政府干预是如何影响企业对外直接投资的?——基于制度理论视角的研究

How Does Government Intervention Affect OFDI? An Institutional Theory Perspective

政府干预经常被视为推动和鼓励企业对外直接投资中的重要力量,但事实果真如此吗?政府是否会有所选择地影响企业对外直接投资呢?文章从制度理论的视角,基于2003-2013年沪深A股非金融上市公司数据,考察了政府干预对企业对外直接投资的各种影响。研究发现:(1)政府干预对企业对外直接投资的行为和数量都具有显著的负向影响,即政府干预程度越高的企业,越不可能进行对外直接投资以及具有较低的对外直接投资数量;(2)政府会支持那些具有较高"营销资源"的企业进行对外直接投资和增加投资额,即在营销资源丰富的企业中,政府干预对企业对外直接投资的正向影响关系更强;(3)政府干预对企业对外直接投资的绩效具有显著的正向影响;(4)政府主要是通过控制企业决策层和审批企业投资申请两个渠道来影响企业的对外投资决策。文章为政府制定相应的对外直接投资政策以及企业如何响应政府的"走出去"战略提供了有益启示。

Government intervention has been always regarded as an important force in promoting and encouraging outside foreign direct investment （OFDI） ,but is it so in fact？ Do governments selectively affect OFDI？ From a perspective of institutional theory, this paper examines the various influences of government intervention on OFDI based on the data of A-share non-finance listed companies from 2003 to 2013 in China.It arrives at the conclusions as follows： firstly, government infervention has a negative influence on the behavior and quantity of OFDI, that is,it is more impossible for enterprises with higherdegree government infervention to do OFDI and they have lower amount of OFDI; secondly, the governments promote the OFDI of companies which have more marketing resources and the increase in investment amount, that is, in enterprises with rich marketing resources, government intervention has a stronger positive effect on OFDI; thirdly, government infervention has a significantly positive effect on the performance of OFDI; fourthly, governments affect enterprises＇ OFDI decision by controlling enterprise decision-makers and approving investment application. It has useful implications for corresponding OFDI policy formulation and how to respond the going-out strategy for enterprises.