企业异质性、东道国特征与对外直接投资进入模式选择  

Enterprise Heterogeneity,Host Country Characteristics and the Choice of Entry Mode of OFDI

作　　者：程时雄 刘丹[3] CHENG Shi-xiong;LIU Dan(School of Economics, Fudan University, Shanghai 200433, China;School of Business, Hubei University, Wuhan 430062, China;School of Business Administration, Zhongnan University of Economics and Law, Wuhan 430073, China)

机构地区：[1]复旦大学经济学院,上海200433 [2]湖北大学商学院,湖北武汉430062 [3]中南财经政法大学工商管理学院,湖北武汉430073

出　　处：《经济经纬》2018年第4期50-58,共9页Economic Survey

基　　金：国家社会科学基金项目(14CJL041)

摘　　要：使用Zephyr数据库中2010—2015年的中国企业对外直接投资案例并结合各企业年报数据,建立Logistic二元选择模型,从企业异质性和东道国特征等因素出发,对中国企业对外直接投资进入模式的影响因素进行实证分析。实证结果表明:企业规模较大和研发水平较高的中国企业倾向于选择绿地投资的模式开展对外直接投资活动;当东道国市场规模越大、与中国的文化距离越大、治理水平越高时,中国企业越倾向于选择跨国并购的模式开展对外直接投资活动;而企业战略资产水平、企业经营管理水平、企业生产率以及东道国创建企业成本对中国企业对外直接投资两种模式的选择无显著影响。This paper builds Logistic Binary Choice Model to analyze Chinese firms＇ OFDI entry mode on the basis of Chinese firms＇ OFDI samples collected from Zephyr Database from 2010 to 2015, combined with the relevant data from annual reports of these firms. The empirical analysis studies the influencing factors of Chinese firms＇ OFDI entry mode in light of the combination of heterogeneous features of Chinese firms with national or regional features of host countries. The results confirm that bigger firms with relatively higher R＆D level prefer greenfield investment. Cross-border Mergers ＆ Acquisitions are preferred when the host country enjoys a higher level of governance with a bigger market size and a shorter cultural distance. In contrast, the strategic asset, management level, the productivity of the firm and the start-up cost in host country have no significant impact on the choice of Chinese firms＇ OFDI entry mode.

关 键 词：企业异质性 东道国特征 对外直接投资进入模式 跨国并购 绿地投资 

分 类 号：F831[经济管理—金融学]