国际化经验、东道国环境与企业海外投资区位选择

Internationalization Experience,Host Country Characteristics and Location Decision of Overseas Investment

基于中国上市公司1891项投资项目数据,本文研究了国际化经验、东道国环境与企业海外投资区位选择三者之间的关系,研究发现:在企业海外投资区位选择决策中,国际化经验与东道国环境条件之间是互补和替代关系,国际化经验实际上是淡化了区位决策中东道国禀赋因素的正向效应,同时淡化了东道国成本因素的负向效应,弱化了所有东道国条件在区位决策中的价值,使跨国企业可以更多的根据内部资源来进行决策,这使得一些原先不具有吸引力的东道国也可能成为投资的目的地,这一发现有别于前人的认知。

Based on the data of 1891 investment projects of Chinese listed companies,the article studies the relationship between internationalization experience,host country environment and the location decision of the company ’s overseas investment. The study finds that in the location decision of the company’s overseas investment,the internationalization experience and the host country’s environmental conditions are complementary and alternative relations. The internationalization experience actually downplays the positive effect of the endowment factor and the negative effect of the cost factor of the host country in location decision-making,this allows multinational companies to make more decisions based on internal resources and makes some previously unattractive host countries also possible destinations for investment. This discovery is different from previous perceptions.