企业风险水平与对外直接投资区位选择——基于异质性企业理论的实证分析  

Enterprise Risk Level and Location Choice of OFDI:An Empirical Analysis Based on Heterogeneous Firm Theory

作　　者：王正新 吴心思 刘俊 Wang Zhengxin;Wu Xinsi;Liu Jun(School of Economics,Zhejiang University of Finance and Economics,Hangzhou 310018,China;School of Economics,Tongling University,Tongling 244061,China)

机构地区：[1]浙江财经大学经济学院,浙江杭州310018 [2]铜陵学院经济学院,安徽铜陵244061

出　　处：《中国管理科学》2024年第9期323-334,共12页Chinese Journal of Management Science

基　　金：教育部人文社会科学规划项目(18YJC630130);国家自然科学基金项目(71971194)。

摘　　要：本文在异质性企业理论框架下,构建了企业风险水平影响对外直接投资(OFDI)区位选择的理论模型,揭示了企业风险水平与东道国市场规模、自然资源、战略资产、制度质量等因素对企业OFDI决策的影响机制。在此基础上,通过匹配中国商务部《境外投资企业(机构)名录》与A股上市企业数据构建企业微观数据集,并运用条件Logit模型进行实证检验。结果表明:企业风险水平与东道国进入门槛之间的关系决定了企业的OFDI决策,东道国市场环境的恶化会提高进入门槛,削弱企业投资倾向,但企业的低风险水平能够提高其投资概率。我国企业总体倾向于投资市场规模较大、自然资源丰裕、地理距离较近、进入便利度及制度质量较高的东道国。较低的企业风险水平弱化了市场规模、地理距离、制度质量等东道国因素对区位选择决策的消极影响,但强化了东道国进入便利度的影响;而高风险水平则强化了除进入便利度外的东道国因素的消极影响,使得企业更加倾向于进入门槛较低的国家。In recent years,under the guidance of enterprises'“going global”strategy and the“Belt and Road”Initiative,the scale of Chinese enterprises'foreign direct investment(OFDI)has been growing year by year.However,in the face of the complex international investment environment,Chinese enterprises are still facing huge potential risks in the process of“going global”.Due to the lack of investment experience and in-depth investigation of the host country market,many enterprises often fail to acquire,invest in limited,or even end up in failure.Therefore,under the theoretical framework of heterogeneous enterprise,exploring the relationship between firm risk level and investment location choice can help enterprises actively cope with the opportunities and challenges of globalization,and point out the direction for further improving OFDI quality and optimizing investment structure.The existing literature on the location choice of China's OFDI is rich,but most of the empirical analysis is based on the flow or stock data of China's OFDI at the macro level,while relatively few literatures examine the impact of heterogeneity characteristics on OFDI location choice at the firm level.On ROA and enterprise of foreign direct investment research,scholars usually is the host country factors influence on enterprise foreign direct investment risk,and ROA as proxy variable of enterprise risk level,but there is no literature to investigate the factors from the perspective of business risk level heterogeneity influence on our country enterprise of foreign direct investment location choice.In view of the current turbulent and risk-prone international economic environment,the enterprise risk level is defined based on the uncertainty of future capital inflow,and this index is introduced into the extended enterprise heterogeneity OFDI location choice model,focusing on how the internal risk characteristics of OFDI enterprises affect their international expansion decisions.It may be innovative in the perspective of topic selection and

关 键 词：企业风险 对外直接投资 区位选择 异质性企业 

分 类 号：F125[经济管理—世界经济]