FDI进入模式、控制程度与企业绩效

Entry Modes,Integration,and Performance of Foreign Subsidiaries

本文从制度经济学的视角构建了企业进入模式选择和企业经营绩效模型,选取了2001-2012年中国企业对外直接投资的微观数据,通过Heckman两步法对选择模型和绩效模型进行联合估计。研究结果表明,母公司对子公司的控制程度显著影响企业进入模式的选择,对并购企业的绩效产生负面影响;在母公司对子公司控制程度较低的情形下并购企业获得优于绿地投资的绩效,但随着控制程度的增加,并购相对于绿地投资的绩效优势逐渐减少。

This paper develops a dynamic discrete-choice model of the entry mode decision and a linear function of foreign subsidiary performance conditional on being foreign greenfields or foreign acquisitions through an institutional perspective. It uses the Heckman two- stage approach to analyze a sample of 501 foreign subsidiaries from China＇ s outward FDI in 2001-2010. This study finds that subsidiary integration, characteristics of MNE parents and the host country influences the entry mode decision. Controlling for entry mode self-selection and other factors, the results show that acquisitions outperform greenfields at low and intermediate levels of subsidiary integration, but that greenfields outperform acquisitions at higher integration levels.