摘要
越来越多的中国企业在政策的推动下"走出去",形成了不同投资区位的多元化格局。本文整合制度和组织学习理论视角,通过区分初始投资和后续投资构筑对外投资双阶段模型,并基于2538家中国企业的11599条对外投资数据,对地区制度环境、行业不确定性和企业生命周期多层面因素如何影响企业对外投资区位和路径选择,以及不同的投资区位如何影响企业绩效等进行实证分析。研究发现:初始投资时,企业所在地区制度治理水平、所处行业不确定性程度和所在生命周期阶段均与投资目的地国家制度治理水平显著正相关;后续投资时,企业所在地区制度治理水平越高、所处行业不确定性程度越大、越处于企业生命周期后期,越会推动企业由向单一制度治理水平国家投资到同时向两类制度治理水平国家投资转型。此外,本文根据投资收益率和生产力水平两个绩效维度,提出了对外投资区位和路径选择的决策路线图。当企业仅向低制度治理水平国家投资时,能够获得更高的投资收益率,但并未显著提升其生产力水平;而仅向高制度治理水平国家投资,能够有效提升企业的生产力水平,却对其投资收益率的影响不显著;只有同时向两类制度治理水平国家投资,才能同时提升企业的投资收益率和生产力水平。
More and more Chinese enterprises are driven to'going out'under the policy,forming a diversified pattern of different investment locations.This paper integrates the perspective of institutional theory and organizational learning theory,distinguishes the initial investment stage and the subsequent investment stage,and then builds a two-stage model of foreign investment.Based on the empirical analysis of 11599 rows of overseas investment data from 2538 Chinese companies,this paper answers the question on how the regional institutional environment,industrial structural uncertainty and enterprises’life cycle affect the choice of foreign investment location and path,and how different investment locations affect firm performance.It is found that,at the initial investment stage,the level of regional institutional governance,the level of industrial structural uncertainty,and the stage of enterprise lifecycle are positively related to the level of institutional governance in investment destinations;at the subsequent investment stage,the higher level of regional institutional governance,the higher level of industrial structural uncertainty,and the mature stage of enterprise lifecycle push the enterprises to transform their location choice of outward foreign direct investment from countries with single type of institutional governance to both types.Furthermore,this paper puts forward the decision diagram of foreign investment location and path choice according to two performance dimensions which are return on investment and level of productivity.Under the investment of country with low-level institutional governance,the enterprise can obtain a higher investment rate of return,but it has no significant effect on the improvement of its productivity level.The investment of country with high-level institutional governance can effectively improve the productivity level of enterprises,but it has no significant effect on the investment rate of return.Only by investing in the two types of countries at the same time can enterprise
作者
王泽宇
刘刚
梁晗
WANG Ze-yu;LIU Gang;LIANG Han(Institute of Economics,CASS,Beijing 100836,China;School of Business,Renmin University of China,Beijing 100872,China)
出处
《中国工业经济》
CSSCI
北大核心
2019年第3期5-23,共19页
China Industrial Economics
基金
国家社会科学基金重点项目"产业链视角下战略产业选择与投资研究"(批准号17AJY012)
关键词
对外投资
投资区位
制度环境
行业不确定性
企业生命周期
OFDI
investment location
institutional environment
industrial structural uncertainty
enterprise life cycle
