制度距离与中国企业OFDI的进入模式选择——基于上市企业的数据检验  

Institutional Distance and OFDI Entry Mode Choice of Chinese Enterprises

作　　者：袁柳 Yuan Liu(College of Economics,Jinan University,Guangzhou 510632,China)

机构地区：[1]暨南大学经济学院

出　　处：《经济与管理》2019年第6期86-92,共7页Economy and Management

摘　　要：基于中国上市企业2006-2015年对外直接投资的数据,分别从管制距离、规范距离和认知距离三个维度探究制度距离与企业对外直接投资进入模式选择的关系。研究发现:随着管制距离、规范距离和认知距离的增加,相对于绿地新建,跨国企业更倾向于选择跨国并购的进入模式。同时,检验东道国政府的态度对制度距离影响海外市场进入模式的选择发现,东道国政府的态度对认知距离影响进入模式的选择具有调节作用。即随着认知距离的增加,东道国政府对FDI的态度越友好,OFDI企业选择跨国并购进入模式的可能性越小;而东道国政府的态度对管制距离和规范距离影响海外市场进入模式选择的调节作用不显著。Based on the data of Chinese listed enterprises’ OFDI from 2006 to 2015, this paper explores the relationship between institutional distance and the choice of OFDI entry mode from three dimensions of regulatory distance, normative distance and cognitive distance. It is found that with the increase of regulatory distance, normative distance and cognitive distance,compared with Greenfield new construction,transnational enterprises are more inclined to choose the entry mode of transnational M&A. At the same time, this paper examines the host government’s attitude towards the choice of the entry mode of overseas market influenced by institutional distance, and finds that the attitude of the host government has a moderating effect on the choice of entry mode affected by cognitive distance. In other words,with the increase of cognitive distance,the more friendly attitude of host government towards FDI,the less likely OFDI enterprises are to choose the mode of transnational M&A. However, the attitude of the host government has no significant moderating effect on the choice of entry mode of overseas market affected by regulatory distance and normative distance.

关 键 词：管制距离 规范距离 认知距离 进入模式 制度特征 

分 类 号：F740.2[经济管理—国际贸易]