中国企业海外投资为何选择绿地新建?

Why Do Chinese Enterprises'Oversea Investment Choose Greenfield Investment?

基于“战略三角范式”理论框架,首次采用模糊集定性比较分析方法对2001—2018年间中国制造业上市企业的151件绿地新建和跨国并购事件进行分析,研究资源理论、制度理论和产业理论下六个前因条件变量对中国企业在海外绿地新建决策的联合影响机制和变量之间交互关系。研究发现了引发企业选择绿地新建的三条路径:由企业丰富的国际化经验与国有企业身份共同驱动的优势利用型绿地新建;由遥远的文化距离与较差东道国制度质量共同驱动的制度约束规避型绿地新建;由东道国经济增长与企业国际化经验共同引致的市场利用型绿地新建。同时,在满足其他条件的情况下,国有企业身份和东道国经济增长之间具有替代关系。

Based on the theoretical framework of Strategic Triangle,this paper uses the method of fuzzy set Qualitative Comparative Analysis to analyze 151 greenfield investment and cross-border M&A(merger and acquisition)events of Chinese manufacturing listed enterprises during 2001-2018,exploring the joint influence mechanism of six antecedent conditional variables on overseas greenfield investment decision making of Chinese enterprises and the interaction among the variables under the resource theory,the institutional theory and the industrial theory.The research finds three paths that lead the enterprises to choose greenfield investment:the greenfield investment of“advantage utilization”driven by the rich international experience and the state-owned status of the enterprises,the greenfield investment of“institutional constrains avoidance”driven by the distant cultural distance and the poor institutional quality of host countries,and the greenfield investment of“market utilization”driven by the economic growth of host countries and the international experience of the enterprises.At the same time,under certain conditions,there is an alternative relationship between the state-owned status and the economic growth of host countries.