School of Economics, Liaoning University, Shenyang, Liaoning, China.
School of Management, Harbin Institute of Technology, Harbin, Heilongjiang, China.
PLoS One. 2023 Aug 18;18(8):e0287324. doi: 10.1371/journal.pone.0287324. eCollection 2023.
This paper analyzes the impact of internationalization tactics on the value of 1107 multinational enterprises investing in the "Belt and Road" countries (regions) based on the two dimensions: entry mode and the degree of internationalization (including the breadth and depth of internationalization). It is found that the choice of sole proprietorship in the "Belt and Road" countries has a positive effect on enterprise value than joint venture. The increase of internationalization breadth and depth can promote enterprise value. Further research shows that the institutional environment of the host country and the digital transformation of enterprises significantly affect the choice of internationalization tactics and enterprise value. Specifically, the better the institutional environment of the host country and the more adequate the digital transformation of enterprises, the more inclined enterprises are to choose the sole proprietorship in the "Belt and Road" countries (regions) to obtain higher enterprise value. A good institutional environment of the host country and the digital transformation of enterprises can positively regulate the relationship between the degree of internationalization and enterprise value. these findings have important for Chinese enterprises to implement internationalization tactics rationally and scientifically, and to continuously improve enterprise value.
本文基于进入模式和国际化程度（包括国际化广度和深度）的两个维度，分析了国际化策略对“一带一路”国家（地区）投资的 1107 家跨国企业价值的影响。研究发现，与合资相比，“一带一路”国家独资选择对企业价值有正向影响。国际化广度和深度的增加可以促进企业价值的提升。进一步的研究表明，东道国的制度环境和企业的数字化转型显著影响国际化策略的选择和企业价值。具体来说，东道国制度环境越好，企业数字化转型越充分，企业越倾向于选择在“一带一路”国家（地区）采用独资形式以获得更高的企业价值。良好的制度环境和企业的数字化转型可以积极调节国际化程度与企业价值之间的关系。这些发现对于中国企业合理、科学地实施国际化策略，不断提升企业价值具有重要意义。
