东道国技术禀赋与中国企业OFDI区位选择——文化距离的调节作用

Technology Endowment and Location Choice of Chinese OFDI ——The Moderating Effect of Cultural Distance

对外直接投资(OFDI)是中国企业获取技术战略资产的重要方式。关于东道国技术禀赋对中国企业OFDI区位选择的影响,现有研究并没有取得一致的结论。本文利用企业层面投资项目数据,采用负二项回归模型考察了东道国技术禀赋与我国企业OFDI区位选择之间的关系以及文化距离对两者关系的调节作用。实证研究结果发现:东道国技术装备、创新能力以及专利等技术禀赋对我国企业OFDI有显著正向影响;但文化距离负向调节了技术装备、创新能力的正向影响。本文研究结论有助于解释现有研究结论的分歧,并对中国企业技术寻求型OFDI区位选择具有一定的借鉴意义。

Outward foreign direct investment is important mode of acquiring strategic assets for Chinese firms . Whether host countries＆#39;technology endowment will influence location choice of Chinese OFDI , existing research hasn＆#39;t get universal results . Based on firm lever data of Chinese OFDI and Negative Binomial Model , this paper presents an empirical study revealing the influence of host countries＆#39;technology endowment on location choice of Chinese OFDI and the moderating effect of cultural distance . This paper find that host countries＆#39;technology endowment , such as technological readiness , innovation capabilities and number of patent has positive impacts on lo-cation choice of Chinese OFDI , but cultural distance has negative moderating effect on the relation between host countries＆#39;technological readiness , innovation capabilities and location choice of Chinese OFDI . The results help explain the puzzle concerning whether host countries＆#39;technology endowment will attract foreign entries by Chinese firms into a specific country . The results may have implications for practitioners and policymakers .