组织污名与中国企业海外市场进入模式选择研究——基于上市公司的实证分析

Research on Organizational Stigma and Choice of Entry Modes of Chinese Enterprises in Overseas Markets: An Empirical Analysis Based on Listed Companies

基于组织污名视角并结合组织合法性理论与资源基础观,采用2006—2015年间中国企业对特定东道国首次开展对外直接投资的事件为研究样本,运用Logit回归分析法探究组织污名对中国企业海外市场进入模式选择的影响,并分析母国地区制度环境和企业所有制性质在其中的调节效应。研究结果表明:组织污名对中国企业选择独资模式进入海外市场具有显著的负向影响,即组织污名的存在使得中国企业更倾向于选择合资模式进入东道国市场,而母国地区制度环境强化了两者之间的负相关关系,所有制性质对上述负效应具有弱化作用。

From the perspective of organizational stigma and based on the organizational legitimacy theory and the resource-based view,this paper adopts the event that Chinese enterprises first carried out outward foreign direct investment during the period of 2006-2015 as the research samples and employs the Logit regression analytical method to explore the influence of organizational stigma on the choice of entry modes of Chinese enterprises in overseas markets.It also analyzes the adjustment effect of home country area system environment and the enterprise ownership nature in that influence.The results show that organizational stigma has a significant negative impact on Chinese enterprises to choose the sole proprietorship mode to enter the overseas markets,namely,the existence of organizational stigma makes Chinese enterprises more inclined to choose joint venture mode to enter the host country market;while the home regional institutional environment strengthens the negative correlation between the two,and the nature of ownership has a weakening effect on the above-mentioned negative effect.