股权集中度、机构投资者与企业对外直接投资决策——冗余资源的调节作用

Ownership Concentration,Institutional Investors and OFDI:The Moderating Effects of Redundant Resources

随着"走出去"战略和"一带一路"倡议的推进,我国企业对外直接投资规模不断扩大,企业股权结构和组织资源在OFDI进程中发挥着重要的作用。本文选用2005—2016年"走出去"的沪深A股上市公司OFDI的面板数据,基于负二项回归模型考察了股权集中度、机构投资者与企业对外直接投资决策的关系,检验了冗余资源的调节作用。实证检验结果表明,股权集中度与企业对外直接投资之间呈显著的倒"U"型关系;机构投资者能够显著地促进企业对外直接投资,非沉淀性冗余资源能够显著地负向调节股权集中度与对外直接投资之间的倒"U"型关系,而沉淀性冗余资源并未表现出显著的调节效应。不同于以往宏观层面的研究,本文立足于中国国情,基于微观视角,创新性地将公司治理、组织冗余问题纳入企业对外直接投资决策的研究之中,进一步丰富和完善了企业对外直接投资理论。

With the development of Going Global strategy and the Belt and Road Initiative,the scale of Chinese firms’ outward foreign direct investment( OFDI) is constantly expanding. In this process,the ownership structure and organizational resources of the firms play important roles. Using the OFDI panel data of the firms which are listed in Shanghai and Shenzhen A-share market from 2005 to 2016,this study examines the effects of ownership concentration and institutional investors on the OFDI decision of the firms,and tests the moderating roles of redundant resources by employing the negative binomial regression model. The empirical results suggest that there is a significant inverted U-shaped relationship between the ownership concentration and OFDI and the institutional investors significantly promote the OFDI. Non-precipitating redundant resource plays a significant and negative moderating role in the inverted U-shaped relationship between the ownership concentration and OFDI,whereas the precipitating redundant resource does not moderate the above relationship significantly. Being different from the previous studies at the macro level,this study explores Chinese firms’ OFDI in the context of China from a micro perspective by incorporating firm governance and organizational redundant resources into the research of OFDI decisions. Therefore,this study enriches and advances the theory of OFDI.