论文部分内容阅读
文章分析了中国经济转型时期的制度环境对外商投资企业股权结构的影响,认为外商投资企业交易股权的根本目的是顺应当地的制度环境要求。根据制度化与合理化过程两个维度,并基于2001—2012年期间省际面板数据的实证检验表明:第一,地区市场制度的不断完善使外商投资企业有效地维持了较高的股权控制水平;第二,地区港澳台投资企业保持较高的股权控制水平是外商投资企业强化股权控制的有力保障,但这种保障作用在地区市场制度质量变差时并没有更突出;第三,地区外商投资企业集聚对外商投资企业加强股权控制起到显著的保驾护航作用,而港澳台投资企业集聚产生的这种促进作用不太明显,但当地区市场制度质量变差时,外商与港澳台投资企业集聚带来的这种正向作用都表现得相当强劲。
The article analyzes the impact of the institutional environment on the ownership structure of foreign-invested enterprises during the period of China’s economic transition. It argues that the fundamental purpose of the foreign-invested enterprises’ trading equity is to comply with the local institutional environment requirements. According to the two dimensions of institutionalization and rationalization, and based on the empirical test of provincial panel data from 2001 to 2012, it shows that: First, the continuous improvement of the regional market system enables foreign-invested enterprises to effectively maintain a relatively high level of ownership control; Second, maintaining a high level of equity control by Hong Kong, Maucao and Hong Kong-invested enterprises in the region is a strong guarantee for FIEs to strengthen their shareholding controls. However, this guarantee function does not stand out even more when the quality of the regional market system deteriorates. Third, The agglomeration of enterprises plays a significant role in escorting FIEs’ equity control. However, the promotion effect of agglomeration of investment enterprises in Hong Kong, Maucao and Taiwan is not obvious. However, when the quality of the market system in the region deteriorates, foreign-invested enterprises in Hong Kong, This positive effect has all been quite strong.