对外直接投资对企业动态能力的影响:路径、机制与中国事实

Influence of Outward Foreign Direct Investment on Enterprise Dynamic Capability: Path, Mechanism, and Facts of China

动态能力理论将对外直接投资视为企业国际化成长的“因”、而非企业成长后的“果”。以此逻辑基础建立理论框架,研究对外直接投资对企业动态能力影响的路径和机制。利用倾向评分匹配法和2010-2017年中国上市公司数据进行实证分析,结果表明:对外直接投资不利于促进中国企业低阶盈利能力的提升,但却显著促进高阶成长能力提升。这一方面证明了中国跨国企业是“无优势的跨国企业”的命题是成立的,更重要的是,说明了中国企业在自身优势不足情况下,仍然具有从全球化机制获得战略资产实现能力提升和企业国际化成长的内在属性,验证了企业“走出去”战略的合理性和正确性。

Dynamic capability theory regards outward foreign direct investment(OFDI) as the “Reason” of the international growth of enterprises, rather than the “Result” after enterprise growth. Based on this logic, the present paper studies the paths and mechanisms of the influence of OFDI on enterprise dynamic capability. Furthermore, Propensity Score Matching and data of China s listed companies in 2010-2017 are used for empirical analysis. The results show that: The OFDI is not in favor of promoting the increase of low-order profitability of Chinese enterprises, but significantly promote the enhancement of high-order growth ability. This aspect proves that the proposition of Chinese transnational enterprises being “transnational enterprises without advantages” is true. What s more, it indicates that under the circumstance of lacking of their own advantages, Chinese enterprises are still equipped with the intrinsic attribute that achieves ability enhancement and international growth of enterprise through obtaining strategic assets from globalization, which verifies the rationality and validity of the enterprise “Going Globally” strategy.