Pooled OLS models.

With the advancement of corporate globalization, an increasing number of small and medium-sized enterprises (SMEs) have leveraged globalized resources to achieve accelerated growth mode that significantly depart from the traditional gradual development trajectories of large enterprises. Notably, the emergence and evolution of born-global (BG) firms have attracted substantial scholarly attention in international business research. This paper studies the innovation and valuation of Chinese born-global (BG) firms, based on dynamic capabilities theory and resource-based view, explores the determinant factors of becoming BG firms, and explores an empirical analysis of changes in the value of BG firms. This paper utilizes the OLS model and panel model, as well as Heckman two-stage, propensity score matching (PSM), and heterogeneity analyzes. We conducted some empirical tests on financial data from 2007 to 2021. The empirical results show that the implementation of the BG mode by enterprises contributes to the growth of corporate value and innovation plays a positive moderating role in this relationship. In addition, the determinant factors for a company to adopt the BG mode are total assets, ownership, and the rate of the largest shareholder. Heterogeneity analysis indicates greater impact on private, foreign, and eastern regional firms. The Heckman two-stage selection model effectively addressed the identification requirements for exclusion restriction variables, while the PSM methodology demonstrated improved covariate balance distributions across matched groups. This dual approach collectively mitigated endogeneity concerns and enhanced the robustness of estimation outcomes. Finally, this study provides business managers with a valuation model for enterprise internationalization, which helps small and medium-sized enterprises choose BG mode to start the internationalization process in their initial stage. Furthermore, this study has significantly enriched the existing literature concerning innovation, corporate value, and equity characteristics of BG firms, while establishing novel theoretical perspectives and methodological avenues for subsequent research investigations.

随着企业全球化进程的推进，越来越多的中小型企业（small and medium-sized enterprises, SMEs）借助全球化资源实现了跨越式增长，这一增长模式与大型企业传统的渐进式发展路径存在显著差异。值得关注的是，天生全球化企业（born-global firms, BG）的兴起与演进，已成为国际商务研究领域广受学界关注的重要议题。本文以动态能力理论与资源基础观为理论基础，针对中国天生全球化企业的创新与价值评估展开研究，剖析企业成为天生全球化企业的核心决定因素，并对天生全球化企业的价值变动开展实证分析。本文采用普通最小二乘（Ordinary Least Squares, OLS）模型、面板模型，结合赫克曼两阶段法、倾向得分匹配（propensity score matching, PSM）以及异质性分析方法开展研究，以2007至2021年的企业财务数据为样本进行实证检验。实证结果表明，企业采用天生全球化发展模式有助于提升企业价值，而创新在这一关系中发挥着显著的正向调节作用。此外，企业选择天生全球化模式的核心决定因素包括总资产规模、股权性质以及第一大股东持股比例。异质性分析结果显示，天生全球化模式对民营企业、外资企业以及东部地区企业的价值提升效应更为显著。赫克曼两阶段选择模型有效满足了排他性约束变量的识别要求，而倾向得分匹配方法则显著优化了匹配组间的协变量均衡分布。二者结合有效缓解了内生性问题，提升了估计结果的稳健性。最后，本研究为企业管理者提供了一套企业国际化价值评估模型，有助于中小型企业在初创阶段选择天生全球化模式开展国际化经营。此外，本研究丰富了现有关于天生全球化企业创新、企业价值与股权特征的相关文献，同时为后续研究提供了全新的理论视角与方法论路径。