中国物流企业对外直接投资绩效影响机理与传导路径——基于制度环境和金融发展的双调节效应

发布时间：2018-04-04 18:16

本文选题：物流企业对外直接投资绩效　切入点：影响机理　出处：《中央财经大学学报》2017年09期

【摘要】：在当前中国物流企业的对外直接投资规模呈现跨越式增长背景下,企业对外直接投资绩效成为评价其投资成败的重要指标。笔者通过构建中国物流企业对外直接投资绩效影响因素的概念模型,采用结构方程模型和层级回归方法,基于制度环境和金融发展的双调节效应视角,从企业竞争优势和外来者劣势两重维度考察了中国物流企业对外直接投资绩效的影响因素,揭示了不同因素的影响机理和传导路径:物流企业竞争优势对其短期和长期投资绩效均表现出显著的正向影响;外来者劣势不利于物流企业对外直接投资绩效的提高;当引入制度环境和金融发展等因素时,上述影响效果会发生显著改变。研究结论从理论上奠定了深入研究企业竞争优势和外来者劣势与物流企业对外直接投资绩效关系的基础,启示我们从加强母国金融改革、完善东道国制度环境信息披露、培育企业竞争优势等方面,提高中国物流企业对外直接投资绩效的管理。
[Abstract]:Under the background of leapfrogging growth in the scale of FDI of Chinese logistics enterprises, the performance of OFDI has become an important index to evaluate the success or failure of their investment.The author constructs a conceptual model of the factors influencing the performance of foreign direct investment (FDI) of Chinese logistics enterprises, adopts the structural equation model and hierarchical regression method, and based on the perspective of dual regulatory effects of institutional environment and financial development.From the two dimensions of competitive advantage and outsider disadvantage, this paper investigates the influencing factors of FDI performance of Chinese logistics enterprises.The influence mechanism and transmission path of different factors are revealed: the competitive advantage of logistics enterprises has a significant positive impact on their short-term and long-term investment performance, the disadvantage of outsiders is not conducive to the improvement of logistics enterprises' foreign direct investment performance;When the institutional environment and financial development are introduced, the above effects will change significantly.The conclusion lays a foundation for the in-depth study of the relationship between the competitive advantage and the outsider disadvantage of the enterprise and the performance of the foreign direct investment of the logistics enterprise. It enlightens us to strengthen the financial reform of the home country and improve the disclosure of the environmental information of the host country.Cultivate competitive advantage of enterprises, improve the performance of Chinese logistics enterprises foreign direct investment management.
【作者单位】：辽宁工业大学经济学院;
【基金】：教育部人文社科重点研究基地重大项目“对外直接投资支持体系:国际比较研究”(12JJD790036);教育部人文社会科学青年基金项目“金融支持上游度对中国制造出口绩效的影响机理研究”(17YJC790090);教育部人文社会科学青年基金项目“证券市场异常波动背景下价格限制类交易机制对市场质量的影响:基于效率与公平的视角”(16YJC790049) 辽宁省社科基金“基于技术创新视角的出口技术复杂度对辽宁制造业出口竞争力提升的促动效应研究”(L16CJL003) 辽宁省教育厅高校基本科研业务费项目“跨国投资对出口技术复杂度提升的影响机理与效用研究——基于技术创新中介效应视角”(JW201615401)
【分类号】：F125;F259.23

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