市场距离、市场规模与中国企业对外直接投资的市场进入次序  

Market Distance,Market Size and Market Entry Sequence of Chinese Outward Foreign Direct Investment

作　　者：杨嬛[1] 邓涛涛[1] 

机构地区：[1]上海财经大学城市与区域科学学院,上海200433

出　　处：《经济管理》2017年第9期20-34,共15页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"企业国际化的‘年龄依赖’效应:基于进入时间;国际化能力与国际化动力的研究"(71402085);教育部人文社会科学基金项目"企业国际化的‘年龄依赖’效应:国际化能力;国际化动力与初始化时间"(14YJC630164)

摘　　要：本文从动态的视角出发,将同一企业的多次对外直接投资行为视为连续性事件,通过运用中国商务部《境外投资企业(机构)名录》的数据(1983—2015),研究市场规模以及由地理距离、文化距离和制度距离三个维度构成的市场距离对中国企业国际市场进入次序的影响。本文发现,中国企业倾向于先进入市场规模较大的市场,但地理距离和制度距离降低了中国企业在进入次序上对大市场的偏好;随着投资次数的增加,制度距离对市场规模与进入次序的调节作用不再显著,但是,地理距离的调节作用却被加强;在2007年之前,中国企业倾向于先进入市场规模较大、自然资源和战略资源较为丰富的市场,但市场距离的调节作用并不显著;在2007年之后,战略资源对市场进入次序的影响力进一步加强,而丰富的自然资源反而降低了市场的进入优先级,地理距离和制度距离也在这期间表现出显著的调节作用。In 2015, Chinese Outward Foreign Direct Investment （OFDI） reached at 145.57 billion US dollars, which means an increase of 18.3% compared to 2014. China has changed from the world＇s major foreign direct in- vestment destination into an important foreign direct investment exporter. Chinese companies have become experi- enced cross-border investors. Thus, it is meaningful and necessary to study the overseas activities from a continued perspective. This paper,based on the micro-enterprise data of the ＂Catalog of Overseas Investment Enterprises （Or- ganization） ＂ （ 1983--2015 ） of Chinese Ministry of Commerce, regards the OFDI behavior of the same Chinese en- terprises for the first time as a related event, and studies the entry sequence of Chinese OFDI firms. This paper de- fines the market distance from three dimensions, including geographical distance, cultural distance and institutional distance. Furthermore, this paper introduces market size, and analyzes the entry sequence of Chinese OFDI under the combined effects of market cost and benefit. In addition, in order to better understand the behavior of Chinese OFDI,this paper also analyzes the change of market experience and its influence on the relationships among market distance, market size on market entry sequence. Finally, to capture the diversified interests of Chinese OFDI in the international market, this paper uses the natural resources and strategic resources to expand the definition of market size. It mainly draws the following conclusions.

关 键 词：市场距离 市场规模 对外直接投资 次序选择 

分 类 号：F276.7[经济管理—企业管理]