制度距离与企业OFDI进入模式的选择——基于中国制造业A股上市企业的实证检验

Institutional Distance and the OFDI Entry Mode of Enterprise——Based on the Empirical Test of Chinese Manufacturing A-share Listed Companies

本文运用Logit模型研究了中国与东道国的制度距离与OFDI进入模式的关系,旨在为制造业跨国企业选择正确的进入模式提供借鉴。研究发现,制度距离与进入模式之间呈倒U型关系。制度距离较小时,跨国企业倾向并购模式;达到临界点后,更倾向绿地投资。制度距离的影响机制在不同东道国和制造业细分行业间差异显著。OECD国家政治距离影响显著,非OECD国家经济距离作用更大。"一带一路"国家政治距离和经济距离对进入模式有显著影响,非"一带一路"国家制度距离的影响不显著。在轻纺工业中,影响进入模式的制度距离主要是经济距离,对于资源加工工业,政治距离和文化距离的作用是显著的,机械、电子制造业只有文化距离显著。

This paper uses the logit model to study the relationship of institutional distance and OFDI entry mode between China and the host country in order to provide a reference for manufacturing multinational companies choosing the correct entry mode.The study finds that there is an inverted U-shaped relationship between institutional distance and entry mode.When the in⁃stitutional distance is near,multinational companies tend to M&A;after reaching the critical point,they tend to invest in greenfields.The influence mechanism of institutional distance differs significantly between different host countries and manufacturing subindustries.The political distance of OECD countries has a significant influence,while the economic distance of non-OECD coun⁃tries has a greater effect.The political distance and economic distance of“Belt and Road”countries have a significant impact on the entry mode,while the impact of institutional distance in non-“Belt and Road”countries is not significant.In the textile indus⁃try,the institutional distance that affects the entry mode is mainly economic distance.For the resource processing industry,politi⁃cal distance and cultural distance play a significant role,while just cultural distance affects in mechanical and electronic manufac⁃turing industries.