企业资源、交易成本与跨国公司国际市场进入模式选择

Firm Resources,Transaction Cost and the Choice of Foreign Entry Mode of MNEs

采用跨国公司海外机构的组织模式数据为样本,利用Logit模型检验企业资源条件(企业规模、国际化经验、业务多元化)和市场交易成本因素(交易环境不确定性、交易行为不确定性、交易频率)对国际市场进入模式选择的影响效应。结果显示,企业规模越大以及国际化经验越丰富,市场交易频率越高,企业选择股权模式的概率越大;实施多元化战略以及市场交易环境和交易行为不确定性越大的情况下,企业选择非股权模式的概率越大。此外,采用多种建模方法检验了样本自相关和自选择问题,结果表明这两个问题对模型结论均没有产生显著影响。

The study applies the Logit model to test the effects of firm resources,including firm size,international experience and diversification strategies,and the transaction cost factors,including transaction environment uncertainty,transaction behavior uncertainty and transaction frequency,on the choice of foreign entry mode based on the sample of foreign subsidiaries＇ organizational mode of M NEs. The results show s that the bigger the firm size,the more international experience,and the higher transaction frequency,the higher probability the firm to choose an equity mode to enter foreign market. Contrarily,the more the firm prefer the diversified strategies,and the higher uncertainty of transaction environment and behavior,the higher probability the firm to choose a non-equity mode to enter foreign market. Furthermore,this study tests the effects of sample autocorrelation and self-selection on the modeling estimation biases,the result show s no harm to the models parameter estimation.