中国物流企业对外直接投资绩效影响机理与传导路径——基于制度环境和金融发展的双调节效应

The Influence Mechanism and Conduction Path of OFDI Performance of Chinese Logistics Enterprises: Based on the Double Moderating Effect of Institutional Environment and Financial Development

在当前中国物流企业的对外直接投资规模呈现跨越式增长背景下,企业对外直接投资绩效成为评价其投资成败的重要指标。笔者通过构建中国物流企业对外直接投资绩效影响因素的概念模型,采用结构方程模型和层级回归方法,基于制度环境和金融发展的双调节效应视角,从企业竞争优势和外来者劣势两重维度考察了中国物流企业对外直接投资绩效的影响因素,揭示了不同因素的影响机理和传导路径:物流企业竞争优势对其短期和长期投资绩效均表现出显著的正向影响;外来者劣势不利于物流企业对外直接投资绩效的提高;当引入制度环境和金融发展等因素时,上述影响效果会发生显著改变。研究结论从理论上奠定了深入研究企业竞争优势和外来者劣势与物流企业对外直接投资绩效关系的基础,启示我们从加强母国金融改革、完善东道国制度环境信息披露、培育企业竞争优势等方面,提高中国物流企业对外直接投资绩效的管理。

The scale of outward foreign direct investment of China＇s logistics enterprises has shown a great leap forward growth, the OFDI performance has become an important indicator of the success or failure of its investment. The author constructs the conceptual model of influencing factors of OFDI performance of Chinese logistics enterprises, reveals the influence mechanism and conduction path of different factors from investigating the influences factors of OFDI performance of China＇s logistics enterprises by establishing the structural equation model and using the hierarchical regression method from dual regulatory effect of enterprises＇ competitive advantage and Liability of foreignness, on the perspective of institutional environment and financial development： the competitive advantage of logistics enterprises has a significant positive impact on their short-term and long-term investment performance; the liability of foreignness is not conducive to the improvement of the OFDI performance. However, the above effects will change significantly, when introducing the institutional environment and financial development factors. The research results provide important basics in theory for delving deeper the relationship between the competitive advantage, the liability of foreignness and the OFDI performance of the logistics enterprises, and enlightens us to improve the management of Chinese logistics enterprises＇ OFDI performance by strengthening the financial reform of home country, improving institutional environment disclosure of host country and fostering the competitive advantages of enterprises.