文化距离与我国企业OFDI的进入模式选择——基于大型企业的微观数据检验  

Cultural Distance and OFDI Entry Mode Choice of Chinese Enterprises:A Study based on the Test of Large Enterprises' Micro-Data

作　　者：綦建红[1] 杨丽[1] 

机构地区：[1]山东大学经济学院

出　　处：《世界经济研究》2014年第6期55-61,88-89,共7页World Economy Studies

基　　金：国家自然科学基金"中国企业OFDI的进入模式研究"(项目批准号:71073097)

摘　　要：文化距离是研究对外直接投资(OFDI)进入模式涉及最多的影响因素,直接关系到OFDI的绩效与成败。本文采用最具代表性的KSI指数测度文化距离,并通过问卷调查、实地调研和上市公司年报3个渠道获取了2004年以来中国82家大型企业267次OFDI的相关数据。在微观数据的基础上,分别对这些企业OFDI的多样化模式、所有权结构和嵌入型平行模式进行了分位数描述性统计、Logit和Mlogit实证检验。结果表明:文化距离对OFDI多样化和平行模式选择具有显著的直接影响,且文化距离越大,企业越倾向于并购进入模式;文化距离对OFDI所有权结构的影响并不显著;文化距离通过母公司因素对进入模式选择产生了显著的间接传导作用,而通过东道国因素产生的间接影响不显著,且远远不及文化距离、母公司因素、产业因素对OFDI进入模式产生的直接影响。Cultural distance is the most widely used factor in studying OFDI entry mode choice and performance.This paper firstly applies the most typical KSI index to measure cultural distance.Then,through the questionnaire survey,investigation and report of public company,the paper got data on 82 large enterprises' 267 OFDI activities since 2004.Based on the micro data,it applies quantile analysis to describe these enterprises' OFDI diversification,ownership and parallel entry mode choice,and then Logit and Mlogit model to have the empirical test.The result shows that cultural distance has obvious direct effect on the choice of diversification and parallel entry mode.That is,M&A will be apt to be adopted if cultural distance is larger.However,the effect of cultural distance on the ownership choice of OFDI entry mode is not obvious.Moreover,through the factor of parent firms' technology,the indirect effect of cultural distance on the entry mode choice is evident.But the cross terms of cultural distance and host factors' effect on OFDI entry mode choice are not evident,and far less than the direct effect of cultural distance,parent company and industry factor.

关 键 词：OFDI 进入模式 文化距离 

分 类 号：G04[文化科学] F832.6[经济管理—金融学] F279.2F224