摘要
以新兴市场对外直接投资的区域多元化对企业财务绩效和市场绩效的影响为出发点,从多个角度进行了理论分析,并在此基础之上,以中国制造企业2012-2016年所有的母子公司为研究对象,从企业绩效的两方面——财务绩效和市场绩效,对新兴市场企业区域多元化与企业绩效的关系进行探究。研究发现,新兴市场企业对外直接投资(OFDI)区域多元化程度与企业财务绩效呈"U"型曲线,而OFDI区域多元化程度与企业市场绩效呈倒"U"型曲线。因此,企业应根据自身战略目标来进行区域多元化的决策,使企业长期或短期目标能够与企业区域多元化程度相匹配。
The question whether OFDI regional diversification leaded to enhanced or lessened financial performance and market performance in emerging markets hasnotbeen perfectly answeredyet.Following theoretical analysis this study adopts the evidences from emerging market’s enterprises,investigates the effects of their OFDI on the financial as well as market performance benefits of OFDI regional diversification.The empirical analysis is based upon data collected from 48 Chinese manufacturing enterprises and their affiliated overseas subsidiaries in the years from 2012 to 2016.Our findings demonstrate that OFDI regional diversification of emerging market enterprises shows a U-shaped curve with financial performance,while shows an inverted u-shaped curve with their market performance.Therefore,enterprises should aim for an appropriate balance between long term and short term goals,so that the regional diversification decision could match and achieve their develop strategy.
作者
王雁南
李自杰
张般若
WANG Yan-nan;LI Zi-jie;ZHANG Ban-ruo(Business School,University of International Business and Economics,Beijing 100029,China)
出处
《经济问题》
CSSCI
北大核心
2019年第5期75-82,共8页
On Economic Problems
基金
国家自然科学基金项目"新兴市场企业并进型对外直接投资的多层面影响因素与绩效研究:基于组织并行视角"(71472038)
国家自然科学基金项目"中国跨国企业的可持续外派管理与多层次绩效研究:基于能力-动机-机会研究理论框架"(71872043)
关键词
对外直接投资
区域多元化
财务绩效
市场绩效
outward foreign direct investment
regional diversification
financial performance
market performance
