国际化动因、生产率异质性与国有企业海外市场进入模式

The motivation of internationalization,the heterogeneity of productivity and the mode of state-owned enterprises entering overseas market

国有企业的国际化已经成为新兴市场企业国际化浪潮中的一股重要力量,然而,学术界对这一现象的关注度还远远不够.本文采用2006-2017年商务部《境外投资企业(机构)名录》、Wind《中国企业库》与海外并购数据库Zephyr、SDC,通过相互匹配,构建了全新的国有企业海外投资数据库.在此基础上,本文从新新贸易理论视角,检验了国际化动因、生产率异质性对国有企业海外市场进入模式的影响,同时,针对国有企业的独特性,进一步考察了政府补助的调节作用.研究发现,市场寻求的国际化动因越强,生产率水平越高,国有企业越有可能采取海外并购的进入模式.进一步的研究表明,政府补助正向调节国际化动因与海外市场进入模式之间的关系,负向调节生产率与海外市场进入模式之间的关系.

The internationalization of state-owned enterprises has become an important force in the wave of internationalization of emerging market enterprises,however,the academic community has not paid enough attention to this phenomenon.In this paper,the Ministry of Commerce’s Directory of Foreign Investment Enterprises from 2006 to 2017 and the Wind financial data are used to match the overseas mergers and acquisitions(M&A)database Zephyr and SDC,to build the new state-owned enterprises’overseas investment database.Accordingly,combining with the new-new trade theory,this paper tests the impact of internationalization motivation and productivity heterogeneity on the overseas market entry mode of state-owned enterprises.At the same time,according to the characteristics of state-owned enterprises,the paper further investigates the moderating effects of government subsidies.It finds that state-owned enterprises prefer to enter overseas markets by means of M&A,when the state-owned enterprises’market seeking motivation is stronger and productivity level is higher.Further study shows that government subsidies positively moderates relationship between internationalization motivation and the overseas market entry mode of state-owned enterprises,on the contrary,it negatively moderates the relationship between productivity level and the overseas market entry mode.