母国政府支持与企业对外直接投资绩效

Support From the Government of Home Country and OFDI Performance of the Enterprises

对外直接投资绩效是衡量企业国际化成败和建设对外投资强国的重要考量。文章以“一带一路”倡议的出台作为准自然实验,考察了母国政府支持对企业对外直接投资绩效的影响。结果表明:(1)在“一带一路”倡议提出后,中国海外子公司资产收益率(ROA)有所降低;(2)这一绩效降低与部分企业不当追逐政策红利相关,体现为发生在更有动机追逐政策红利的非国有企业海外子公司,存在更大外来者负担和合法性压力的与中国非接壤、制度距离较大的东道国;(3)随着时间推移,投资者趋于理性,外来者负担有所下降,这一绩效降低效应逐渐减小。文章为更好地利用母国政府支持提高对外直接投资绩效、完善“一带一路”政策体系提供了微观经验启示。

OFDI performance is an important consideration to measure the success or failure of the internationalization of the enterprises and to build a strong powerful country in foreign investment.Taking the launch of the Belt and Road Initiative(BRI)as a quasi-natural experiment,this paper investigates the impact of the support from the government of home country on OFDI performance of the enterprises.The results show that:(1)after BRI was put forward,the return on assets(ROA)of Chinese overseas subsidiaries decreased;(2)this decrease is related to the improper pursuit of policy dividends by some enterprises,which mainly occurs in the overseas subsidiaries of the non-state-owned enterprises with more motivation to pursue policy dividends,and in the host countries that are not contiguous with China and have a large institutional distance with greater liability of foreignness and legitimacy pressure;(3)as the investors tend to be rational and the liability of foreignness decreases,this performance reduction effect gradually decreases.This paper provides micro experience enlightenment for better making use of the support from the government of home country to improve OFDI performance and optimize the policy system of the Belt and Road.