摘要
在中国企业大规模“出海”趋势下,如何在风险防控中顺畅推动全球优质生产要素流向发展新质生产力,成为了当前备受关注的重要问题。本文研究基于2015—2022年中国上市公司样本,探讨了海外投资风险承担对企业新质生产力的影响机理。研究发现,海外投资风险承担与企业新质生产力之间存在“倒U”型的非线性关系,随着海外投资风险承担水平的上升,企业新质生产力表现出先扬后抑的显著特征,并且样本的临界点为0.399。机制分析发现,企业创新效率提升、投资收益补偿、内部控制强化是海外投资风险承担影响企业新质生产力的重要机制。进一步分析发现,模仿同构、政策导向、产权性质等情境因素会对海外投资风险承担效应产生显著调节作用。本研究结论能为企业对外投资决策优化以及政府相关政策制定提供经验证据,以此促进企业高质量发展。
Under the trend of Chinese enterprises going global on a large scale,promotion of the smooth flow of global high-quality factors of production to the development of new quality productive forces in the context of risk prevention and control has become an important issue of great concern at present.Based on the sample data of Chinese listed companies from 2015 to 2022,the study explores the mechanism of overseas investment risk-taking on corporate new quality productive forces.This study finds that there is an inverted U-shaped non-linear relationship between overseas investment risk-taking and corporate new quality productive forces,and as the level of overseas investment risk-taking rises,corporate new quality productive forces show a significant characteristic of rising first and then falling later.Based on the samples of this study,it is found that within the risk range of 0 to 0.399,overseas investment risk-taking can significantly enhance corporate new quality productive forces,and if it exceeds 0.399,it negatively impacts these forces.Mechanism analysis reveals that innovation efficiency improvement,investment return compensation,and internal control strengthening are the important mechanisms through which overseas investment risk-taking affects corporate new quality productive forces.Further research finds that contextual factors such as mimetic isomorphism,policy orientation,and the nature of property rights significantly moderated the non-linear relationship between overseas investment risk-taking and corporate new quality productive forces.This study can also provide empirical evidence for the optimizing enterprise foreign investment decisions and formulating government policies to promote high-quality development of firms.
作者
彭程
陈元胜
PENG Cheng;CHEN Yuansheng(College of Finance and Economics,Sichuan International Studies University,Chongqing 400031,China)
出处
《广东财经大学学报》
北大核心
2025年第1期61-76,共16页
Journal of Guangdong University of Finance & Economics
基金
重庆市社科规划重点项目(2024ZXZD29)。
关键词
海外投资
风险承担
新质生产力
overseas investment
risk-taking
new quality productive forces
作者简介
彭程(1978-),男,湖南娄底人,四川外国语大学国际金融与贸易学院/国别经济与国际商务研究中心教授,博士生导师;通讯作者:陈元胜(2001-),男,四川资阳人,四川外国语大学国际金融与贸易学院硕士研究生。
