多维距离与中国企业对“一带一路”沿线国家直接投资绩效关系研究

Cross-national Distance and the OFDI Performace of Chinese Firms in “One Belt and One Road”

当前世界各国在地理、文化、制度以及经济等维度距离,仍然是影响企业对外直接投资绩效的重要因素。根据外来者劣势与制度套利论,检验多维距离因素对中国企业对"一带一路"沿线国家直接投资绩效的影响。研究发现:地理、文化、制度以及经济距离增加降低了中国企业对"一带一路"沿线国家直接投资绩效;不同方向的制度距离与经济距离具有差异化影响,正向制度距离与正向经济距离增加降低了中国企业对"一带一路"沿线国家直接投资绩效;负向制度距离与负向经济距离没有显著的影响。

Cross-national distance is still important factor in a world of semi-globalization. In this study, we examine the impact of cross-national distance on the investment performance of Chinese firms in the Belt and Road countries from integrated perspectives of semi-globalization theory, liability of foreignness perspective and institutional arbitrage logic. Using a data set of Chinese multinational corporations and their affiliates in the Belt and Road countries,we find that geographic, cultural, economic and institutional distance leads to lower performance. Cross-national distance between China and the Belt and Road countries lowers the probability of survival of the affiliates of Chinese multinational corporations. We also find positive institutional distance and positive economic distance lower the performance of the affiliates of Chinese multinational corporations, but negative institutional distance and negative economic distance has not significant effect. Chinese multinational corporations should be prepared to deal with geographic, cultural, economic and institutional distance in order to successfully manage operations in the Belt and Road countries. Nonmarket capabilities can help their affiliates of Chinese multinational corporations to deal with negative institutional distance and negative economic distance and improve the probability of survival in those countries.