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

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