摘要
近年来,中国对外直接投资步伐不断加快,对外直接投资存量规模已跻身世界前三,步入“走出去”新时代。但快速的国际化经营模式似乎并未给中国“走出去”企业带来预期的绩效增长,大量海外子公司未能成功地“走下去”。从彭罗斯(Penrose)企业成长理论视角出发,以中国2006—2018年A股上市跨国企业的海外子公司为研究对象,采用Cox比例风险模型对中国企业对外直接投资速度与海外子公司生存绩效之间的关系进行实证研究。研究表明,中国跨国企业的快速国际化低估了国际化进程中的Penrose效应,低估了吸收、消化经验知识学习所需的时间,这会提高海外子公司的退出风险。进一步细分跨国企业国际化的不同维度,发现基于广度的快速国际化会使中国跨国企业面临更大的Penrose约束,对海外子公司绩效产生的负面影响更大。异质性分析表明采用合资模式、积累丰富的国际化经验能缓解中国跨国企业面临的“时间压缩不经济”压力和Penrose效应。
In recent years,China’s outward foreign direct investment(OFDI)has been accelerating.The stock of OFDI has ranked among the top three in the world,Chinese multinational corporations(CMNCs)has entered a new era of"going out".However,the pattern of rapid international operation does not bring the expected performance growth.A large number of overseas subsidiaries of CMNCs have failed to"go on"successfully.From the perspectives of Penrose theory,the authors aim to carry out an empirical study on the relationship between OFDI speed and the survival performance of subsidiaries by using the Cox survival function model and 2006-2018 overseas subsidiaries of Chinese A-share listed MNCs data.The result shows that rapid OFDI is likely to underestimate the Penrose effect and the time required to absorb experience and knowledge,which will increase the exit risk of subsidiaries.Moreover,further detailed analysis from different dimensions shows that exploratory behaviors of internationalization based on breadth will make CMNCs facing greater Penrose constraint,and have a greater negative effect on the performance of overseas subsidiaries.Finally,the analysis of heterogeneity shows that joint venture and wealthy international experience can alleviate the"time compression diseconomies"pressure and the Penrose effect faced by CMNCs.
作者
衣长军
李楚薇
YI Chang-jun;LI Chu-wei(School of Business Administration,Huaqiao University,Quanzhou 362021,Fujian,China)
出处
《中国流通经济》
CSSCI
北大核心
2022年第1期43-54,共12页
China Business and Market
基金
国家社会科学基金重点项目“‘一带一路’中国跨国企业与海外华商双向互动赋能机理及政策机制创新路径研究”(21AGL005)。
