治理结构与对外直接投资进入模式研究

Governance Structure and the Entry Mode of Outward Foreign Direct Investment

当前我国大力推行＂一带一路＂倡议,鼓励企业产品出口、开辟海外市场以及进行对外直接投资。对外直接投资进入模式选择是企业国际化经营战略中最重要的决策之一,其会进一步影响到企业对外投资效率与公司价值。本文从股权结构、董事会特征、高管背景和管理层激励等方面对对外直接投资进入模式影响因素的研究进行综述,并对该领域的研究方向提出展望,指出未来研究应重点关注如何在我国企业的对外投资中更好发挥混合所有制的作用并促进对外投资绩效的提升。

China vigorously promote the ＂ ＂the Belt and Road＂ strategy to encourage enterprises to export products, open up overseas markets and foreign direct investment. Foreign direct investment entry mode choice is one of the most important decisions among the firm ＇s international business strategy, which will further affect the efficiency of corporate investment and corporate value. Based on domestic and foreign lit-erature, this paper summarizes the existing research on the governance structure and selection of OFDI equi-ty entry mode from the aspects of ownership structure, board characteristics, executive background and man-agement incentive. Furthermore, this paper points out that in the future research in this area, mixed owner-ship reform should be put more focus on, especially, how to play a better role of mixed ownership in the Chi-nese enterprises＇ overseas investment and improve foreign investment performance in the future.