全球政策不确定性、组织控制与民营企业海外投资安全  

Global Policy Uncertainty,Organization Control and Overseas Investment Security of Private Enterprises

作　　者：洪联英 张玉珍 吴雨奇 姜建刚[1] Hong Lianying;Zhang Yuzhen;Wu Yuqi;Jiang Jiangang

机构地区：[1]湖南师范大学商学院 [2]湖南大学经济与贸易学院

出　　处：《世界经济研究》2022年第9期62-77,M0003,共17页World Economy Studies

基　　金：国家社会科学基金项目“国际生产组织视角下我国民营企业海外投资困境化解及高质量发展的推进机制研究”(项目编号:19BJL120);湖南省社会科学基金项目“行政审批改革激励民营企业创新的机制与效果研究”(项目编号:19YBA222);湖南省研究生科研创新项目“后疫情时代我国民营企业海外投资可持续发展关键问题研究”(项目编号:CX20200493)的阶段性成果。

摘　　要：文章整合2008~2019年企业数据,从微观企业组织控制层面研究民营企业如何应对全球政策不确定性的变化及其风险。研究发现,在应对全球政策不确定性风险时,企业拥有的物质资产和无形资产以及由此产生的企业法定所有权和剩余控制权,是海外投资组织控制的权利来源,具体体现为企业股权控制和能力控制;中国民营企业海外投资偏重以股权控制方式为主,基于剩余控制权的能力控制方式运用较低,或者说企业能力水平偏低难以发挥作用;当前要引导民营企业对海外投资所有权配置进行反思,走出选择误区,加强对以品牌、技术、专利和国际化管理经验等为核心的无形资产的积累,重视实际经营中的剩余控制权能力的培育和使用。文章从微观企业组织控制新视角,揭示股权控制和能力控制在应对全球政策不确定性飙升时的自我保护和风险防范的重要作用,丰富人们对海外投资企业的法定所有权与剩余控制权的认识,为新时代民营企业有效防控海外投资风险与安全提供战略启示。From the perspective of micro enterprise organization control,the paper studies how private enterprises deal with the changes and risks of policy uncertainty in the host country. It is found that when dealing with the risk of global policy uncertainty,the material assets and intangible assets owned by enterprises and its legal ownership and residual control rights of enterprises are the source of control power of overseas investment organizations,which is embodied in corporate equity control and capability control.However,the overseas investment of private enterprises in China still focuses on the equity control,and the ability control based on residual control plays a smaller role. The enterprise ability level is low,so that it is difficult to play a role. At present,we should guide private enterprises to rethink on the allocation of overseas investment ownership and get out of the wrong choice;strengthen the accumulation of core intangible assets with brands,technologies,patents and international management experience,and pay attention to the cultivation and use of residual control ability in actual operation. From a new perspective of microenterprise organizational control,this paper constructs a theoretical framework of global policy uncertainty,organizational control and corporate overseas investment security,reveals the important role of equity control and capacity control in self-protection and risk prevention in response to soaring global policy uncertainty and enriches our understand of the legal ownership and residual control rights of overseas investment enterprises. It helps private enterprises to better prevent and control the risks and safety of overseas investment,and it also provide important enlightenments for promoting the high-quality development of overseas investment of private enterprises.

关 键 词：政策不确定性 民营企业 海外投资安全 股权控制 能力控制 

分 类 号：F276.5[经济管理—企业管理] F125[经济管理—国民经济]