政策风险与中国跨国企业海外市场进入模式选择

发布时间：2018-02-01 11:56

本文关键词： 政策风险进入模式合法性制度创业制度同构政治能力　出处：《管理科学》2017年04期 　论文类型：期刊论文

【摘要】：东道国政策风险是影响跨国企业海外市场进入模式选择的关键因素。已有研究主要从制度理论的合法性视角出发,认为跨国企业应该采取制度同构的方式获取合法性,即选择合资模式进入政策风险较高的东道国。该视角认为政策风险是跨国企业只能被动适应而不能主动利用的外生因素,忽视了拥有能动性的跨国企业在管理政策风险方面扮演的是一个更加积极的角色。基于制度理论的能动性视角并且结合企业资源基础观,探讨政策风险对中国跨国企业海外市场进入模式选择的影响机理。以2003年至2014年沪深两市A股上市公司投资新建的海外子公司为研究对象,运用Stata 12.0软件和Logit回归分析,系统分析政策风险与中国跨国企业海外市场进入模式选择之间的关系,并进一步考察中国跨国企业母公司的所有权性质、国际化经验和组织冗余对二者关系的调节作用。研究结果表明,由于中国跨国企业拥有采取制度创业的方式获取合法性的政治能力,因此,政策风险对中国跨国企业选择独资模式进入具有正向影响,即中国跨国企业倾向于选择独资模式进入政策风险较高的东道国;与民营企业相比,国有企业更倾向于选择独资模式进入政策风险较高的东道国;国际化经验提高了中国跨国企业选择独资模式进入政策风险较高东道国的可能性;组织冗余降低了中国跨国企业选择独资模式进入政策风险较高东道国的可能性。通过引入制度理论的能动性视角,研究结果拓展了关于东道国政府的政策风险影响跨国企业海外市场进入模式选择的研究;从企业资源基础观出发,考察二者关系成立的情景条件,扩展了理论的适用条件和范围;中国跨国企业的国际化过程是资产扩大与资产利用动机的结合,丰富了新兴经济体跨国企业的国际化理论。相关研究结论对于以中国企业为代表的新兴经济体跨国企业在进入政策风险较高的东道国时采取制度同构还是制度创业的方式获取合法性具有一定的启示和指导意义。
[Abstract]:The risk of host country policy is the key factor to influence the choice of entry mode for multinational enterprises in overseas market. It is believed that multinational enterprises should adopt the method of institutional isomorphism to obtain legitimacy. That is, to choose the joint venture mode to enter the host country with high policy risk, which is considered to be an exogenous factor that multinational enterprises can only adapt to passively and not be able to make active use of. MNCs with initiative play a more active role in the management of policy risk, which is based on institutional theory and combined with corporate resource-based view. This paper discusses the influence mechanism of policy risk on the choice of entry mode for Chinese multinational enterprises in overseas market. From 2003 to 2014, the investment of new overseas subsidiaries of A-share listed companies in Shanghai and Shenzhen stock markets is taken as the research object. Using Stata 12.0 software and Logit regression analysis, this paper systematically analyzes the relationship between policy risk and the choice of entry mode for Chinese multinational enterprises in overseas markets. And further study the ownership nature of the parent company of Chinese multinational enterprises, internationalization experience and organizational redundancy on the regulatory role of the relationship between the two. The results show that. Because Chinese multinational enterprises have the political ability to obtain legitimacy through institutional entrepreneurship, the policy risk has a positive impact on the choice of sole proprietorship mode for Chinese multinational enterprises. That is, Chinese multinational enterprises tend to choose the sole proprietorship mode to enter the host country with higher policy risk; Compared with the private enterprises, the state-owned enterprises tend to choose the sole proprietorship mode to enter the host country with higher policy risk. The internationalization experience enhances the possibility that Chinese multinational enterprises choose the sole proprietorship mode to enter the host country with higher policy risk; Organizational redundancy reduces the possibility for Chinese multinational enterprises to choose the sole proprietorship model to enter the host country with higher policy risk. The results expand the research on the influence of host government's policy risk on the choice of entry mode for multinational enterprises in overseas markets. Starting from the view of enterprise resource foundation, this paper investigates the situation conditions of the establishment of the relationship between the two, and expands the applicable conditions and scope of the theory. The internationalization process of Chinese multinational enterprises is the combination of asset expansion and asset utilization motivation. It enriches the internationalization theory of multinational enterprises in emerging economies. The relevant research conclusions are institutional isomorphism or institutional creation for multinational enterprises in emerging economies represented by Chinese enterprises when entering the host country with high policy risk. The way to obtain the legitimacy of industry has certain enlightenment and guiding significance.
【作者单位】：东北大学工商管理学院;
【基金】：国家社会科学基金(15AGL006)~~
【分类号】：F275;F276.7;F832.51
【正文快照】： 引言近年来,中国企业随着自身实力的不断增强,为了获得更高的投资回报,纷纷选择走出国门进行海外投资。作为企业国际化的重要一步,海外市场进入模式的选择正确与否直接关系到企业海外经营的成败[1-2]。东道国环境因素被认为能够对跨国企业的进入模式选择产生重要影响。

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