国内市场环境不确定性与国际市场进入模式选择——基于中国高端装备制造业的实证研究

Uncertainty of Domestic Market Environment and Choice of International Market Entry Mode:An Empirical Study of China’s High-end Equipment Manufacturing Industry

从区域制度环境不确定性和技术竞争环境不确定性两个维度,利用聚类分析将国内市场环境分为四类,以政治关联度为调节变量,构建国内市场环境不确定性与中国企业国际市场进入模式之间关系的概念模型,并以我国沪、深两市2010—2018年A股54家高端装备领域上市公司的173次海外投资事件为样本进行实证研究。结果表明:当技术竞争环境与区域制度环境不确定性程度均较低时,多数企业会选择投资新设模式;当技术竞争环境与区域制度环境不确定性程度均较高时,多数企业会选择出口贸易模式;当技术竞争环境与区域制度环境不确定性程度表现为一方较高一方较低时,多数企业更倾向于选择合资并购的模式进入国际市场。同时,仅当区域环境或者技术竞争环境不确定性程度较高时,政治关联度正向调节国内市场环境与进入模式的关系。

From the two dimensions of uncertainty of regional institutional environment and uncertainty of technological competition environment,this paper uses cluster analysis to divide the domestic market environment into four categories,and takes the political relevance degree as the regulating variable to build a conceptual model of the relationship between the uncertainty of domestic market environment and the international market entry mode of Chinese enterprises,and takes 173 overseas investment events of 54 enlisted companies in high-end equipment sector from 2010 to 2018 as samples for empirical research.The results show that in the Chinese context,when the uncertainty degree of domestic technological competition environment and regional institutional environment are both low,most enterprises will choose to invest in building new plants;when the degree of environmental uncertainty in these two dimensions are both high,most enterprises will choose the export mode;but when the uncertainty degree of these two dimensions is one high and one low,most enterprises are more inclined to choose the cooperation mode(joint ventures and M&A)to enter the international market.At the same time,when the uncertainty degree of regional environment or technological competition environment is high,political relevance degree positively regulates the relationship between domestic market environment and entry mode.