主动亲近还是避而远之--政企关系视角下的外商合作对象选择

Come Closer or Stay Away——Political Connection and Choice of Local Partners

基于中国工业企业数据,本文考察了在行政干预风险下外商投资是否更为青睐与国有企业进行合资,以此来构建紧密的政企关系进而规避投资风险。研究发现,地区行政干预程度越为严重,外资在进入中国市场时越倾向于选择合资形式,而且更有意愿与国有企业进行合资。与国有企业合资现象在高契约密集度行业表现得尤为突出;进一步考虑了外资来源地、外商股权份额以及引资政策调整等情形,基本结论都较为稳健。

Based on Chinese industrial enterprises data,we examine whether foreign investment is more likely to be joint ventures with state-owned enterprises under the risk of administrative intervention,in order to build a close relationship between government and enterprises and avoid investment risks.We find that the more serious regional political intervention is,the more likely foreign investors choose joint ventures,especially establishing ventures with state-owned enterprises.The effect of political intervention on partner choice becomes more significant among contract-intensive industries,and remain robust by considering source of foreign investors,share structure of joint ventures and the adjustment of foreign investment policies.