制度环境、公司战略导向与中国OFDI模式选择——基于中国微观企业数据的研究

发布时间：2019-02-12 10:04

【摘要】：在中国对外投资模式选择日益固化的背景下,研究了中国企业对外投资模式选择多样化的影响因素。从理论上分析了制度环境和公司战略导向对企业对外投资模式选择的影响机制,利用微观企业层面数据进行实证研究。结果表明,政治风险越大,企业在股权比例安排上越倾向于选择合资方式,东道国政治风险与对外投资股权模式选择不相关;文化距离对中国OFDI模式选择没有显著影响;公司战略导向对企业股权比例的选择影响显著,表明采取积极进取的海外拓展战略使跨国企业采用合资模式的概率增加;金融危机发生以来,中国跨国企业开始倾向于采取更加进取性的全资模式进入发达国家。最后,提出利用非股权安排保障中国海外投资利益的政策建议。
[Abstract]:Under the background of China's foreign investment mode selection solidifying day by day, the factors influencing the diversification of Chinese enterprises' overseas investment mode selection are studied. This paper theoretically analyzes the influence mechanism of institutional environment and corporate strategic orientation on the choice of enterprises' outward investment mode, and makes an empirical study by using micro-enterprise level data. The results show that the larger the political risk, the more inclined the enterprise is to choose the joint venture mode in the equity proportion arrangement, the political risk of the host country is not related to the choice of foreign investment equity mode, and the cultural distance has no significant influence on the choice of OFDI mode in China. Corporate strategic orientation has a significant impact on the choice of corporate equity ratio, indicating that the adoption of aggressive overseas expansion strategy increases the probability of multinational enterprises adopting joint venture mode; Since the financial crisis, Chinese multinationals have begun to adopt more aggressive mode of full-capital into developed countries. Finally, the paper puts forward some policy suggestions on using non-equity arrangement to protect China's overseas investment interests.
【作者单位】：安徽财经大学国际经济贸易学院;南京大学经济学院;
【基金】：教育部人文社科青年项目“制度性交易成本对中国企业海外投资的影响机制及政策研究”(17YJCGJW001)的阶段性成果
【分类号】：F125;F279.2

【相似文献】