广东上市企业对外投资决策微观影响因素研究

Research on Micro-Influencing Factors of Outward Foreign Direct Investment Decisions of Guangdong Listed Enterprises

文章以广东省100家上市企业为研究对象,对出口经验、高管海外背景、政治关联等七个因素与企业对外投资决策的关系进行实证分析。通过Logistic模型回归检验,研究发现:(1)高管学历水平、出口经验、政治关联对企业对外投资决策具有显著影响,高管学历水平、出口经验与企业对外投资决策成正相关关系,政治关联成负相关。(2)出口经验在1-5年,高管学历为硕士的企业更倾向于对外投资,高管有政治关联的企业对外投资的概率更小。(3)企业性质与政治关联对企业对外投资决策具有协同抑制作用,而高管海外背景与高管学历水平无协同促进作用。

The article takes 100 listed companies in Guangdong Province as the research object,and empirically analyzes the relationship between export factors,executives’ overseas background and political connection and the foreign investment decision-making.Through the logistic model regression test,the study found that:(1) the education level,export experience and political connection of executive have a significant impact on the company’s foreign investment decisions,the education level and export experience of executive and corporate foreign investment decisions are positively related,political connection of executive and it are negatively related.(2) the enterprises’ executives who have 1-5 years of export experience and master’s degrees are more inclined to invest abroad,and those with political connections have lesser probability of foreign investment.(3) The nature of the enterprise and the political connection have a synergistic effect on the foreign investment decision-making of the enterprise,while the executives’ overseas background and the executive education level have no synergistic effect.