“抱团出海”:战略联盟与企业对外直接投资

“Going Global Together”:Strategic Alliance and Enterprise Outward Foreign Direct Investment

以2009-2022年中国沪深A股上市公司为研究对象,探究企业如何利用战略联盟来驱动对外直接投资。研究发现,战略联盟与企业对外直接投资呈显著的正相关关系,表明战略联盟这一“抱团”合作方式有助于企业走好“出海”之路。路径检验发现,企业参与战略联盟的对外直接投资促进效应通过提高企业生产效率和增强企业创新能力来实现。进一步地,相比于其他类型的战略联盟,股权式战略联盟以及联盟对象为政府部门、银行和海外企业更能有效促进企业对外直接投资。

Based on China’s A-share listed companies from 2009 to 2022,this paper explores how enterprises use strategic alliances to drive OFDI.It is found that there is a significant positive correlation between strategic alliance and OFDI,which indicates that strategic alliance is helpful for enterprises to take the road of“going global”.The path test shows that the promotion effect of enterprises’participation in strategic alliances is realized by improving the production efficiency and enhancing the innovation ability.Furthermore,compared with other types of strategic alliances,equity-based strategic alliances and alliances targeting government departments,banks and overseas enterprises are more effective in promoting OFDI.