网络外部性对中国企业海外投资区位选择的影响

The Influence of Network Externalities on Chinese MNEs' Overseas Location Choice

本文利用2000-2010年中国在沪市上市的836家共投资于56个国家或地区的样本企业数据,通过条件logit回归,分析了网络外部性对中国企业海外投资区位选择的影响。实证结果表明:网络外部性与中国企业海外投资区位选择之间存在倒U型关系。同时,企业来源地和企业控制类型对网络外部性存在调节作用,相同来源地企业受到的网络外部性影响大于不同来源地企业,非国有企业受到的网络外部性影响大于国有企业。在进一步的细分中,国有企业和非国有企业中,相同来源地企业受到的网络外部性影响亦大于不同来源地企业;相同来源地和不同来源地企业中,非国有企业受到的网络外部性影响亦大于国有企业。另外,企业来源地和企业控制类型的影响力大小不一,相同来源地的非国有企业受到的网络外部性影响力最大,不同来源地的国有企业受到的网络外部性影响力最小。最后,在进一步剔除香港的检验中,除个别差异外,基本验证了上述结论。

Using a database including 836 MNEs in Shanghai Stock Exchange covering 56 countries or regions during 2000--2010 and conditional logit regression, this paper analyzes the influence of network externalities on Chinese MNEs＇ overseas location choice. The empirical results show that the network externality has an inverted U-shaped influence on Chinese MNEs＇ overseas location choice. At the same time, enterprise source and types of control can moderate the network externality, the effect of network externalities on enterprises in the same source is greater than different sources of enterprises, and the effect on the non-state-owned enterprises is greater than that on state-owned enterprises. Furthermore, in state-owned enterprises and non-state-owned enterprises, the effect on enterprises in the same source is also greater than that on the different source of enterprises~ in enterprise from both the same source and different sources, the effect on non-state enterprises is also greater than that on state-owned enterprises. In addition, enterprise source and types of control have different power, the effect on non- state-owned enterprises from the same source is the most significant, and the effect on state-owned enterprises from different sources is the least significant. Finally, in a further test which excludes Hong Kong, above conclusions are also proved in addition to a small number of differences.