制度壁垒、组织学习与中国企业对外投资区位选择  

Institutional Barrier, Organizational Learning and Location Choice of Chinese Firms for Foreign Investment

作　　者：郑莹[1] 阎大颖[2] 任兵[3] 

机构地区：[1]南京大学商学院,江苏南京210093 [2]南开大学经济学院,天津300071 [3]南开大学商学院,天津300071

出　　处：《国际商务（对外经济贸易大学学报）》2015年第2期47-56,共10页INTERNATIONAL BUSINESS

基　　金：国家自然科学基金项目(71172058);中央高校基本科研业务费专项资金资助(NKZXB1118);中央高校基本科研业务费专项资金重点资助项目(NKZXA1107)的阶段性成果

摘　　要：本文借鉴制度理论和组织学习理论的视角,考察东道国区位因素和企业异质性对中国企业选择对外投资区位的多重影响。基于沪深两市制造业上市公司2006~2010年对外直接投资数据,运用条件逻辑模型,实证分析发现：文化距离和正式制度风险对中国企业对外直接投资区位选择具有负向影响,且正式制度风险的负向影响在企业具有较高水平的FDI经验或较多的国际股权联盟联系时减弱;而文化距离的负向影响只在企业具有较高水平的FDI经验时才有所降低。结果表明,特定的组织学习有助于中国企业克服由东道国正式和非正式制度环境导致的对外直接投资过程中的障碍。From the perspective of institutional theory and organizational theory, this paper examines the interaction effect of location factors of host countries and firm heterogeneity on the location choice of Chinese firms. Based on FDI data of listed manufacturing firms in the two Stock Exchange markets during 2005-2010, this paper applies the logit model to conduct an empirical analysis, coming up with results indicating that formal institutional risk and cultural distance of host counties have negative impacts on Chinese firms＇ FDI location choice. However, the negative effect of formal institutional risk is weakened when firms have relatively higher level of FDI experience and more international equity alliance ties, but the negative effect of cultural distance is decreased only when firms become more experienced in FDI. The results suggest that specific organizational learning can facilitate Chinese firms＇ overcoming the FDI barriers erected by formal and informal institutions of host countries.

关 键 词：文化距离 正式制度风险 区位选择 对外直接投资经验 国际股权联盟联系 

分 类 号：F125[经济管理—世界经济]