Abstract: International development strategy is a key path for latecomers’ capability accumulation and upgrading. Taking Lenovo and Huawei as examples, this paper analyzes capability upgrading mechanism in firms’ international development process based on the method of case study. The results show that: (1) Exploitative learning strategy and explorative learning strategy are the main learning strategies in latecomers’ international process. Firms take exploitative learning strategy in the models of overseas merge & acquisition and overseas subsidiaries, and take explorative learning strategy in the model of R & D globalization. (2) The dual learning mechanism based on exploitative learning strategy and explorative learning strategy is the key capability upgrading mechanism in the internationalization of latecomers. (3) There are two stages for latecomers’ capability upgrading: factors accumulation and capability improvement.

摘要： 国际化是后发企业获取知识、能力积累的重要途径。基于此，本文以联想与华为为研究对象，通过运用案例研究法解析其国际化中能力积累机制。研究结果显示：（1）利用式学习与开发式学习是后发企业国际化中主要的学习策略，前者是企业在海外并购和海外子公司等国际化模式中采纳的主要学习策略，后者是企业在设立海外研发中心的国际化模式中采纳的主要学习策略；（2）基于利用与开发的双元学习机制是后发企业国际化中能力积累的关键机制；（3）后发企业国际化中能力积累的过程分为两个阶段：创新要素获取阶段和能力升级阶段。