在华外资企业进入模式选择:基于合法性视角的分析

Choice of Foreign Subsidiary Entry Mode in China: An Analysis from the Perspective of Legitimacy

以4255家投资于中国的外资企业为样本,以制度理论为基础,基于合法性视角来研究在华外资企业的进入模式选择。实证结果表明,三种合法性,即规制合法性(中央政府政策、地方政府管制)、规范合法性(文化距离)、认知合法性(母国模仿、产业模仿),都能够影响外资企业的进入模式选择。其中,规制合法性和认知合法性具有正向的作用,而规范合法性则产生负向的影响。同时,各种合法性之间存在着调节作用,规制合法性能够调节规范合法性和进入模式选择之间的关系。不同合法性的影响力大小不一,规制合法性的影响力最大,而规范合法性的影响力最小。

Using a dataset including 4, 255 foreign subsidiaries in China, we examined the legitimacy rationale behind their choice of entry mode from an institutional perspective. The results show that regulatory legitimacy （coming from central government policy and local government regulation）, and cognitive legitimacy （related to home country mimetic entry and same industry mimetic entry） have a positive effect on the choice of a sole foreign ownership. However, normative legitimacy （concerning cultural distance） has a negative impact on the choice of entry mode of sole foreign ownership. We find that regulatory legitimacy moderates the relationship between normative legitimacy and the likelihood of adopting a sole foreign ownership. We also have found that different types of institutional legitimacy have differentiated effects on the choice of the mode of foreign entry： the regulatory legitimacy plays the biggest role, which is followed by cognitive legitimacy and then by normative legitimacy.