政府隶属程度对跨国公司对外直接投资战略动机偏好的影响

The Influence of Government Affiliation Level on Chinese MNEs’Strategic Motivation Preference for Specific FDI Strategies

政府隶属程度差异是跨国公司所有权异质性的重要形成因素,进而影响中国跨国公司在对外直接投资活动中扮演不同的角色,体现不同的动机和行为,本文基于多类别逻辑回归模型,以中国跨国公司的跨境并购交易为观察样本,实证检验了2006—2015年间政府隶属度对中国跨国公司的传统自然资源密集型和技术资源密集型海外企业寻求动机的差异影响。结果显示,政府隶属度越高的跨国公司倾向并购同时兼具自然资源密集和技术密集特征的目标企业,其中对于自然资源密集型的企业有更强的意愿,实现其配合服务国家战略与安全的需要;而以民营企业为代表的政府隶属度较低的跨国公司则更倾向于并购技术密集型的海外公司,以追求企业核心竞争力快速提升。

The difference of government affiliation level,as one important factor in the formation of ownership heterogeneity of MNEs,is largely influencing their foreign direct investment(FDI)motivations and strategies in different ways.Based on the multinomial logistic regression model,this paper empirically tests the influences of government affiliation level on Chinese multinational enterprises(MNEs)traditional natural resource and technology resource seeking FDI via cross-border M&As from 2006 to 2015.The results show that MNEs with higher government affiliation level tend to acquire targets with both natural resource and technology intensives,among which MNEs with higher government affiliation level are more willing to meet the needs of serving national strategy and security,while MNEs with lower government afflation level represented by private enterprises are more inclined to acquire technology intensive enterprises in order to achieve competitiveness via a rapid approach.