企业FDI微观绩效的影响因素:一个文献综述

The Influencing Factors on Micro-performance of FDI:A Literature Review

国内外研究表明,影响企业FDI微观绩效的因素是十分复杂的。宏观方面,投资母国金融市场发达程度、汇率政策的稳定性等市场环境对企业FDI的微观绩效有重要影响;投资目的地的市场规模、结构和潜力,贸易自由度、税收政策以及相对劳动力成本等,也一起构成了企业FDI行为及其绩效的重要决定因素。微观方面,企业FDI的微观绩效改善还取决于投资企业所拥有的资源、能力和国际化经验,海外分支机构所获得的资源、所发展的能力及其产权结构。获得特定国家、特定行业的知识和经验及吸收外部知识的能力对确保FDI成功非常关键。具有垄断优势的企业还倾向于控制海外子公司的产权以获得更好的经营业绩。此外,企业的国际化模式选择和国际化过程控制也显著影响其海外投资的盈利水平。

Current research shows that the influencing factors of micro - performance of FDI can be very complicated. In the macro level, the market condition factors such as the financial market maturity and exchange rate policy stability of investing countries have significant impact on the micro - performance of FDI. Besides, the size, structure and potential of markets, trade freedom, tax policies and the relative labor costs of investment destination are also major determinants of firms＇ FDI activities and performance. In the micro level, the micro- performance improvement of FDI is determined by resources, capabilities and internationalized experiences that the investor owns, and resources, capabilities and ownership structure of its overseas subsidiaries. The ability of acquiring and absorbing external knowledge and experience is critical for the success of FDI. In order to achieve better performance, the firms with monopolistic advantages also tend to control the property rights of overseas subsidiaries. In addition, firms＇ internationalization mode choice and internationalization process control has significant influence on the profitability of overseas investment.