“一带一路”沿线国家制度风险与企业海外市场进入模式选择:基于中国装备制造业上市公司的实证分析  

Institutional Risk in Countries along the "One Belt One Road" and Choice of Enterprises Overseas Market Entry Mode: Empirical Research of Chinese Equipment Manufacturing Listed Companies

作　　者：张宁宁 张宏[1,2] 杨勃 Zhang Ningning;Zhang Hong;Yang Bo

机构地区：[1]山东大学经济学院 [2]天津财经大学经济学院

出　　处：《世界经济研究》2019年第10期119-133,M0004,共16页World Economy Studies

基　　金：国家社会科学基金项目“我国战略资产获取型对外直接投资与产业竞争优势升级研究”(项目编号:14BGJ043);山东大学人文社会科学重大项目“‘一带一路’区域价值链构建与中国产业转型升级”(项目编号:11020088395318);教育部人文社会科学研究青年基金项目“中国企业逆向跨国并购后的组织身份管理模式研究:影响因素、动态演化与并购绩效”(项目编号:18YJC630222)

摘　　要：文章基于制度理论与跨国公司理论,从政治因素视角出发,以2006~2017年中国装备制造业上市公司对"一带一路"沿线国家开展对外直接投资的199起投资事件为研究样本,运用Logistic模型实证分析了"一带一路"沿线国家制度风险对企业海外市场进入模式选择的影响,并进一步分析了双边政治关系和企业性质在这一影响过程中的调节效应。结果表明:中国企业更倾向于选择合资模式进入制度风险较高的"一带一路"沿线国家;良好的双边政治关系提高了企业选择独资模式进入制度风险较高的沿线国家的可能性;相较于民营企业,国有企业更倾向于选择合资模式进入制度风险较高的沿线国家。研究结论将对中国企业去"一带一路"沿线国家开展对外直接投资时选择更为恰当的海外市场进入模式以及积极应对制度风险、促进国际产能合作等具有一定的启示意义。The research based on the theory of institutions and the theory of multinational corporations,from the perspective of political factors,takes 199 investment events of Chinese listed equipment manufacturing enterprises in countries along the " One Belt One Road" during the period of 2006 ~ 2017 as the research samples,uses Logistic model to empirically analyze the impact of institutional risk of countries along the " One Belt One Road" on the choice of enterprises overseas market entry mode,and further analyzes the bilateral political relations and the nature of enterprises in this process of adjustment effect. The results show that Chinese enterprises are more inclined to choose the mode of joint venture to enter the countries along the " One Belt One Road" with higher institutional risks;good bilateral political relations can weaken the relationship between institutional risk and the choice of enterprises overseas market entry mode;compared with private enterprises,state-owned enterprises tend to choose joint venture mode to enter the countries with higher institutional risks. The research findings will have management implications for Chinese enterprises to effectively choose more appropriate overseas market entry modes,actively deal with institutional risks and promote international cooperation on production capacity.

关 键 词：“一带一路” 制度风险 进入模式 双边政治关系 企业性质 

分 类 号：F27[经济管理—企业管理]