制度距离如何影响FDI进入模式选择——来自工业企业的证据

How does Institutional Distance Affect the Choice of FDI Entry Mode:Evidences from China’s Industrial Enterprises

文章利用《中国工业企业数据库》中新建外资企业样本以及手工搜集识别的新建企业母国信息,研究母国与东道国之间的制度距离对FDI进入模式选择的影响。实证结果显示,制度距离越大,FDI越倾向于选择合资的进入模式;此外,这一关系在中国加入世界贸易组织(WTO)之后更加显著。研究结果表明,当制度差异较大时,相比独资模式,与东道国企业的合作可能是降低制度风险的一个有效途径。该研究为我国制度环境的进一步完善以及如何吸引并有效利用外资提供了重要的启示。

This paper investigates how the institutional distance between the home and host countries influences the choice of FDI entry mode based on the samples of the new foreign-funded enterprises from China's industrial enterprise database and the manually collected information on the home countries of those start-ups. The empirical results show that the larger the institutional distance is, the more likely the foreign investors are to choose joint venture as FDI entry mode. In addition, the above relationship has become more salient since China, s accession to the World Trade Organization( WTO). The research results reveal that compared with the wholly owned subsidiary, the cooperation with the enterprises of the host country may be an effective way to reduce institutional risks. This research provides important enlightenments for the further improvement of China's institutional environment and how to attract and effectively utilize foreign investments.