不确定性与中国企业海外子公司经营绩效  

Uncertainty and Operating Performance of Overseas Subsidiaries of China’s MNEs

作　　者：耿伟[1] 吴雪洁 冯雅荻 GENG Wei;WU Xue-jie;FENG Ya-di

机构地区：[1]天津财经大学经济学院

出　　处：《国际经贸探索》2021年第12期74-89,共16页International Economics and Trade Research

基　　金：国家自然科学基金青年项目(71702121);天津市高等学校创新团队培养计划(TD13-5063)。

摘　　要：关于不确定性对对外直接投资企业绩效影响的现有文献聚焦于对跨国公司整体绩效的影响,而忽略了对异质性海外子公司经营绩效的深化考察。文章运用2007~2018年中国海外子公司面板数据,检验了东道国不确定性对海外子公司经营绩效的影响。研究发现:东道国不确定性显著降低了海外子公司经营绩效;不确定性对海外企业绩效的负向影响在制度质量较低、金融发展水平较低、非相邻的东道国尤为显著,并且这一负向影响更显著地作用于未进行互联网化的海外子公司。机制检验发现,不确定性通过减少跨国公司对子公司资源投入、增加子公司成本、降低东道国消费需求对子公司经营绩效产生负向影响。The existing literature on the impact of uncertainty on the performance of foreign direct investment enterprises focuses on the impact on the overall performance of multinational corporations,while ignoring the in-depth investigation of the operating performance of heterogeneous overseas subsidiaries.Based on the panel data of China’s overseas subsidiaries from 2007 to 2018,this paper examines the impact of the uncertainty of the host country on the operating performance of overseas subsidiaries.The research shows that the uncertainty of the host country significantly weakens the operating performance of overseas subsidiaries;the negative impact of the uncertainty on the performance of overseas enterprises is particularly significant in the host countries with low institutional quality and low financial development level as well as in the non-neighboring host countries,and this negative impact is more significant on overseas subsidiaries without Internet.The mechanism test reveals that the uncertainty exerts negative impact on the operating performance of the subsidiaries by cutting down the resource investment of multinational corporations to the subsidiaries,increasing the cost of the subsidiaries and reducing the consumption demand of the host country.

关 键 词：东道国不确定性 海外子公司经营绩效 资源投入 成本 消费需求 

分 类 号：F279.2[经济管理—企业管理]