股东关联网络与对外直接投资--基于所有权优势提升角度  

Shareholder Association Network and Outward Foreign Direct Investment--Based on Ownership Advantage Enhancement Perspective

作　　者：薛军 程红雨 XUE Jun;CHENG Hongyu

机构地区：[1]南开大学经济学院

出　　处：《国际贸易问题》2024年第5期106-122,共17页Journal of International Trade

基　　金：教育部哲学社会科学实验室专项基金项目“中国民营企业OFDI指数年度报告”(H0123705);国家社会科学基金重大项目“依据超大国内市场规模,充分发挥国内国外两个市场、两种资源的联通机制”(23ZDA054)。

摘　　要：随着企业交叉持股日益普遍,企业间呈现出复杂多元的网络化特征。本文运用复杂网络方法,基于2011—2022年中国上市企业前十大股东持股信息构建股东关联网络,从投资强度及决策两个方面考察了股东关联网络对企业对外直接投资的影响。研究结果表明:股东网络可以通过“捆绑”联盟企业互补优势形成新的所有权优势,并且处于网络中心的企业优势提升更明显,使其更有意愿开展对外直接投资活动;机制检验显示,充分发挥股东网络资源整合、信息传递和监督自查的作用,能够通过提高股权融资能力、拓宽非正式信息通路和加强企业声誉建设渠道促进企业“走出去”,为培育对外直接投资竞争优势提供新契机。本文从网络化这一视角证实了股东网络对国际直接投资的积极作用,深刻思考了如何通过网络特性加强联盟企业的所有权优势,对形成互相促进的新发展格局具有启示意义。With the increasing prevalence of cross-shareholding among enterprises,enterprises are showing complex and diversified network characteristics.Adopting the complex network method,this paper constructs a shareholder association network based on the shareholding information of the top ten shareholders of listed companies in China from 2011 to 2022,and examines the impact of shareholder association network on foreign di-rect investment from both OFDI intensity and decision-making aspects.It finds that the shareholder network can form new ownership advantages by"bundling"the complementary advantages of the alliance enterprises,and improve the advantages of the network center enterprises more obviously,making them more willing to conduct foreign direct investment activities.Further mechanism tests show that giving full play to the role of shareholders'network resource integration,information transmission,supervision and self-examination can promote enterprises to go global by improving equity financing ability,broadening in-formal information channels and strengthening corporate reputation,and provide new op-portunities for cultivating competitive advantages of OFDI.From the perspective of networ-king,this paper confirms the positive effect of shareholder networks on international direct investment,and profoundly considers how to strengthen the ownership advantages of alli-ance enterprises through network characteristics,which is instructive for the formation of new development pattern of mutual promotion.

关 键 词：股东关联网络 所有权优势 对外直接投资 优势整合 

分 类 号：F752.61[经济管理—国际贸易]