中小企业在新兴工业经济体中的业绩，国际化和企业特定优势外文翻译.docVIP

外文翻译 原文 Performance, Internationalization, and Firm-specific Advantages of SMEs in a Newly-Industrialized Economy Material Source: Small Business Economics Author: Yu-chingchiao,Kuo-PinYang,Chwo-MingJosephYu ABSTRACT: In light of the lack of empirical evidence regarding issues of internationalization as they affect small and medium-sized enterprises (SME) from newly-industrialized economies (NIE), this study aims to expand the applicability of existent internationalization theories. So far, such theories have largely been developed with MNC from industrialized economies in mind. In examining a 1996 sample of 1,419 Taiwanese SME, we found that the relationship between internationalization and performance could be graphically depicted as one of inverted U-shaped and that a specific level of internationalization corresponded to maximum profitability. Our empirical findings also confirmed a relationship of U shaped between advertising investment and performance, indicating that a minimum level of investment is required in order for advertising to be effective. Investments in research and development (RD) were also shown to be positively associated with firm performance. The external validity of our internationalization theories regarding SME from NIE was generally supported, though some modifications allowing for consideration of the particular context of individual SME will ultimately become a necessity. KEY WORDS: internationalization, firm-specific advantages, SME, newly industrialized economies Small and medium-sized enterprises (SME) account for more than 95% of all firms in many countries. Thus, they play a major role not only in developing economies such as Taiwan and the Philippines, but also in developed economies such as those of Japan, the U.S., and France. Having experienced healthy growth during the past few decades, SME – especially those of newly-industrialized economies (NIEs) – face a new set of challenges in the new millennium. Business has become mor