摘要
本文基于制度基础理论和资源基础理论,重点研究东道国制度因素对中国企业对外直接投资股权进入模式所起的调节作用。结果表明:首先,在正式制度环境越不完善的国家投资时,国有企业相对非国有企业选择合资的可能性更大;在与中国的非正式制度差异越大的国家投资时,国有企业相对非国有企业选择合资的可能性越大。其次,在正式制度越不完善的国家投资时,技术基础越雄厚的企业选择合资的可能性越大;东道国与中国的非正式制度距离并不能通过影响企业的技术基础,进而影响我国企业海外子公司股权进入模式。此外,公司对外直接投资经验对我国企业海外子公司股权进入模式的选择没有影响。本研究对不同资源优势的企业在面临东道国复杂制度环境下如何开展对外直接投资具有参考价值。
Based on the institution and resource-based theories, this paper focuses on the regulating effect of host countries’ institutional factors on OFDI equity’s entry mode of Chinese enterprises.The result shows as following. First,state-owned enterprises are more likely to choose joint ventures than non-state-owned enterprises under the condition that the formal institutions of those invested countries are less perfect. And when investing in countries that differ more distinctly from China’s informal system, state-owned enterprises are also more likely to choose joint ventures than non-state-owned enterprises. Secondly, when the more imperfection the formal system of countries is, the higher the possibility of enterprises with a stronger technical foundation to choose joint ventures is. At the same time,the informal institutional distance between the host countries and China cannot influence the entry mode of overseas subsidiaries of Chinese enterprises through influencing the technological basis of enterprises. In addition, the OFDI’s experience has no influence on the choice of entry mode of Chinese enterprises’ overseas subsidiaries’ shares. This paper is of value about how enterprises with different resource advantages develop OFDI in the complex institutional environment of the host countries.
作者
谢凤燕
陈烨
林花
Xie Fengyan;Chen Ye;Lin Hua
出处
《财经科学》
CSSCI
北大核心
2020年第3期66-79,共14页
Finance & Economics
基金
重庆市社会科学规划博士项目“基于资源基础理论和制度基础理论视角的我国民营企业对外直接投资进度研究”(2014BS023)
国家自然科学基金面上项目“中国企业对外直接投资的空间布局与行为关联研究”(716732s27)
国家自然科学基金重点项目“中国企业国际化与制度演进”(71832012)。
关键词
对外直接投资
相对资源优势
制度环境
调节作用
股权进入模式
OFDI
Relative Resource Advantage
Institutional Environment
Regulating Effect
Entry Mode of Equity
