从“主场优势”到市场驱动——中国国有企业的海外直接投资研究  

From "Home Advantage" to Market Driven——A Study of the Overseas Direct Investment of Chinese State-Owned Enterprises

作　　者：蒋纳 JIANG Na(School of Economics,Shanghai University,Shanghai 200444,China)

机构地区：[1]上海大学经济学院,上海200444

出　　处：《山西财经大学学报》2022年第3期16-27,共12页Journal of Shanxi University of Finance and Economics

基　　金：上海市软科学重点计划项目(21692194200);上海市人民政府发展研究中心——上海财经大学决策咨询研究基地项目(2020110380)。

摘　　要：中国国有企业在国内的制度与资源优势和在海外遭遇的制度合法性壁垒构成了其在国内的“主场优势”。本文采用中国上市公司海外子公司的数据进行了实证检验,发现相较于民营企业,国有企业海外直接投资的子公司总数与国家(地区)数均相对较低,主要原因是国内资源垄断优势的不可转移性、管理者海外经验欠缺和对董监高的激励机制不到位。而且,国有企业的OFDI表现与国有持股比例密切相关,二者之间存在倒U型关系。可以考虑从完善地区市场化制度和构建现代企业制度两个方面来驱动国有企业积极进行海外扩张,具体包括提升地区市场化发展水平、实行股权多元化、吸纳高层次海外人才和对管理层实施正负向激励等,助推中国国有企业提升国际竞争优势。Compared with overseas institutional legitimacy barriers, domestic system and resource advantages have formed the“home advantage”for Chinese state-owned enterprises. Based on the empirical test of the overseas subsidiaries of Chinese listed companies, we found that, compared with private enterprises, the total number of overseas direct investment subsidiaries of state-owned enterprises and the number of countries(regions) were relatively fewer, and the phenomena were mainly caused by the intransferability of the monopoly advantage of domestic resources, the lack of overseas experience of managers and inadequate incentive mechanism for directors and supervisors. Moreover, the OFDI performance of state-owned enterprises was closely related to state-owned shareholding ratio, and there was an inverted “U”shaped relationship between the two. At last, we considered that, there were two channels for driving state-owned enterprises to positively expand overseas, including perfecting regional market-oriented system and building a modern enterprise system. Specifically, these driving measures included improving regional level of market-oriented development, promoting equity diversification, absorbing high-level overseas talents and implementing both positive and negative incentives to the management.

关 键 词：国有企业 海外子公司 现代企业制度 地区市场化制度 公司治理 

分 类 号：F279[经济管理—企业管理]