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尽管中国企业海外投资已进入加速阶段,母国与东道国之间制度环境的差异仍然在很大程度上影响着企业的投资决策,但现有文献对制度距离与企业海外投资进入模式决策关系的结论并不一致。以2008—2012年间中国上市公司海外投资事件为样本,实证结果表明:(1)正式制度距离越大,企业越倾向于采用独资模式进入东道国;非正式制度距离越大,企业越倾向于采用合资模式进入。(2)当中国企业进入制度环境比自身完善的东道国时,正式制度距离与独资模式的正向关系被强化。(3)随着企业过去积累的东道国经验的增多,非正式制度距离与合资模式的关系被削弱。
Although the overseas investment of Chinese enterprises has entered an acceleration phase, the difference of institutional environment between home country and host country still affects the investment decision of enterprises to a great extent. However, the existing literature concludes that the institutional distance and the mode decision of enterprise overseas investment entry Inconsistent. Taking the overseas investment events of Chinese listed companies from 2008 to 2012 as samples, the empirical results show that: (1) The larger the formal system distance is, the more the enterprises prefer to enter the host country with the sole proprietorship model. The greater the informal system, the more the enterprises tend to adopt the joint venture Mode to enter. (2) When Chinese enterprises enter the host country whose institutional environment is better than their own, the positive relationship between the formal system and the sole proprietorship model is strengthened. (3) As the experience of host countries accumulated in the past increases, the relationship between the informal system and the joint venture model is weakened.