移民网络与我国OFDI绩效提升——基于上市企业海外子公司数据分析

Immigration Network and China's OFDI Performance Improvement:Based on Data Analysis of Overseas Subsidiaries of Listed Companies

高水平对外开放背景下,如何持续推进我国对外直接投资平稳发展、量质齐升已成为重要研究议题。移民网络由于其特有的文化血缘纽带与经济功能,能够显著减少跨国企业对外直接投资主要实施主体海外子公司所面临的外来者劣势,进而影响其绩效。基于我国上市企业海外子公司数据进行实证检验后发现,移民网络对海外子公司视角下我国对外直接投资绩效存在显著促进作用,该结论通过了一系列稳健性检验。对于非国有企业海外子公司和采用独资模式的海外子公司,移民网络对其绩效的提升作用较为显著。具体而言,移民网络能够通过帮助海外子公司获取组织合法性中的规制合法性和认知合法性,即减少东道国与母国之间制度法律差异和文化差异的影响,并降低信息不对称来促进海外子公司绩效提升。基于此,应加强移民网络维护管理,并通过建立海外在线信息共享平台等方式加强我国海外子公司与移民网络的联系,进而提高海外子公司绩效。

Under the background of high-level opening up,how to continuously promote the stable development and quality improvement of China's outward foreign direct investment has become an important research topic.The immigration network,due to its unique cultural and economic functions,can significantly reduce the liabilities of foreignness faced by overseas subsidiaries of multinational companies,thereby affecting their performance.Based on the empirical test of the data of overseas subsidiaries of listed companies in China,it is found that the immigration network has played a significant role in promoting the performance of China's foreign direct investment from the perspective of overseas subsidiaries.This conclusion has passed a series of robustness tests.For overseas subsidiaries of non-state-owned enterprises and wholly-owned overseas subsidiaries,the effect of immigration network on their performance is more significant.The immigration network can promote the performance improvement of overseas subsidiaries by helping them obtain regulatory legitimacy and cognitive legitimacy,namely reducing the impact of institutional and legal differences and cultural differences between the host country and the home country,and reducing information asymmetry.Based on this,the government should strengthen the maintenance and management of immigration network,and strengthen the connection between China's overseas subsidiaries and immigration network by establishing overseas online information sharing platform,so as to help overseas subsidiaries improve their performance.