企业异质性视角下中国企业FDI模式选择的研究

发布时间：2018-07-04 11:05

本文选题：FDI + 企业异质性　；参考：《浙江工商大学》2013年硕士论文

【摘要】：二战后,随着各国对外开放程度的提高和社会生产力的迅猛发展,跨国企业作为经济全球化的微观主体得到了空前发展。各国跨国企业不断进行投资与兼并,推动着生产向全球一体化发展。随着中国体制改革的不断深化,中国跨国企业也逐渐在全球化生产中占有一席之地,为扩大生产经营和市场竞争空间,对外直接投资(FDI)成为越来越多中国企业的长期战略。但中国企业对外直接投资活动还处于起步阶段,在纷繁复杂的全球环境中,FDI进入模式决策选择的正确与否,不仅关系着企业对外投资活动的效率高低,对企业的发展更有着深远影响。因此,跨国企业FDI进入模式的选择一直以来都是国内外学者对国际直接投资研究的一大焦点,研究企业对外直接投资模式的选择,在全球经济逐渐趋于一体化的今天,对中国跨国企业尤其具有重要的现实指导意义。 2002年中国加入世界贸易组织之后,中国企业对外直接投资额呈现出强劲的增长速度,大量企业以对外直接投资的方式开拓国际市场。甚至在对外直接投资受金融危机冲击的2009年,中国企业的对外直接投资额却达到历年最高。但许多中国跨国企业“走出去”的效果并不佳,众多企业损失惨重,尤其是近年来进行的海外并购,失败的案例比比皆是。中国企业仍处于市场化进程中,又要与国际市场相互竞争,难免存在信息缺失、跨国经营经验不足、资金困难、人才匮乏等问题,众多中国跨国企业淹没于错综复杂的决定因素以及需要掌握的信息量中,对海外投资活动潜在风险的估计失准将导致企业战略决策失误,进而造成投资活动以失败告终。本文在对FDI进入模式选择理论的充分回顾与评价基础上,将企业异质性引入企业FDI模式选择的决策框架中,专注于分析企业的跨国并购和合资的行为选择。本文基于理论分析的基础之上,用实证分析来对其进行进一步验证。首先,本文从异质性企业具有的四大优势的角度,剖析企业微观层面的异质性特征与FDI进入模式选择关系的内在逻辑,企业的异质性特征越强时,企业越重视其自身拥有的核心异质资源,企业拥有的宏观调控能力更强,不愿与当地企业分享利润,此时,企业会优先选择对异质资源的保护及对目标企业控制度更高的进入模式,从而将企业的资源优势保持在其国际经营体系内部。而异质性特征较弱的企业往往在其拥有的竞争性技术,核心知识和能力等方面存在不足,跨国企业在东道国市场处于竞争劣势,此时,与当地企业合资可以很好地帮助企业获取国际资源。接下来,本文以FDI进入模式的二元选择模型为基础,结合中国跨国企业对外直接投资的现实数据,系统分析了中国跨国企业FDI进入模式选择的影响因素,并提出一系列假说,以战略性资产、企业规模、国际化经验、经营管理水平、营销密度五个影响因素来量化企业的异质性特征,结合东道国环境的相关因素(东道国治理品质、经济自由化程度、东道国市场规模、地理距离)构建指标体系,并利用中国跨国企业在2002～2010年问完成的48个跨国并购和29个合资样本数据进行了实证检验,最后根据实证结果得出中国企业FDI进入模式选择的主要影响因素。本文的主要结论为：第一,企业的异质性特征,如拥有的战略性资产、企业规模和国际化经验对FDI进入模式选择都有显著影响,而经营管理水平和营销密度对FDI进入模式选择的影响不大；第二,除了企业本身的异质性特征对FDI进入模式的选择会造成影响外,东道国治理品质、市场规模、地理距离也会对FDI进入模式的选择产生影响；第三,中国跨国企业在FDI进入模式的选择上存在较多的战略决策失误,尤其是在企业本应选择并购的进入模式时,企业却选择合资的方式,降低了企业的经营效率和盈利能力。最后,本文基于企业异质性对FDI进入模式选择的影响机制,从企业与政府两个主体层面提出加快中国企业FDI由“量”到“质”转变以及更科学地进行FDI进入模式选择的政策建议,以促进中国企业FDI的稳定、健康发展。
[Abstract]:After World War II, with the improvement of the degree of opening to the outside world and the rapid development of social productivity, transnational enterprises have been developed as the microcosmic subject of economic globalization. In order to expand production management and market competition space, foreign direct investment (FDI) has become a long-term strategy for more and more Chinese enterprises to expand production and management and market competition. However, the foreign direct investment activities of Chinese enterprises are still in the initial stage. In the complicated and complex whole ball environment, the choice of FDI mode decision is correct or not, It is not only related to the efficiency of the enterprise's foreign investment activities, but also has a far-reaching influence on the development of the enterprise. Therefore, the choice of the FDI entry mode of the multinational enterprises has always been a major focus of the domestic and foreign scholars on the research of international direct investment, and the choice of the model of the foreign direct investment is gradually becoming integrated in the global economy. Today, it has important practical guiding significance for China's multinational enterprises.
After China joined the World Trade Organization in 2002, the foreign direct investment of Chinese enterprises showed a strong growth rate. A large number of enterprises opened up the international market in the way of foreign direct investment. Even in 2009 the foreign direct investment was hit by the financial crisis, the amount of foreign direct investment of Chinese Enterprises reached the highest in the past years. The effect of "going out" of multinational enterprises in China is not good, and many enterprises have lost heavy losses, especially in recent years, the cases of overseas mergers and acquisitions are everywhere. Chinese enterprises are still in the process of marketization and are competing with the international market. There are no information, lack of experience of transnational operation, financial difficulties and lack of talent. Many Chinese transnational enterprises are inundated by the complex determinants and the amount of information that needs to be mastered. The estimation of the potential risk of overseas investment activities will lead to the failure of the strategic decision of the enterprise and the failure of the investment activities.
On the basis of full review and evaluation of the theory of FDI entry mode selection, this paper introduces enterprise heterogeneity into the decision-making framework of enterprise FDI model selection and focuses on analyzing the behavior selection of transnational mergers and acquisitions and joint ventures. Based on the theoretical analysis, this paper uses empirical analysis to further verify it. First, this paper From the point of view of the four advantages of heterogeneous enterprises, the internal logic of the relationship between the heterogeneity of the enterprise's micro level and the choice of FDI into the model is analyzed. The stronger the heterogeneity of the enterprise, the more the enterprises pay more attention to their own core heterogeneous resources, and the enterprises have stronger macro-control ability, and they do not want to share the profits with the local enterprises. At this time, the enterprise will give priority to the protection of the heterogeneous resources and the higher control degree of the target enterprise, so as to keep the resource advantage of the enterprise within its international management system, and the enterprises with the weak heterogeneity are often lacking in the competitive technology, the core knowledge and ability, and the multinational enterprises are in the East. The road country market is at a competitive disadvantage. At this time, joint venture with local enterprises can help enterprises to obtain international resources. Next, this paper, based on the two element selection model of FDI entry mode, combined with the realistic data of foreign direct investment in China's transnational enterprises, systematically analyzes the influencing factors of the choice of FDI entry mode of Chinese transnational enterprises. And a series of hypotheses are put forward to quantify the heterogeneity of the enterprise with five factors, strategic assets, enterprise scale, international experience, management level and marketing density, and construct the index system with the related factors of host country environment (the quality of host country, the degree of economic liberalization, the size of host country market, and geographical distance). The empirical results of 48 transnational mergers and 29 joint venture sample data completed by Chinese transnational enterprises in 2002~2010 years have been tested. Finally, the main influencing factors of the selection of Chinese enterprise FDI entry mode are obtained according to the empirical results. The main conclusions of this paper are: first, the heterogeneity of the enterprise, such as the strategic assets owned and the scale of the enterprise And international experience has a significant impact on the choice of FDI entry mode, and management level and marketing density have little influence on the choice of FDI entry mode. Second, in addition to the influence of the heterogeneity of the enterprise itself on the choice of FDI entry mode, the governance quality of the host country, the market scale and the geographical distance will also enter the FDI model. Third, Chinese transnational enterprises have more strategic decision errors in the choice of FDI entry mode, especially when the enterprise should choose the entry mode of merger and acquisition, but the enterprise chooses the way of joint venture to reduce the business efficiency and profitability of the enterprise. Finally, this paper is based on the enterprise heterogeneity to the FDI entry mode. The choice of the influence mechanism, from the two main aspects of the enterprise and the government, proposed to speed up the transformation of Chinese enterprise FDI from "quantity" to "quality" and more scientific FDI entry mode choice, in order to promote the stable and healthy development of Chinese enterprise FDI.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.6;F279.2

【参考文献】