制度環(huán)境、公司戰(zhàn)略導(dǎo)向與中國OFDI模式選擇——基于中國微觀企業(yè)數(shù)據(jù)的研究
發(fā)布時(shí)間：2019-02-12 10:04
【摘要】：在中國對外投資模式選擇日益固化的背景下,研究了中國企業(yè)對外投資模式選擇多樣化的影響因素。從理論上分析了制度環(huán)境和公司戰(zhàn)略導(dǎo)向?qū)ζ髽I(yè)對外投資模式選擇的影響機(jī)制,利用微觀企業(yè)層面數(shù)據(jù)進(jìn)行實(shí)證研究。結(jié)果表明,政治風(fēng)險(xiǎn)越大,企業(yè)在股權(quán)比例安排上越傾向于選擇合資方式,東道國政治風(fēng)險(xiǎn)與對外投資股權(quán)模式選擇不相關(guān);文化距離對中國OFDI模式選擇沒有顯著影響;公司戰(zhàn)略導(dǎo)向?qū)ζ髽I(yè)股權(quán)比例的選擇影響顯著,表明采取積極進(jìn)取的海外拓展戰(zhàn)略使跨國企業(yè)采用合資模式的概率增加;金融危機(jī)發(fā)生以來,中國跨國企業(yè)開始傾向于采取更加進(jìn)取性的全資模式進(jìn)入發(fā)達(dá)國家。最后,提出利用非股權(quán)安排保障中國海外投資利益的政策建議。
[Abstract]:Under the background of China's foreign investment mode selection solidifying day by day, the factors influencing the diversification of Chinese enterprises' overseas investment mode selection are studied. This paper theoretically analyzes the influence mechanism of institutional environment and corporate strategic orientation on the choice of enterprises' outward investment mode, and makes an empirical study by using micro-enterprise level data. The results show that the larger the political risk, the more inclined the enterprise is to choose the joint venture mode in the equity proportion arrangement, the political risk of the host country is not related to the choice of foreign investment equity mode, and the cultural distance has no significant influence on the choice of OFDI mode in China. Corporate strategic orientation has a significant impact on the choice of corporate equity ratio, indicating that the adoption of aggressive overseas expansion strategy increases the probability of multinational enterprises adopting joint venture mode; Since the financial crisis, Chinese multinationals have begun to adopt more aggressive mode of full-capital into developed countries. Finally, the paper puts forward some policy suggestions on using non-equity arrangement to protect China's overseas investment interests.
【作者單位】： 安徽財(cái)經(jīng)大學(xué)國際經(jīng)濟(jì)貿(mào)易學(xué)院;南京大學(xué)經(jīng)濟(jì)學(xué)院;
【基金】：教育部人文社科青年項(xiàng)目“制度性交易成本對中國企業(yè)海外投資的影響機(jī)制及政策研究”(17YJCGJW001)的階段性成果
【分類號】：F125;F279.2
[Abstract]:Under the background of China's foreign investment mode selection solidifying day by day, the factors influencing the diversification of Chinese enterprises' overseas investment mode selection are studied. This paper theoretically analyzes the influence mechanism of institutional environment and corporate strategic orientation on the choice of enterprises' outward investment mode, and makes an empirical study by using micro-enterprise level data. The results show that the larger the political risk, the more inclined the enterprise is to choose the joint venture mode in the equity proportion arrangement, the political risk of the host country is not related to the choice of foreign investment equity mode, and the cultural distance has no significant influence on the choice of OFDI mode in China. Corporate strategic orientation has a significant impact on the choice of corporate equity ratio, indicating that the adoption of aggressive overseas expansion strategy increases the probability of multinational enterprises adopting joint venture mode; Since the financial crisis, Chinese multinationals have begun to adopt more aggressive mode of full-capital into developed countries. Finally, the paper puts forward some policy suggestions on using non-equity arrangement to protect China's overseas investment interests.
【作者單位】： 安徽財(cái)經(jīng)大學(xué)國際經(jīng)濟(jì)貿(mào)易學(xué)院;南京大學(xué)經(jīng)濟(jì)學(xué)院;
【基金】：教育部人文社科青年項(xiàng)目“制度性交易成本對中國企業(yè)海外投資的影響機(jī)制及政策研究”(17YJCGJW001)的階段性成果
【分類號】：F125;F279.2
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