资源禀赋、制度环境与中国企业海外进入模式选择  

Resource Endowment, Institutional Environment and Chinese Firms' Entry Mode Choice

作　　者：吴亮[1] 吕鸿江[1] 

机构地区：[1]东南大学经济管理学院,江苏南京211189

出　　处：《国际经贸探索》2016年第3期75-88,共14页International Economics and Trade Research

基　　金：国家自然科学基金项目(71272240);国家自然科学基金项目(70972140);国家自然科学基金项目(71472036);国家自然科学基金项目(71102031);国家自然科学基金项目(71372196)

摘　　要：利用2001—2010年中国在沪市上市的3286家样本企业数据．文章分析了资源禀赋和制度环境对中国企业海外进入模式选择的影响。研究结果表明：资源禀赋中．贡献性资产研发密度越高．中国企业选择独资进入模式的可能性越大；补充性资产广告密度越高。中国企业选择合资进入模式的可能性越大；补充性资产市场化程度越高，中国企业选择独资进入模式的可能性越大。制度环境中，东道国制度环境越完善（东道国风险越低、腐败印象指数越低、投资自由度越高、金融自由度越高、贸易自由度和货币自由度越高），中国企业选择独资进入模式的可能性越大。此外．母国与东道国的文化差异对资源禀赋和制度环境与中国企业海外进入模式之间均存在负向的调节效应。上述发现对于今后中国企业的海外进入模式选择有着重要的启示和意义。Using a database including 3286 firms in Shanghai Stock Exchange from 2001 to 2010, this paper analyzes the influence of resources endowment and institution environment on Chinese firms＇ entry mode choice. The results show that in resource endowment, when the contribution assets＇ R＆D is higher, Chinese enterprises have a greater possibility to choose sole proprietorship; when complementary assets＇ advertising cost is higher, they have a greater possibility to choose joint venture; when complementary assets＇ marketization degree is higher, they have a greater possibility to choose sole proprietorship. In institutional environment, the more perfect institutional environment （the lower of the host risk, the lower of corruption index, the higher of investment freedom, the higher of financial freedom, and the higher of trade and currency freedom） leads to their greater possibility to choose sole proprietorship. In addition, the cultural differences of home country to host country have a negative moderate effect on the relationship between resource endowment and institutional environment with Chinese firms＇ entry mode choice. The findings have an important implication for Chinese enterprises＇ overseas entry mode choice in the future.

关 键 词：资源禀赋 制度环境 文化差异 进入模式 

分 类 号：F832[经济管理—金融学]