题目：Does performance shortfall lead to operational divestiture of a foreign subsidiary? The evidence from China
报告人：张婷婷 (Associate Professor, CUEB)
报告时间：2018年3月21日（周三） 13：30 pm
地点：国际经管学院会议室（诚明楼三层）
主办方：国际经济管理学院

摘要：Performance shortfall is a principal driver of foreign divestiture. Whereas prior research focuses on the relationship at multinational corporation (MNC) level, the operational responses of a foreign subsidiary are largely omitted. This study probes into the effect of performance shortfall on a foreign subsidiary’s divestiture decisions at operational level, based on the foreign subsidiaries in China between 2001 and 2006. The results show that performance shortfall compresses the investment of a foreign subsidiary in both size of factor inputs and efficiency improvement (TFP). However, due to the different flexibility properties of the two operational activities, the development of regional marketization and financial slacks of a subsidiary discriminate the main effects of performance shortfall. A better-marketized region facilitates a foreign subsidiary to develop its TFP as the response to the performance shortfall, while a high level of financial slacks induces a foreign subsidiary to invest more in factor inputs. The findings of this study add value to the literature of performance shortfall-divestiture relationship in international business, and provide the practical implications for managers of poorly performing subsidiaries in China.

摘要：业绩不足是外国资产剥离的主要驱动力。尽管先前的研究集中在跨国公司 (MNC) 层面的关系，但很大程度上忽略了外国子公司的运营反应。本研究以2001年至2006年在华外资子公司为研究对象，从经营层面探讨业绩缺口对外资子公司剥离决策的影响。结果表明，业绩缺口压缩了外资子公司在要素投入规模的投资和效率改进（TFP）。但是，由于两种经营活动的弹性特性不同，区域市场化的发展和子公司的财务松弛区分了业绩亏损的主要影响。市场化程度更高的地区有利于外国子公司发展其 TFP 作为对绩效不足的回应，而高水平的财务松弛会促使外国子公司更多地投资于要素投入。本研究的结果为国际业务中绩效不足-剥离关系的文献增添了价值，并为中国绩效不佳子公司的管理者提供了实际意义。

报告人简介：Tingting Zhang is an Associate Professor of Capital University of Economics and Business. Her works mainly focus on institutional environment of emerging economies, FDI strategies, and corporate market & non-market strategies.