数字经济背景下互联网金融企业海外市场进入模式研究——以蚂蚁金服进入“一带一路”沿线国家为例  

Research on the Entry Mode of Internet Finance Enterprises in the Context of Digital Economy:Taking Ant Financial Entering Countries along the“Belt and Road”as an Example

作　　者：冯乾彬 向姝婷 蒋为[2] Feng Qianbin;Xiang Shuting;Jiang Wei(School of Economics,Zhejiang University,Hangzhou 310058,China;School of International Business,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]浙江大学经济学院,杭州310058 [2]西南财经大学国际商学院,成都611130

出　　处：《技术经济》2023年第4期34-54,共21页Journal of Technology Economics

基　　金：国家自然科学基金青年科学基金项目“领导者授权行为对员工的‘双刃剑’影响机制研究:基于资源保存理论视角”(71902164);国家自然科学基金重点项目“中国企业国际化与制度演进”(71832012);国家自然科学基金重点项目“全球价值链与中国贸易竞争力研究”(71433002)。

摘　　要：作为数字经济典型主体的互联网金融企业,其海外市场进入模式及其进入模式选择的背后路径研究尚不充分。据此,本文构建了互联网金融企业海外市场进入模式的理论模型和投资环境评估体系,以及投资环境对其进入模式选择的影响路径。选取蚂蚁金服进入“一带一路”沿线国家的样本开展研究。首先,对沿线国家的投资环境进行综合评价;其次,基于理论模型,进一步提炼出蚂蚁金服的海外市场进入模式;最后,采用清晰集定性比较分析工具(csQCA),研究投资环境要素的组合效应对进入区位和进入模式选择的影响。研究发现:①“一带一路”沿线国家投资环境差异明显;②互联网金融企业的主要进入模式按照控制度和资源承诺的高低可分为四类,包括投资+输出技术和经验、股权投资、战略合作和接入服务;③互联网金融企业会倾向于进入母国周边邻近国家,进入市场需求较大和基础设施较完善的地区。政府治理水平较高且制度环境较差的国家,不适宜采用高控制度高资源承诺的模式进入;当制度环境较差时,可采用战略合作的方式进入,避免政治风险。本文对数字经济背景下,互联网金融企业的国际化理论和实践发展具有一定意义。There is still a lack of comprehensive research on the entry modes adopted by internet finance enterprises(IFEs),which are considered quintessential players in the digital economy,when expanding into foreign markets,as well as the underlying factors that influence their mode of entry decisions.On the basis of this,a theoretical model and investment environment evaluation system for the entry modes of IFEs into overseas markets had been constructed,along with an analysis of the impact of investment environment on their mode of entry decisions.The cases of Ant Financial,which entry into countries along the“Belt and Road”(B&R)were used for the research.Firstly,a comprehensive evaluation was conducted on the investment environment of the countries along the B&R.Secondly,based on the theoretical model,the overseas market entry modes of Ant Financial were further refined.Finally,by using the crisp-set qualitative comparative analysis tool(csQCA),the combined effects of investment environment factors on the choice of entry location and modes were studied.The research findings indicate as follow.There are significant differences in the investment environment of countries along the B&R.The main entry modes of IFEs can be classified into four types based on the degree of control and resource commitment,including investment with technology and experience output,equity investment,strategic cooperation,and access to services.IFEs tend to enter neighboring countries of their home country,as well as regions with more market demand and better infrastructure.Countries with higher levels of government governance but poor institutional environments are not suitable for high-control and high-resource commitment entry modes.When the institutional environment is poor,strategic cooperation can be used to enter,thereby avoiding political risk.This study is of certain significance for the theoretical and practical development of internationalization of IFEs in the context of the digital economy.

关 键 词：互联网金融 数字经济 海外市场进入模式 定性比较分析 一带一路 

分 类 号：F272[经济管理—企业管理] F832[经济管理—国民经济]