多元化战略下制度距离与股权进入模式选择的关系研究

Study on the Relationship between the Institutional Distance and Equity Entry Mode Choice under the Diversification Strategy

在中国企业实施"走出去"战略的情境下,本文旨在研究中国与东道国之间的制度距离对海外子公司股权进入模式选择的影响,并探讨不同的多元化战略对制度距离与股权进入模式选择间关系的调节作用。研究表明,在对外直接投资(FDI)的过程中,制度逆差对海外子公司的股权进入模式选择具有正向影响;而制度顺差对股权进入模式选择具有负向影响。另外,母公司实施相关多元化战略和非相关多元化战略对制度距离与股权进入模式选择间的关系分别具有正向和负向的调节作用。本文的研究结论有助于母公司在进入国际市场时根据制度环境和自身的多元化战略选择合理的股权进入模式,从而实现母公司对海外子公司的合理控制。

In the situation of Chinese enterprises’ implementation of the “going out” strategy, this paper is aimed at doing an empirical testing of the relationship between the institutional distance （ between China and host country ） and equity entry mode choices of overseas subsidiaries, and exploring the moderating effect of the implementation of diversifi-cation strategy. The research shows that in the process of FDI, institution deficit has a positive effect on the equity entry mode choice of an overseas subsidiary;the institution surplus has a negative effect on equity entry mode choice. In addi-tion, the related diversification strategy and the unrelated diversification strategy of the parent company have positive and negative effects on the relationship between the institutional distance and the equity entry mode choice, respectively. The conclusions of this paper are helpful to the parent company to choose reasonable equity entry mode according to its insti-tutional environment and diversification strategy when it is in the process of entering the international markets, so that the parent company can achieve the rational control of overseas subsidiaries.