投资区位、进入模式选择与海外子公司存活率之间的关系——以中国企业对外直接投资为例  

Location, entry mode choice and survival of Chinese firms' outward FDI

作　　者：白涛[1] 焦捷[1] 金占明[1] 王文龙[2] 

机构地区：[1]清华大学经济管理学院,北京100084 [2]中国人民大学社会与人口学院,北京100872

出　　处：《清华大学学报（自然科学版）》2013年第2期280-288,共9页Journal of Tsinghua University(Science and Technology)

基　　金：国家自然科学基金资助项目(71172003)

摘　　要：投资区位和进入模式选择是企业开展对外直接投资时最核心的两个战略决定。该文以中国1996年到2004年企业的对外直接投资作为样本,从经济和文化视角分别检验了区位选择对于海外子公司存活率的影响,并对两者进行了整合,进一步分析了文化距离对于经济距离与海外子公司绩效的调节作用。使用逻辑回归模型的研究结果显示:企业在经济距离大、文化距离小的东道国市场进行投资时,海外子公司往往获得较高的存活率;在进入模式选择方面,通过绿地投资方式建立的子公司存活率要高于并购方式建立的子公司。该文还比较了东道国国家宏观层面特点和母公司层面特点对于海外子公司绩效影响的大小。这将有助于深入了解企业绩效差异化的内在机理。Location and entry mode choices are considered as the core strategy decisions while firms invest abroad. This paper uses a sample of Chinese firms＇ direct investment from 1996 to 2004 worldwide, and examines the relationship between the location choice and the foreign subsidiaries survival from both economic and cultural perspectives, and furthermore analyzes the contingent effects of cultural distance on the relationship between economic distance and the FDI （foreign direct investment） performance. Through logistic regression analysis, the results suggest that in the host countries with higher economic distance and lower cultural distance compared with home countries, foreign subsidiaries have better chances to survive, with subsidiaries established through greenfield investment enjoying more chances to survive than through acquisitions. This paper also compares the predicting power ofcountry and firm levels＇ effects on the FDI performance to know the variation in the foreign affiliate performance.

关 键 词：对外直接投资 逻辑回归 区位选择 进入模式 

分 类 号：O212.1[理学—概率论与数理统计]