文化距离与我国企业OFDI的进入模式选择——基于大型企业的微观数据检验

发布时间：2018-11-13 13:49

【摘要】：文化距离是研究对外直接投资(OFDI)进入模式涉及最多的影响因素,直接关系到OFDI的绩效与成败。本文采用最具代表性的KSI指数测度文化距离,并通过问卷调查、实地调研和上市公司年报3个渠道获取了2004年以来中国82家大型企业267次OFDI的相关数据。在微观数据的基础上,分别对这些企业OFDI的多样化模式、所有权结构和嵌入型平行模式进行了分位数描述性统计、Logit和Mlogit实证检验。结果表明:文化距离对OFDI多样化和平行模式选择具有显著的直接影响,且文化距离越大,企业越倾向于并购进入模式;文化距离对OFDI所有权结构的影响并不显著;文化距离通过母公司因素对进入模式选择产生了显著的间接传导作用,而通过东道国因素产生的间接影响不显著,且远远不及文化距离、母公司因素、产业因素对OFDI进入模式产生的直接影响。
[Abstract]:Cultural distance is the most influential factor in the study of (OFDI) entry mode of OFDI, which is directly related to the performance and success of OFDI. This paper uses the most representative KSI index to measure the cultural distance, and obtains the relevant data of 267-times OFDI of 82 large enterprises in China since 2004 through questionnaire survey, field investigation and annual report of listed companies. On the basis of microcosmic data, quantile descriptive statistics, Logit and Mlogit empirical tests are carried out on the diversification model, ownership structure and embedded parallel model of OFDI of these enterprises. The results show that the cultural distance has a significant direct influence on the choice of OFDI diversification and parallel mode, and the larger the cultural distance, the more inclined the enterprise is to the M & A entry mode, and the less the cultural distance has on the ownership structure of OFDI. Cultural distance has a significant indirect effect on entry mode selection through the parent company factor, but the indirect influence through the host country factor is not significant, and far less than the cultural distance, the parent company factor. The direct influence of industrial factors on OFDI entry mode.
【作者单位】：山东大学经济学院;
【基金】：国家自然科学基金“中国企业OFDI的进入模式研究”(项目批准号:71073097)
【分类号】：G04;F832.6;F279.2;F224

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