政治风险规避与中国企业的OFDI策略选择

发布时间：2018-10-18 16:30

【摘要】：政治风险已经成为中国企业对外直接投资(OFDI)遭受损失最重要的原因之一,但是企业可以通过选择合理的投资策略来规避风险,降低损失。文章基于2004-2013年《中国境外投资企业(机构)名录》提供的OFDI企业数据,利用二值选择模型、倾向得分匹配(PSM)法和条件Logit固定效应模型分别考察了我国企业面临东道国政治风险时的策略选择问题以及投资经验对政治风险的调节作用。结果发现:东道国政治风险越高,企业越倾向于采取序贯式投资,投资经验可帮助企业规避和降低部分政治风险,提高企业在高政治风险东道国OFDI的概率;与生产性OFDI企业相比,销售宣传类OFDI企业对东道国政治风险的反应弹性较大,在具备投资经验后,对政治风险的敏感性降低。文章为中国企业"走出
[Abstract]:Political risk has become one of the most important reasons for the loss of (OFDI), but enterprises can choose reasonable investment strategies to avoid risk and reduce losses. Based on the OFDI enterprise data provided by the Directory of Enterprises (institutions) with Foreign Investment in China from 2004 to 2013, the paper makes use of the binary selection model. The tendency score matching (PSM) method and conditional Logit fixed effect model examine the choice of strategy and the adjustment of investment experience to the political risk of the host country respectively. The results show that the higher the political risk in host country, the more inclined enterprises are to adopt sequential investment. Investment experience can help enterprises avoid and reduce some political risks and increase the probability of OFDI in host country with high political risk. Compared with the productive OFDI enterprises, the OFDI enterprises of sales and propaganda have greater flexibility to respond to the political risks of the host country, and the sensitivity to political risks is reduced after having investment experience. The article is for Chinese enterprises to "step out"
【作者单位】：山东大学经济学院;
【基金】：国家自然科学基金项目(71473150) 教育部人文社会科学研究规划基金项目(14YJA790045)
【分类号】：F279.2;F125

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