中国企业对“一带一路”沿线国家市场的进入策略

发布时间：2018-03-01 21:21

本文关键词： 对外直接投资进入策略跨国并购一带一路　出处：《中国工业经济》2017年09期 　论文类型：期刊论文

【摘要】：本文利用2004—2009年对"一带一路"沿线国家直接投资的中国企业数据,考察了"一带一路"沿线国家制度和资源对中国企业市场进入策略的影响。通过运用Multinomial Logit模型做实证检验,本文得到以下结论:生产率较高、资本较密集和规模较大的企业选择合资或并购;出口多的企业倾向于绿地新建。中国企业倾向于以合资或并购形式进入技术和研发资源密集的沿线国家,以获取沿线国家的"可转移"资源;"不可转移优势"明显的企业进入技术和研发资源密集的沿线国家通过选择合资或并购的概率较高。在制度质量较高、营商环境好或制度差异大的沿线国家,中国企业倾向于并购,但"可转移优势"明显的企业倾向于以绿地新建方式进入制度差异大的沿线国家。给定沿线国家的制度和资源,中国企业基于异质性"优势"选择最优进入策略:在制度环境优越的沿线国家,生产率较高的企业选择绿地新建,利润率较高的企业选择合资或并购。
[Abstract]:Based on the Chinese enterprises' data of direct investment in "Belt and Road" countries from 2004 to 2009, this paper examines the influence of national institutions and resources on the market entry strategies of Chinese enterprises along the "Belt and Road" route. The empirical test is made by using Multinomial Logit model. This paper draws the following conclusions: higher productivity, more capital intensive and larger scale enterprises choose joint venture or M & A; Chinese enterprises tend to enter countries along the route of technology and R & D resources in the form of joint ventures or mergers and acquisitions. In order to obtain "transferable" resources from countries along the route; enterprises with obvious "non-transferable advantages" are more likely to enter technology and R & D resource-intensive countries by choosing joint ventures or mergers and acquisitions. In the countries along the route where the business environment is good or the institutional differences are large, Chinese enterprises tend to merge, but the enterprises with obvious "transferable advantages" tend to enter the countries along the route with large institutional differences in the form of greenfield construction. Given the institutions and resources of the countries along the route, Based on heterogeneity "advantage", Chinese enterprises choose optimal entry strategy: in countries with superior institutional environment, enterprises with higher productivity choose greenbelt to build new ones and enterprises with higher profit margin choose joint venture or merger.
【作者单位】：厦门大学经济学院;
【基金】：国家自然科学基金青年项目“中国企业对外直接投资的贸易效应和就业效应”(批准号71503221)
【分类号】：F125;F279.2

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