制度距离对房地产企业国内跨区域市场进入模式的影响研究——国有资本参与度的调节效应

The Influence of Institutional Distance on Enterprises'Domestic Cross-Regional Market Entry Mode—The Moderating Effect of State-Owned Capital Participation

虽然中国潜力巨大的国内市场为企业开展跨区域经营提供了良好的外部环境,但是我国市场环境呈现统一性和分割性的双重特征,导致中国企业开展国内跨区域经营却存在着巨大障碍。基于制度基础观的视角实证分析了正式制度距离、非正式制度距离和国有资本参与度对房地产企业国内跨区域市场进入模式选择的作用机制。选取2010-2019年发生过国内跨区域并购的沪深两市房地产企业作为研究对象,对符合研究条件的236件跨区域市场进入事件运用SPSS22.0进行相关性分析和回归分析。研究结果表明:目标市场和企业所在地之间的正式制度距离对企业国内跨区域市场进入模式存在显著负向影响,即正式制度距离越大,企业越倾向于采取低控制程度的市场进入模式。国有资本参与度对非正式制度距离与企业国内跨区域市场进入模式有正向调节作用,即随着国有资本参与度的增加,企业更倾向于采用高控制程度的市场进入模式。研究结论为优化企业营商环境、促进国内统一大市场和经济高质量发展提供了新的视角和有益启示。

Although China's significant potential domestic market provides a good external environment for enterprises to carry out cross-regional operations,there are huge obstacles for Chinese enterprises to carry out domestic cross-regional operations due to the dual characteristics of unity and segmentation of the country's market environment.This paper empirically analyzes the effects of formal institutional distance,informal institutional distance and state-owned capital participation on the choice of domestic cross-regional market entry mode of real estate enterprises from the perspective of institutional basis.This paper selects the real estate enterprises in Shanghai and Shenzhen that have had cross-regional mergers and acquisitions between 2010 and 2019 as the research objects,and uses SPSS22.0 to conduct correlation and regression analyses on 236 crossregional market entry cases that meet the research conditions.The results show that the formal institutional distance between the target market and the location of the enterprise has a significant negative impact on the enterprise's domestic cross-regional market entry mode,that is,the greater the formal institutional distance,the more inclined the enterprise is to adopt the low-control market entry mode.The participation of state-owned capital positively moderates the relationship between the distance of informal institutions and the enterprise's domestic cross-regional market entry mode,that is,the higher the participation of state-owned capital,the more inclined the enterprise is to choose the market entry mode with high control degree.The conclusion of the study provides a new perspective and useful enlightenment for optimizing the business environment for enterprises,promoting the domestic unified macro-market and high-quality economic development.