中国企业跨国交易模式选择机理——基于动态面板模型的分析

China's International Transaction Mode Selection Mechanism Based on Dynamic Panel Model

随着全球经济一体化进程的加快,我国企业跨国交易案例和金额大幅增加,交易模式呈多样化变动特征。本文基于交易成本经济学分析框架,采用连续指标"纵向一体化水平"以反映企业交易模式的动态变动特征,选取2000～2010年跨国交易比较频繁的30家代表性企业,综合分析了跨国交易模式选择的决定因素,并检验了跨国交易模式选择对企业绩效的传递效应。结果表明,企业选择交易模式是动态变动的过程,影响因素的回归结果支持了交易成本经济学主要假说,但绩效分析的回归结果不完全支持交易成本经济学假说。研究认为,当我国企业选择跨国交易模式时,应采用"成本+绩效"的动态分析模式,并且应该关注中国跨国企业的主体特征,例如,国有企业背景、东方文化等。

With the accelerated process of global economic integration, the business cases and amount of Chi- na＇ s cross-border transactions have increased significantly, and the transaction patterns are in a diverse situation. Now many scholars are considering that foreign transaction mode is one frontier field of internationalization research. There are 3 points need to be further studied. Firstly so far, there is a limited amount of literatures of research on China＇ s multinational corporations＇ foreign entry mode. And most researches are only studying on a specific over- seas trading mode and there are few researches on the dynamic analysis of cause and effect of muhivariate models choice. Secondly the analysis framework of institutional economics is gradually causing the scholars＇ attention, and especially the framework of transaction cost economics is becoming an important reference theory to study on enter- prises＇ transnational transaction pattern. But Notably, Williamson＇ s transaction cost framework mainly is based on relatively static comparison method, so the analysis has a certain limitation. Some scholars believe that there exist some great differences between enterprises of developed countries and the developing countries＇ enterprises. This paper introduced a new index to reflect the dynamic changes characteristics of business model and tried to expand the explanation power of transaction cost theory. Thirdly because of the limitations of data acquisition, the empirical analysis based on econometric model is less used. To establish model under a more general condition of hypothesis and test those hypothesis is this paper＇s research mode. Based on the transaction cost economics framework, this paper applied a continuous indicator named as the level of vertical integration to reflect the dynamic variation characteristic of transaction patterns. This paper then se- lected the 30 companies which are the representative ones of cross-border transactions being more frequent from 2000 to 2010, comprehensively analyzed the key determinants of the cross-border transactions mode selection and tested cross-border transactions pass-through effect on business performances. The results show that companies＇ se- lection of the transaction mode is a dynamic process, the regression results of key factors models support the main hy- pothesis of transaction cost economics, but the regression results of the performance analysis do not fully support the hypothesis of transaction cost economics. Studies suggest that, when companies select cross-border transactions mode, it is better to adopt the dynamic analysis model of cost and performance, and we should be concerned about the main characteristics of China＇s major multinational companies, such as state-owned background and oriental culture. This paper would provide a theoretical and practical basis for young multinational enterprises in transnational business decisions and in enhancing their ability of resisting the risks in international market. This paper also could provide a reference for Chinese enterprises to realize the strategy of going out under the background of global eco- nomic integration. Due to constraints of the data collected and time, this paper only could make a preliminary ex- ploratory research on enterprise＇s foreign transaction mode selection mechanism and its performance. The next re- search work would include the collection of more samples of enterprises in order to observe different business char- acteristics＇ effect on foreign mode selection and based on Wang and Lv＇ s research, in addition to transaction at- tributes, adding more variables to consider the industry attribute＇ s influence of Chinese transnational enterprises on foreign trade mode selection and its transmission on performance.