摘要
在中国对美国直接投资规模迅猛增长的背景下,本文研究了战略性资产对新兴经济体跨国公司OFDI模式选择的影响。论文从理论上分析了战略性资产对新建投资和跨国并购模式选择的影响机制,运用负二项回归模型从"中国—美国"视角给出经验证据。结果表明,战略性资产对中国在美国OFDI选择并购模式产生了显著的正向促进作用。中国跨国公司选择以并购还是新建投资进入美国时,由于不同所有制企业海外投资目的和动机存在差异,战略性资产仅对民营企业的跨国并购产生显著影响。进一步研究表明,金融危机前后战略性资产对中国在美国投资的影响差异明显。
In the background of the rapidly growing Chinese enterprises＇ OFDI in the united states, this paper studies the impact of strategic assets in multinational companies of emerging economies on the choice of OFDI mode. Theoretical models are built to analyze the influence mechanism by which strategic assets impact Chinese greenfield and acquisition FDI in the united states. Using of negative binomial regression model from the ＂China-USA＂ perspective, the empirical results show that strategic asset has a significant and positive impact on mergers and acquisitions（MAs） in the United States. When Chinese enterprises choose to take MAs or greenfield FDI to enter the US market, srategic assets only have a significant impact on MAs of private enterprises, because enterprises of different ownership have different overseas investment purposes and motives. Further studies show that the impact of strategic assets to China＇s investment in the US is different before and after the financial crisis.
出处
《国际贸易问题》
CSSCI
北大核心
2018年第2期125-136,共12页
Journal of International Trade
基金
教育部人文社会科学研究青年项目"制度性交易成本对中国企业海外投资的影响机制及政策研究"(17YJCGJW001)
安徽财经大学研究生科研创新基金项目"非股权安排对中国企业投资非洲的影响及路径研究"(ACYC2016032)
关键词
战略性资产
投资模式
投资动机
负二项模型
Strategic Asset
Investment Mode
Investment Motivation
Negative Binomial Model
