中国企业OFDI羊群行为——基于中国制造业上市公司的实证研究  

A Research on Herding Behavior in Chinese Firms’ OFDI:An Empirical Study Based on Chinese Manufacturing Listed Companies

作　　者：刘海月 黄玲 刘诗奕 高亮 Liu Haiyue;Huang Ling;Liu Shiyi;Gao Liang

机构地区：[1]四川大学商学院 [2]四川和信振兴股权投资基金管理有限公司

出　　处：《财经科学》2018年第12期41-52,共12页Finance & Economics

基　　金：教育部人文社会科学基金项目“中国企业对外直接投资行为的‘羊群效应’研究”(17YJC790094)

摘　　要：文章梳理了2005-2015年761个中国制造业上市公司对外直接投资(OFDI)。事件,并与东道国特征数据和上市公司治理数据进行匹配,立足东道国和行业层面分别考察了中国制造业上市公司OFDI羊群行为的存在性。研究发现,中国制造业上市公司投资决策在东道国和行业层面均存在羊群跟随行为。进一步分析,东道国特征以及公司治理机制与投资羊群行为显著相关,、且东道国与行业投资羊群行为的影响因素存在差异:,东道国选择的羊群行为主要受到诸如资源禀赋、劳动力成本等东道国特征的显著影响,而行业投资羊群行为则受董事会规模、独立董事比例、高管持股等公司治理机制的显著影响。This paper collects the OFDI events of 761 listed Chinese manufacturing companies from 2005 to 2015 and matches the host country characteristic data and the listed company governance data.Based on the host country,industry and enterprise level,this paper investigates the existence of OFDI herd behavior of listed Chinese manufacturing companies.Results show that the investment decisions of listed Chinese manufacturing companies have herd behavior at both the industry and host country level.Further investigation shows that host country characteristics and corporate governance mechanisms are significantly related to investment herd behavior,and there are differences in the influencing factors between the host country and the industry's investment herd behavior:investment herd behavior at the host country level is mainly affected by host country characteristics such as resource endowment and labor costs,while herd behavior at the industry level is significantly affected by corporate governance mechanisms such as board size,in- dependent director system,and executive shareholding.

关 键 词：对外直接投资 羊群行为 公司治理 东道国特征 

分 类 号：F125.4[经济管理—世界经济]