制度距离与中国企业海外子公司生存——所有制与国际化经验的调节视角

衣长军1,2 刘晓丹3 王玉敏4 黄健4

(1.华侨大学工商管理学院国际企业研究中心)
(2.福建省高校特色新型智库民营经济发展研究院)
(3.南开大学经济学院)
(4.华侨大学工商管理学院)

【摘要】文章结合制度理论,选取2005—2016年中国348家沪深上市公司的1 798家海外子公司的面板数据,采用COX比例风险模型基于主效应和调节效应两个层次深入剖析了制度距离对海外子公司生存的影响机制,结果表明:正式制度距离和非正式制度距离对跨国企业海外子公司生存有显著负面影响,且非正式制度距离对海外子公司生存的影响更大;企业所有制、国际化经验能够有效调节制度距离对海外子公司生存的负向作用,即在既定制度距离下,国际化经验相对丰富的企业及国有企业海外投资成功率更高;对外直接投资企业在“走出去”的过程中应注重制度差异,同时结合自身异质性,制定出有针对性的策略,降低跨国经营风险,延长中国海外子公司在国际市场的持续经营时间。

【关键词】 海外子公司生存; 制度距离; 企业所有制; 国际化经验; 生存分析;

【DOI】

【基金资助】 国家社会科学基金重点项目“全球华侨华人网络对中国跨国企业子公司生存与国际竞争新优势影响研究”(18AGL004)

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    脚注

    [1]. (1)风险率是指一个个体在时间t发生某种事件或者状态变化的概率,而在t前则一直没有发生。 [^Back]

    [2]. (1)由于删失数据的存在,即观测期结束海外子公司仍然存活,在此统计的存活时间为其真实存活寿命的最小估计。 [^Back]

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This Article

ISSN:1002-4670

CN: 11-1692/F

Vol , No. 09, Pages 115-132

September 2019

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Article Outline

摘要

  • 引言
  • 一、文献评述与假设
  • 二、变量选择与数据来源
  • 三、跨国公司海外子公司生存初步分析
  • 四、企业OFDI持续时间的影响因素分析
  • 五、结论与建议
  • 脚注

    参考文献