本文選題：制度距離 + 跨國(guó)公司��； 參考：《南開(kāi)大學(xué)》2013年碩士論文

【摘要】：在跨國(guó)公司國(guó)際化的過(guò)程中,首先要選擇以何種方式進(jìn)入東道國(guó),以及在境外子公司中占據(jù)多少股權(quán),也就是確定子公司的股權(quán)結(jié)構(gòu)。股權(quán)結(jié)構(gòu)決策體現(xiàn)了跨國(guó)公司對(duì)子公司的控制權(quán),對(duì)子公司的后期經(jīng)營(yíng)有著重大影響。事實(shí)上,跨國(guó)公司在進(jìn)行股權(quán)決策時(shí),會(huì)受到多方面因素的影響,如公司的國(guó)際化戰(zhàn)略、東道國(guó)的法律限制等。其中,母國(guó)和東道國(guó)之間的制度差異也是其中一個(gè)重要的影響因素,并且逐漸受到越來(lái)越多學(xué)者的關(guān)注。 目前已經(jīng)有學(xué)者以西方跨國(guó)公司為對(duì)象研究了兩國(guó)間制度距離對(duì)跨國(guó)公司股權(quán)決策的影響。但是,中國(guó)的跨國(guó)公司有著與西方跨國(guó)公司截然不同的成長(zhǎng)環(huán)境,因此即使進(jìn)入相同的東道國(guó),它們也可能有不同的決策行為。因此以西方跨國(guó)公司為對(duì)象所得出的研究結(jié)論對(duì)中國(guó)跨國(guó)公司來(lái)說(shuō)并非完全適用。 本文首先分析了以往的理論對(duì)中國(guó)跨國(guó)公司的適用性,然后根據(jù)以往學(xué)者的研究結(jié)論針對(duì)中國(guó)跨國(guó)公司提出相關(guān)假設(shè),并以1200家中國(guó)跨國(guó)公司的境外子公司為樣本,實(shí)證檢驗(yàn)了制度距離對(duì)跨國(guó)公司股權(quán)決策的影響。實(shí)證結(jié)果表明,中國(guó)的跨國(guó)公司受到制度距離影響的情況與西方跨國(guó)公司有著顯著的不同,其中除了絕對(duì)制度距離顯著影響跨國(guó)公司的股權(quán)決策外,兩國(guó)制度質(zhì)量的相對(duì)差異也具有顯著的影響；同時(shí),政治、市場(chǎng)、經(jīng)濟(jì)等不同類型的制度對(duì)跨國(guó)公司的股權(quán)決策也會(huì)產(chǎn)生不同的影響。最后,本文以實(shí)證結(jié)果為依據(jù),從制度的角度對(duì)中國(guó)跨國(guó)公司提出了一些建議。無(wú)論是進(jìn)入制度完善還是制度欠缺的東道國(guó),跨國(guó)公司的管理者都需要考慮中國(guó)和東道國(guó)的制度距離對(duì)子公司經(jīng)營(yíng)的影響,制定與兩國(guó)制度距離相符的股權(quán)策略。
[Abstract]:In the process of multinational corporation internationalization, first of all, we should choose which way to enter the host country, and how many shares in the foreign subsidiary company, that is, determine the ownership structure of the subsidiary company.The decision of ownership structure reflects the control right of transnational corporation to subsidiary company, and has great influence on the later operation of subsidiary company.In fact, multinational corporations are influenced by many factors, such as the internationalization strategy of the company, the legal restriction of the host country and so on.Among them, the institutional difference between the home country and the host country is also an important factor, and gradually attracted more and more scholars' attention.At present, some scholars have studied the influence of the institutional distance between the two countries on the ownership decisions of multinational corporations (MNCs).However, Chinese multinationals have a very different growth environment from Western TNCs, so even if they enter the same host country, they may have different decision-making behaviors.Therefore, the conclusions drawn from the research on western multinational corporations are not fully applicable to Chinese multinationals.This paper first analyzes the applicability of the previous theories to Chinese multinational corporations, and then, according to the research conclusions of previous scholars, puts forward relevant hypotheses for Chinese transnational corporations, and takes 1200 overseas subsidiaries of Chinese transnational corporations as samples.The influence of institutional distance on MNCs' equity decision is tested empirically.The empirical results show that the influence of institutional distance on Chinese multinational corporations is significantly different from that of western transnational corporations, except that absolute institutional distance significantly affects the equity decisions of multinational corporations.At the same time, different systems such as politics, market, economy and so on will have different influences on the equity decisions of multinational corporations.Finally, based on the empirical results, this paper puts forward some suggestions to Chinese multinational corporations from the point of view of system.Whether entering the host country where the system is perfect or not, the managers of multinational corporations need to consider the influence of the institutional distance between China and the host country on the operation of subsidiary companies, and formulate the equity strategy consistent with the institutional distance between the two countries.
【學(xué)位授予單位】：南開(kāi)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F276.7

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