华侨华人网络对中国跨国企业海外子公司生存绩效的影响:以“一带一路”沿线国家为例

Overseas Chinese Network and the Survival of Chinese Multinational Subsidiaries:Evidence from the Countries along“the Belt and Road”

海外华侨华人网络是中国企业的重要社会资本。已有研究较多关注海外华侨华人网络如何影响中国企业"走出去"区位选择,较少关注海外华侨华人网络对中国企业"走出去"之后生存绩效的影响。中国企业在 "走出去"的同时,更要"走进去"和"走下去"获得长足发展。基于中国上市公司对"一带一路"沿线国家直接投资面板数据,本文利用K-M生存曲线和Cox比例风险模型研究海外华侨华人网络对中国跨国企业海外子公司生存的影响。研究发现,"一带一路"沿线国家华侨华人网络对中国跨国企业海外子公司生存有正向影响,降低了中国跨国企业海外子公司退出风险;"一带一路"沿线国家华侨华人网络对国有企业海外子公司和独资海外子公司生存的正向影响更大。

Using panel data from a sample of foreign subsidiaries established in the in the Belt and Road countries by Chinese multinational corporations,this study examines the relationship between ethnic Chinese networks and the survival of subsidiaries.We find that ethnic Chinese networks in the Belt and Road countries has positive influence on the survival of subsidiaries established by Chinese multinational corporations,and the effect is more significant for subsidiaries established by stated owned Chinese multinational corporations and wholly owned subsidiaries.