文化距离、制度距离对跨境风险投资进入模式的影响

发布时间：2018-03-02 05:23

本文关键词： 文化距离制度距离跨境风险投资进入模式　出处：《软科学》2017年09期 　论文类型：期刊论文

【摘要】：以CVSource数据库中收录的2000~2014年外资风险投资机构对中国创业企业的跨境风险投资事件为样本,借鉴Kogut和Singh的方法计算投资机构母国与中国的文化距离和制度距离,运用Logit回归分析文化距离、制度距离对跨境风险投资进入模式选择的影响。研究发现,投资机构母国与中国的文化距离越大,投资机构越倾向于以外资独资方式进入中国市场;制度距离越大,投资机构越倾向于以合资方式进入中国市场。从文化距离的各个维度来看,权力距离、个人主义/合作主义、不确定性规避、长短期导向、放纵/约束维度距离越大,投资机构越倾向于以独资方式进入中国市场。制度距离维度中,管制维度距离越大,投资机构越倾向于以合资方式进入中国市场。
[Abstract]:Based on the cross-border venture capital events of foreign venture capital institutions in China from 2000 to 2014 included in the CVSource database, the cultural and institutional distance between home country and China is calculated by using the methods of Kogut and Singh. Logit regression analysis is used to analyze the influence of cultural distance and institutional distance on the choice of cross-border venture capital entry mode. It is found that the greater the cultural distance between home country and China, the more investment institutions tend to enter the Chinese market by wholly foreign-owned investment. The greater the institutional distance, the more investment institutions tend to enter the Chinese market by means of joint ventures. From the various dimensions of cultural distance, power distance, individualism / cooperation, uncertainty avoidance, short and long term orientation, The larger the dimension of indulgence / constraint is, the more inclined the investment institution is to enter the Chinese market by sole proprietorship, and the greater the distance of regulatory dimension is, the more inclined the investment institution is to enter the Chinese market by means of joint venture.
【作者单位】：兰州大学经济学院;东北大学工商管理学院;
【基金】：河北省科技计划项目(154576309)
【分类号】：F279.2;F832.48;F832.6

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