逆全球化背景下民营企业跨国市场多样化对创新韧性的影响研究

Abstract

When faced with a complex international economic environment, how can private enterprises, which are relatively disadvantaged in terms of organization and innovation, resist the impact of de-globalization? Enhancing a company's technological absorption and innovation capabilities based on an internationalization strategy is an important theoretical logic for the internationalization of firms in emerging economies. However, how to overcome the innovation resistance posed by deglobalization to firms in emerging economies, such as Chinese enterprises, is an important topic worth studying in the context of internationalization strategy and innovation theory. Based on the literature on organizational resilience and innovation resilience, this paper analyzes the impact of multinational market diversification on firms' innovation resilience (innovation stability, innovation adaptability, and innovation breakthrough), and explores the internal mechanism based on the Linkage-Leverage-Learning (LLL) theory. Based on a sample of Chinese privately-owned listed companies, the study finds that multinational market diversification significantly enhances firms' innovation resilience — specifically, innovation stability, innovation adaptability, and innovation breakthrough — during deglobalization crises. This positive effect increases with the degree of multinational market diversification. The effect is more pronounced in privately-owned firms weakens with greater institutional distance. The mechanism test shows that the three main channel mechanisms of multinational market diversification, namely overseas relationship linkage, overseas resource leverage and overseas dual learning, affect the innovation resilience of enterprises. Additional analysis reveals that when private multinational enterprises hold only minority equity stakes in their foreign subsidiaries, the positive effect of multinational market diversification on innovation resilience is not significant. Nevertheless, deploying multinational market diversification — whether in globalized or de-globalized countries — can significantly enhance the innovation resilience of private multinational enterprises. Moreover, the positive impact of multinational market diversification on innovation resilience is primarily concentrated in the manufacturing and technology-intensive industries. The research framework organically integrates the innovation crisis under deglobalization, internationalization strategies, and innovation resilience. It deepens the theoretical and practical research on innovation and internationalization of private enterprises in the context of deglobalization.