制度距离与南方国家对外直接投资的区位选择与绩效：理论与实证分析

发布时间：2018-01-04 16:31

本文关键词：制度距离与南方国家对外直接投资的区位选择与绩效：理论与实证分析　出处：《南开大学》2012年博士论文　论文类型：学位论文

【摘要】：对外直接投资作为全球化的重要组成部分，极大改变了世界经济的面貌。因此，对外直接投资区位选择及衡量对外直接投资绩效的决定因素一直是学者和政策制定者关注的焦点。除了市场规模、税收、贸易政策、汇率、利率政策、生产成本、基础设施等这些传统因素在已有的研究文献中得到了广泛、深入的研究外，近年来关于母国与东道国间的制度距离这一新的影响对外直接投资的因素开始受到越来越多的研究关注。另一方面，来自南方国家的对外直接投资（OFDI）增长迅速，在全球直接投资中的比重在不断上升，成为推动全球直接投资的一股新生力量。制度距离、南方国家对外直接投资已分别成为直接投资理论和直接投资实践当中两个值得关注的新焦点。在此背景下，本文利用“制度距离”系统考察了国家间不同类型的制度因素与对外直接投资区位选择及跨国并购绩效之间的关系，揭示了制度距离对南方国家对外直接投资区位选择与绩效的传导机制，并利用该传导机制解释了制度距离对南北方国家对外直接投资区位选择与绩效影响的差别，通过实证检验了此传导机制对南方国家对外直接投资的适用性，基于这些结论为南方国家对外直接投资行为和绩效提供政策建议。根据上述研究思路和方法，本文拟分为六章：第一章导论，此部分提出论文的选题背景、研究思路和相关概念的界定以及论文的创新点；第二章对制度距离与对外直接投资的相关理论和实证文献进行系统梳理，并对现有文献研究的不足与改进方向做出一定的评述；第三章首先分析了南方国家跨国公司新特点和独特的竞争优势。同时，从理论上分析了制度距离对直接投资区位选择影响，并从制度距离角度分析了南方国家对外直接投资动因，以及制度距离对“南南直接投资”和“南北直接投资”区位选择的作用机制；第四章利用跨国面板数据检验了南方国家与东道国间管制制度距离和规范制度距离对跨国投资区位选择的影响，证实了南方国家对外直接投资与北方国家对外直接投资的不同模式；第五章利用倍差法对制度距离与中国企业实施跨国并购后的微观绩效进行了理论和实证分析。估计结果显示，东道国与母国的管制性、规范性制度差距对中国企业跨国并购后的绩效改善有显著的影响；第六章在本文研究的基础上，总结主要研究结论并给出相应的政策建议。通过理论和经验研究，本文得出了以下相关结论：第一，传统引力模型中的变量，比如共同边境、共同官方语言等对源于南北方国家的对外直接投资都存在重要影响作用。传统影响对外直接投资的因素对“南南直接投资”的显著性影响，为以区域内直接投资为特点的“南南直接投资”提供了例证。规范性制度距离对源于南方国家和北方国家的直接投资的作用机制是相同的，即母国跨国公司倾向于对规范性制度环境接近的东道国进行投资。第二，北方国家倾向于对管制性、规范性制度距离与母国相似的东道国进行投资，即母国与东道国间制度距离越小，两国间对外直接投资流量越多。第三，来自南方国家的对外直接投资与制度距离，特别是管制性制度距离的关系和作用机制比较复杂：当南方国家跨国公司向管制性制度环境优于母国的东道国投资时，管制性制度距离可以视为南方国家对外投资的驱动力，即南方国家跨国公司在国际化进程当中，迫切的需要自身竞争力的提高，这需要积累大量的先进技术、管理经验、知名品牌、成熟高效的分销渠道等战略型资产，而这些战略型资产的形成需要完善的知识产权和私有财产保护体系、高效的契约执行等完善的管制性制度环境。因此南方国家快速发展所需的战略型资产更容易在管制性制度环境健全的北方国家获得。第四，当南方国家跨国公司向制度环境与母国相似的国家投资时，，母国企业在相似恶劣制度环境下经营并盈利的经验是南方国家企业向其他在南方国家投资的相对比较优势,母国企业通过利用东道国管制性制度缺陷，以较低成本达到经济目的。这为近年来迅速发展的南南直接投资提供了印证。第五，当南方国家跨国公司向管制性制度距离较本国更差的东道国投资时，如果与母国管制性制度差异较大的东道国自然资源（特别是能源和矿产资源）充裕，那么可以抵消管制性制度距离对两国对外直接投资的负面影响。管制性制度距离差距与东道国自然资源禀赋是来自南方国家直接投资的又一重要驱动力。在当今经济飞速发展的国际化进程中，为适应更加激烈的国际和国内竞争，很多南方国家政府推行经济“赶超”战略。而经济“赶超”战略则需要大量、廉价的自然资源投入来支持国内经济快速、持续增长。自然资源充裕的最不发达南方国家，制度体系不完善，对自然资源保护力度弱，对经济增长速度和规模的追求远远超过对经济质量和结构的追求。因此支持南方国家经济"赶超"战略所需的自然资源（特别是能源、矿产资源）更容易在管制性制度环境恶劣的最不发达南方国家获得。第六，东道国管制性制度越严格，东道国目标公司治理水平越完善。并购公司会自愿通过跨国并购去学习、模仿目标公司较高水准的公司治理水平。并购后绩效改善与并购后时间相关，跨国并购后3年左右，南方国家企业通过跨国并购学习、模仿目标公司较高水准的治理水平，学习效应开始发挥作用，企业跨国并购绩效出现改善迹象。第七，跨国公司的经营活动受东道国意识形态、价值观念、社会习俗等人文环境的制约,这些因素决定了外国分支机构需要承担的公共责任及能够发挥的企业优势。母国与东道国的规范性制度距离越大，外国投资者对当地社会规范和习性较为陌生,且不易获得社会认可,从而增大了并购后企业内部的制度整合以及企业外部相关利益群体网络构建的难度，增加了企业并购后运营成本，降低并购绩效。
[Abstract]:As an important part of globalization , foreign direct investment has greatly changed the outlook of the world economy . Therefore , the determinants of foreign direct investment location selection and measurement of foreign direct investment performance have been the focus of scholars and policy makers . In addition to market scale , tax , trade policy , exchange rate , interest rate policy , production cost , infrastructure , etc . In this context , the relationship between the system factors of different types of countries and the choice of foreign direct investment region and the performance of transnational M & A are investigated by means of the system distance system , and the differences between the system distance and the foreign direct investment location selection and performance of the South China are revealed . The applicability of this mechanism to the foreign direct investment in the South China is verified empirically . Based on these conclusions , the policy suggestions are provided for the foreign direct investment behavior and performance of the countries of the South . Chapter three analyzes the influence of the distance between China ' s foreign direct investment and the foreign direct investment , and analyzes the influence of the distance between the system distance and the foreign direct investment . Through theoretical and empirical research , the following conclusions are drawn : First , the variables in the traditional gravitation model , such as common border , common official language and so on , have important influence on the foreign direct investment originating from the countries of the South and the North . The traditional influence factors on the direct investment in South China provide an example for the " South - South direct investment " , which is characterized by direct investment in the region . The distance of the normative system is the same as that of the direct investment from the countries of the South and the North , that is , the transnational corporation of the mother country tends to invest in the host country close to the normative system environment . Secondly , the countries of the North tend to invest in host countries with similar regulatory and normative systems that are similar to those of the host country , namely , the smaller the institutional distance between the home and host countries , the more direct investment flows between the two countries . Third , the relationship between foreign direct investment and institutional distance , especially the distance of regulatory system , from the South China is more complex : when the multinational corporation of the South is superior to host country ' s host country ' s investment , the distance of regulatory regime can be regarded as the driving force of foreign investment in the South , that is , it needs to build up a lot of strategic assets such as advanced technology , management experience , well - known brand , mature and efficient distribution channel , etc . Fourthly , when the South China multinational corporations invest in countries similar to the home countries , the experience of the mother - state enterprises in operating and making profits in the similar harsh system environment is the relatively comparative advantage of the South China enterprises to invest in other countries in the South , and the mother - state enterprises achieve the economic purpose at lower cost by using the defects of the host country control system . This provides a stamp for the rapid development of South - South direct investment in recent years . Fifth , when the South China multinational companies invest in host countries that are more distant from the regulatory regime , if the host country ' s natural resources ( especially energy and mineral resources ) differ from the control system of the host country , it can offset the negative impact of the regulatory regime distance on the foreign direct investment of the two countries . Sixth , the more stringent the control system of the host country , the more perfect the governance level of the target company of the host country . The acquisition company will voluntarily learn from the cross - border M & A to imitate the corporate governance level of the target company . After the M & A , the performance improvement is related to the post - merger time . After the cross - border M & A , the South China enterprises learn from the cross - border M & A , imitate the target company ' s higher level of governance , the learning effect starts to play a role , and the enterprise ' s transnational M & A performance shows signs of improvement . Seventh , transnational corporation ' s business activities are restricted by the host country ' s ideology , value idea , social customs and so on . These factors determine the public responsibility and the enterprise advantage that foreign affiliates need to undertake . The greater the distance between the home country and the host country , the greater the foreign investors are familiar with the local social norms and habits , it is difficult to obtain social recognition , thus increasing the system integration in the post - acquisition enterprises and the difficulty of constructing the network of the external relevant interest groups , increasing the operating cost after the acquisition of the enterprises and lowering the performance of the M & A .

【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F831.6;F224

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