跨国公司因素对FDI进入方式的影响——基于Logistic模型的实证分析

The Multinational Corporation's Factors Effecting on FDI Entry Modes——Empirical Analysis on Logistic Model

本文基于发生在2001年至2008年期间全球内第二产业的58个跨国并购和54个新建投资样本数据,考察跨国公司因素对FDI进入方式的影响。实证结果表明:企业跨国经营经验、战略资产、管理水平较高的跨国公司倾向于跨国并购投资,如果跨国公司在东道国投资与母国不同的产业,也倾向于并购投资;反之,倾向于新建投资。那么,随着我国市场规模、人力资本程度的不断发展,资本市场和政策法规等方面的不断完善,越来越多的跨国经营经验丰富、战略资产和管理水平较高的跨国公司以并购方式进入我国。

This paper does some research on the influence on entering modes of FDI from the multinational corporations on the basis of fifty - eight cross - border merger and acquisitions samples and fifty - four new investment samples which happened in the second industry from 2001 to 2008. The results of empirical analysis suggest that the multinational corporations who has ample multinational experience and the strategically resource and the high management level are inclined to adopt the mode of cross - border mergers and acquisitions. If the multinational corporations invest to different industries from the home country, they also prefer to merging or acquisition. Contrarily, the multinational corporations prefer to new investment. Therefore, along with the market scale, human development, money market, relative policies and so on develop well, more and more multinational corporations with ample experience , strategically resource and high management level enter into China with the mode of cross - border mergers and acquisitions.