【摘要】：東道國(guó)政策風(fēng)險(xiǎn)與跨國(guó)企業(yè)對(duì)外直接投資績(jī)效之間的關(guān)系一直是學(xué)術(shù)界與實(shí)務(wù)界關(guān)注的焦點(diǎn)。基于制度理論的能動(dòng)性視角,以中國(guó)滬深A(yù)股上市公司在2004-2013年投資建立的海外子公司為樣本進(jìn)行實(shí)證檢驗(yàn),系統(tǒng)分析東道國(guó)政策風(fēng)險(xiǎn)對(duì)中國(guó)企業(yè)對(duì)外直接投資績(jī)效的影響,同時(shí)探討所有權(quán)性質(zhì)與東道國(guó)經(jīng)驗(yàn)對(duì)政策風(fēng)險(xiǎn)與對(duì)外直接投資績(jī)效之間關(guān)系的調(diào)節(jié)作用。結(jié)果表明,東道國(guó)政策風(fēng)險(xiǎn)與中國(guó)企業(yè)對(duì)外直接投資績(jī)效之間具有顯著的正相關(guān)關(guān)系;中國(guó)企業(yè)的東道國(guó)經(jīng)驗(yàn)對(duì)政策風(fēng)險(xiǎn)與對(duì)外直接投資績(jī)效之間的關(guān)系存在正向調(diào)節(jié)作用;中國(guó)企業(yè)所有權(quán)性質(zhì)的調(diào)節(jié)作用沒(méi)有通過(guò)驗(yàn)證。結(jié)論深化和豐富了東道國(guó)政策風(fēng)險(xiǎn)與中國(guó)企業(yè)對(duì)外直接投資績(jī)效之間關(guān)系的理論研究,同時(shí)也為中國(guó)企業(yè)如何在政策風(fēng)險(xiǎn)高的東道國(guó)獲得高對(duì)外直接投資績(jī)效提供了一定的實(shí)踐指導(dǎo),中國(guó)企業(yè)應(yīng)該使得政治戰(zhàn)略與市場(chǎng)戰(zhàn)略協(xié)同配合共同發(fā)展。
[Abstract]:The relationship between host country policy risk and FDI performance of multinational enterprises has always been the focus of academic and practical circles. Based on the dynamic perspective of institutional theory and taking the overseas subsidiaries of Shanghai and Shenzhen A-share listed companies in China from 2004 to 2013 as samples, this paper systematically analyzes the influence of host country policy risk on the performance of Chinese enterprises' foreign direct investment (FDI). At the same time, it discusses the moderating effect of ownership nature and host country experience on the relationship between policy risk and FDI performance. The results show that there is a significant positive correlation between the policy risk of the host country and the foreign direct investment performance of Chinese enterprises, and the experience of the host country of the Chinese enterprises has a positive regulating effect on the relationship between the policy risk and the performance of the foreign direct investment. The regulatory role of the ownership nature of Chinese enterprises has not been verified. Conclusion it deepens and enriches the theoretical research on the relationship between the policy risk of host country and the foreign direct investment performance of Chinese enterprises. At the same time, it also provides some practical guidance for Chinese enterprises to obtain high FDI performance in the host country with high policy risk. Chinese enterprises should make the political strategy and market strategy cooperate and develop together.
【作者單位】： 東北大學(xué)工商管理學(xué)院;
【基金】：國(guó)家社會(huì)科學(xué)基金重點(diǎn)項(xiàng)目“組織身份變革及意義給賦:克服外來(lái)者劣勢(shì)的動(dòng)態(tài)機(jī)制研究”(批準(zhǔn)號(hào):15AGL006,項(xiàng)目負(fù)責(zé)人:杜曉君)
【分類號(hào)】：F125;F279.2

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