點，本篇論文假設不同類型的閒置資源對於新創事業績效存在於非線性關係。本篇論文同時探討國際化速度和公司成立時間對於此項關係的干擾效果。研究結果顯示可用閒置(available slack) 、可回復閒置(recoverable slack)假設成立，潛在閒置(potential slack)則不存在線性關係。干擾效果則是部份成立。 4.重新回到國際企業的範疇裡，傳統的國際企業對於國際化和公司表現之間的關係一直是研究的重點，從早期的線性到U型和倒U型，以至於到最近的S型曲線。當此關係還在討論時，本論文把此項架構轉移到新創國際事業下進行驗證。本論文利用快速國際化理論推論出國際化速度和國際新創事業是倒U型關係，同時假設新創企業的科技和行銷優勢對於上述關係存在正向的干擾效果。研究結果顯示只存在線性關係同時干擾效果部份成立。

This dissertation develops a theoretical framework that explains the accelerated internationalization of international new ventures (INVs), or the born global firms. A international new venture, as defined in this dissertation, is a new venture that enters foreign market(s) shortly after its inception. To effectively manage INVs, an INV should exploit flexibility with the accelerated internationalization strategy, which helps INVs to obtain opportunities in international markets. In theory, this dissertation is constructed under several related theories: the accelerated internationalization perspective, the behavioral theory, and the resource based view. As for the data set, the empirical dataset is collected from several databases such as the SDC PLATINUM, S&P’s COUNPUSTAT, and HOOVERs’ company records. The selection processes suggest 331 firms fit the description of this thesis. This thesis then focuses on a sample of 331 INVs from U.S. high technology industries that were founded during the time period of 1980 to 2007. It attempts to investigate the extent to which theory helps enhance the understanding of the accelerated internationalization process. Four issues related to this investigation are: (1) what are the factors that motivate INVs to adopt accelerated internationalization strategies; (2) how different forms of slack resources (i.e. available, recoverable, and potential slack) influence internationalization speed, (3) Re-examine the slack-performance in the setting of INVs: curvilinear relationships? (4) Accelerated internationalization and INV performance relationship. Specifically: (1) This study aims to explain the factors affecting the internationalization speed of international new ventures. Extant literature on international new ventures has focused on the debate of the phenomenon. This study contributes to the literature by extending the research focus to the internationalization speed of international new ventures. The results indicates that international new ventures’ R&D capability has a positive effect on their internationalization speed, while marketing capability does not have a significant impact on internationalization speed. (2) To further knowledge about the bases of accelerated internationalization in international new ventures (INVs), this study addresses how different forms of slack resources (i.e. available, recoverable, and potential slack) influence internationalization speed. This thesis tries to explain accelerated internationalization by adopting from the behavioral theory perspective, or the behavioral theory of the firm (Cyert & March, 1963). Specifically, this thesis argues that INVs’ organization slack, or slack resources, may influence internationalization speed (defined as the difference between an INV’s establishment and the timing it undertakes the first international expansion activities). The results support the argument by recoverable slack and potential slack. In addition, the results also partially supports that firm age moderate the relationship between internationalization speed and firm performance. (3) Slack resources and their impacts on financial performance is a critical issue in the field of strategic management. While this area has remained unexplained in the setting of international new ventures (INVs), this study aims to explore the impacts from different forms of slack resources (i.e. available slack, recoverable slack, and potential slack) on firm performance, as well as the moderation effects of internationalization speed and firm age. Empirical data on 331 INVs from U.S. high-technology industries confirm the differing influences of forms of slack on firm performance. The results suggest a non-linear relationship between available slack and performance, and a non-linear relationship between recoverable slack and performance. Overall, our findings call for a contingency perspective to specify the nature of slack resources when discussing its impact on INV performance. (4) In a setting of international new ventures (INVs) in U.S. high-technology industries, this study examines how accelerated internationalization affects performance, as well as the moderating role of other factors. Following previous studies, this study measures accelerated internationalization by its internationalization speed. The results indicate that a linear relationship, instead of the assumed non-linear relationships. Equally important, the results also indicate that R&D intensity and advertising intensity are significant moderators of accelerated internationalization-performance relationship. Extant literature has addressed the internationalization of INVs with a focus on the pre-internationalization phase. The results of this study provide advances in understanding the accelerated internationalization- performance relationship and incorporating moderating factors.