摘要
新兴市场企业对外投资区位选择背后的制度因素究竟有哪些?目前,国际商务研究领域主要关注东道国或母国单方面的因素以及两国间制度距离对企业对外投资区位选择的影响,忽视了母国和东道国间双边关系的影响作用。本文运用制度理论探讨了双边经济关系和双边政治关系对企业对外投资区位选择的影响作用,并进一步检验了两者间交互效应,以及企业所有权性质的调节作用。基于2002—2012年中国长三角地区上市企业的数据,本文得到以下结论:第一,双边经济关系和双边政治关系对企业对外投资区位选择均具有正向影响;第二,双边经济关系与双边政治关系在对企业对外投资区位选择作用关系上存在替代效应;第三,在国有与非国有企业中,双边关系对企业对外投资区位选择的影响并不存在显著性差异。本研究有助于进一步理解新兴企业对外直接投资区位选择的决定因素。
What are the institutional factors behind the location choice of emerging market firms’outward direct investment?Existing international business researches mainly focus on the influences of unilateral country factors of host country or home country,as well as the distance factors on location choice of firm outward direct investment,but the effects of bilateral relations are largely neglected.Based on institutional theory,this paper explores the impacts of bilateral economic and political relation on location choice of Chinese firms’outward direct investment,the interaction effect between the two,and the moderating effect of ownership.Using data of Chinese listing firms from 2002 to2012 in the Yangtze River Delta,we found that:firstly,bilateral economic and political relations both have positive impacts on location choice;secondly,bilateral economic and political relation have substitution effects on location choice;thirdly,firms’state ownership has no significant moderating effect on bilateral relation and location choice.This study contributes to the understanding of the determinants on location choice of emerging market firms’outward direct investment.
作者
阎海峰
王启虎
Haifeng Yan;Qihu Wang
出处
《南大商学评论》
2019年第3期1-29,共29页
Nanjing Business Review
基金
中央高校基本科研业务费专项资金
上海哲学社会科学规划一般课题“后发企业通过跨国并购提升自主创新能力的匹配研究”(2018BGL028)
“中国企业国际化对母国资源的撬动研究”(2018BGL007)的资助
关键词
双边经济关系
双边政治关系
区位选择
制度理论
Bilateral Economic Relation
Bilateral Political Relation
Location Choice
Institutional Theory
作者简介
阎海峰(1969-),上海人,教授,博士生导师,华东理工大学商学院院长,主要研究领域为新兴市场企业国际化、组织学习,Email:haifengy@163.com;王启虎(1989-),安徽淮北人,华东理工大学商学院博士研究生,研究方向为企业国际化,Email:ecustwangqihu@163.com.
