文化距离、制度距离对跨境风险投资进入模式的影响

The Effect of Cultural Distance and Institutional Distance on the Entry Mode of Cross-Border Venture Capital

以CVSource数据库中收录的2000~2014年外资风险投资机构对中国创业企业的跨境风险投资事件为样本,借鉴Kogut和Singh的方法计算投资机构母国与中国的文化距离和制度距离,运用Logit回归分析文化距离、制度距离对跨境风险投资进入模式选择的影响。研究发现,投资机构母国与中国的文化距离越大,投资机构越倾向于以外资独资方式进入中国市场;制度距离越大,投资机构越倾向于以合资方式进入中国市场。从文化距离的各个维度来看,权力距离、个人主义/合作主义、不确定性规避、长短期导向、放纵/约束维度距离越大,投资机构越倾向于以独资方式进入中国市场。制度距离维度中,管制维度距离越大,投资机构越倾向于以合资方式进入中国市场。

Based on a sample of cross -border venture capital investments made between 2000 and 2014 in CVSource data- base, adaptes Kogut and Singh＇s model to calculate cultural distance and institutional distance, uses logit regression to em- pirically study the effect of cultural distance and institutional distance on the entry mode of cross-border venture capital. The results show that the greater cultural distance between the home country and China, the more likely the venture capital firm will choose wholly owned. The greater institutional distance, the more likely the venture capital firm will choose a joint venture. The greater power distance, individualism/collectivism, uncertainty avoidance, long term orientation/short term normative orientation and indulgence/restraint culture distance, the more likely a firm will choose wholly owned. The greater regular distance, the more likely a firm will choose a joint venture.