中国企业进入“一带一路”国家的投资区位决策——基于非市场环境与市场环境的双元视角

Investment Location Decisions of Chinese Firms Entering“Belt and Road”Countries:A Dual Perspective Based on the Non-market and Market Environments

基于非市场环境和市场环境的双元视角,探讨向具有风险属性的“一带一路”延伸发展中国家投资的中国企业应对非市场环境约束的政治能力和企业社会责任、应对产品市场环境约束的市场能力与风险区位投资之间的关系。结果表明:①中国企业的政治能力、市场能力越强,越倾向于投资到政治风险更高的东道国;②政治能力和市场能力的交互具有协同促使企业向高政治风险区位投资的作用;③相较于工具性/经济性企业社会责任,强制性/社会性企业社会责任会分别增强政治能力和市场能力对企业风险区位投资的积极影响。异质性分析表明,相比于采取情境式政治活动模式的企业和新企业,采取系统式政治活动模式的企业和成熟企业更擅于发挥政治能力和市场能力的联合效应投资到具有更高政治风险的区位。研究发现对中国企业的对外投资区位选择决策具有启示意义。

Based on the dual perspective of non-market environment and market environment,relationships between Chinese firms’political capability and corporate social responsibility to deal with the constraints of non-market environment,market capability to deal with the constraints of product market environment,and location investment in developing countries with risky“Belt and Road”extension have been explored.The results show that the stronger the political and market capability of Chinese firms,the more likely they are to invest in host countries with higher political risks.The interaction of dual capability has the effect of synergistically urging firms to invest in locations with high political risks.Mandatory/social corporate social responsibility enhances the positive impact of political and market capability on firms’risk location investment compared to instrumental/economic corporate social responsibility(CSR).The analysis of heterogeneity shows that compared with firms adopt the situational political activity model and new firms,the firms that adopt the systemic political activity model and mature firms are better at exerting the combined effect of dual ability to invest in higher political risk locations.The findings have enlightening significance for the decision-making of Chinese firms’foreign investment location selection.