心理距离对新兴经济体企业OFDI的影响及对策——基于异质性视角

The Influence of Psychological Distance on OFDI in Emerging Economies and Countermeasures——Based on the Perspective of Heterogeneity

研究国家之间的心理距离对新兴经济体跨国企业OFDI的影响,并基于高管海外背景、企业所有制和海外移民网络这三个维度异质性特征下,进一步探讨心理距离对企业OFDI的影响会产生何种变化。通过理论推导得出以下结论:第一,心理距离与新兴经济体企业OFDI之间并非简单的线性关系而是存在先减后增的"U"型关系;第二,高管海外背景能够缓和心理距离与企业OFDI的"U"型关系;第三,相较于非国有企业,国有企业能够弱化心理距离与企业OFDI决策的"U"型关系;第四,当海外移民网络越丰富时,企业OFDI随心理距离先减后增"U"型趋势也更为平缓。据以上结论,提出企业和政府两方面的政策建议:一方面,跨国企业进行OFDI决策时,结合自身情况以及投资动因,对心理距离带来的风险和收益进行权衡做出合理的投资决策,同时要充分发挥高管海外背景的经验优势,重视海外移民网络的资源优势,从而提升本国企业在全球的战略布局;另一方面,新兴经济体国家应重视心理距离的优势和劣势对跨国企业的影响,鼓励和引导跨国企业进行OFDI,创建公平的营商环境,建立及时有效的海外移民网络对接平台,鼓励和帮助更多企业走出去。

The main purpose of this article is to study the impact of psychological distance between countries on OFDI for multinational companies in emerging economies.And we further explore how psychological distance affects corporate OFDI,which based on the heterogeneous characteristics of the three dimensions of executives’overseas background,corporate ownership,and overseas immigration network.The article draws the following conclusions through theoretical derivation:First,the relationship between psychological distance and OFDI in emerging economies is not a simple linear relationship,but a U-shaped relationship that first decreases and then increases;Second,the overseas background of executives can ease the"U"-shaped relationship between psychological distance and corporate OFDI.Third,The state-owned enterprises can weaken the"U"-shaped relationship between psychological distance and corporate OFDI decision-making compared with non-state-owned enterprises.Fourth,the"U"-shaped trend of corporate OFDI will become more gradual as the psychological distance first decreases and then increases when the overseas immigration network becomes more abundant.Based on the above conclusions,this article puts forward policy recommendations for both enterprises and the government.On the one hand,when multinational enterprises make OFDI decisions,they should make reasonable investment decisions by weighing the risks and benefits brought by psychological distance according to their own situation and investment motivation.At the same time,we should give full play to the experience advantage of senior executives’overseas background,attach importance to the resource advantage of overseas migration network,so as to enhance the strategic layout of domestic enterprises in the world.On the other hand,emerging economies should attach importance to the impact of the advantages and disadvantages of psychological distance on multinational enterprises,encourage and guide multinational enterprises to OFDI,create a fair business environment,and establish a timely and effective platform for docking overseas migration networks.Encourage and help more enterprises internationalize.