制度距离对中国跨国公司境外子公司股权结构的影响

发布时间：2018-04-14 03:31

本文选题：制度距离 + 跨国公司　；参考：《南开大学》2013年硕士论文

【摘要】：在跨国公司国际化的过程中,首先要选择以何种方式进入东道国,以及在境外子公司中占据多少股权,也就是确定子公司的股权结构。股权结构决策体现了跨国公司对子公司的控制权,对子公司的后期经营有着重大影响。事实上,跨国公司在进行股权决策时,会受到多方面因素的影响,如公司的国际化战略、东道国的法律限制等。其中,母国和东道国之间的制度差异也是其中一个重要的影响因素,并且逐渐受到越来越多学者的关注。目前已经有学者以西方跨国公司为对象研究了两国间制度距离对跨国公司股权决策的影响。但是,中国的跨国公司有着与西方跨国公司截然不同的成长环境,因此即使进入相同的东道国,它们也可能有不同的决策行为。因此以西方跨国公司为对象所得出的研究结论对中国跨国公司来说并非完全适用。本文首先分析了以往的理论对中国跨国公司的适用性,然后根据以往学者的研究结论针对中国跨国公司提出相关假设,并以1200家中国跨国公司的境外子公司为样本,实证检验了制度距离对跨国公司股权决策的影响。实证结果表明,中国的跨国公司受到制度距离影响的情况与西方跨国公司有着显著的不同,其中除了绝对制度距离显著影响跨国公司的股权决策外,两国制度质量的相对差异也具有显著的影响；同时,政治、市场、经济等不同类型的制度对跨国公司的股权决策也会产生不同的影响。最后,本文以实证结果为依据,从制度的角度对中国跨国公司提出了一些建议。无论是进入制度完善还是制度欠缺的东道国,跨国公司的管理者都需要考虑中国和东道国的制度距离对子公司经营的影响,制定与两国制度距离相符的股权策略。
[Abstract]:In the process of multinational corporation internationalization, first of all, we should choose which way to enter the host country, and how many shares in the foreign subsidiary company, that is, determine the ownership structure of the subsidiary company.The decision of ownership structure reflects the control right of transnational corporation to subsidiary company, and has great influence on the later operation of subsidiary company.In fact, multinational corporations are influenced by many factors, such as the internationalization strategy of the company, the legal restriction of the host country and so on.Among them, the institutional difference between the home country and the host country is also an important factor, and gradually attracted more and more scholars' attention.At present, some scholars have studied the influence of the institutional distance between the two countries on the ownership decisions of multinational corporations (MNCs).However, Chinese multinationals have a very different growth environment from Western TNCs, so even if they enter the same host country, they may have different decision-making behaviors.Therefore, the conclusions drawn from the research on western multinational corporations are not fully applicable to Chinese multinationals.This paper first analyzes the applicability of the previous theories to Chinese multinational corporations, and then, according to the research conclusions of previous scholars, puts forward relevant hypotheses for Chinese transnational corporations, and takes 1200 overseas subsidiaries of Chinese transnational corporations as samples.The influence of institutional distance on MNCs' equity decision is tested empirically.The empirical results show that the influence of institutional distance on Chinese multinational corporations is significantly different from that of western transnational corporations, except that absolute institutional distance significantly affects the equity decisions of multinational corporations.At the same time, different systems such as politics, market, economy and so on will have different influences on the equity decisions of multinational corporations.Finally, based on the empirical results, this paper puts forward some suggestions to Chinese multinational corporations from the point of view of system.Whether entering the host country where the system is perfect or not, the managers of multinational corporations need to consider the influence of the institutional distance between China and the host country on the operation of subsidiary companies, and formulate the equity strategy consistent with the institutional distance between the two countries.
【学位授予单位】：南开大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.7

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