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利用2006—2017年中国上市公司在"一带一路"沿线国家的560例OFDI事件为研究样本,实证探究了"一带一路"东道国制度环境对中国企业OFDI绩效的影响,并基于竞争优势视角进一步考察了境外经贸合作区、母国特定优势以及企业年龄的调节效应。研究发现:"一带一路"东道国制度环境在一定程度上会对中国企业OFDI绩效的提升产生负面影响,境外经贸合作区、母国特定优势和企业年龄对上述负面效应具有弱化作用,竞争优势效应在国有与民营企业之间呈现出异质性。研究结论将为中国企业在"一带一路"沿线国家开展高质量海外投资提供参考借鉴。
Abstract：Taking 560 investment events of Chinese listed enterprises in countries along "the Belt and Road" from 2006 to 2017 as research samples, this paper empirically explores the influence of institutional environment of "the Belt and Road" host country on performance of Chinese enterprises, and analyzes the moderating effects of overseas economic and trade cooperation zone, specific advantages of home country and enterprise age from the perspective of competitive advantages. The results show that "the Belt and Road" host country institutional environment has a negative impact on the investment performance of Chinese enterprises, yet foreign economic and trade cooperation zone, country specific advantage and enterprise age weaken the above negative effects. The effect of competitive advantage shows heterogeneity between state-owned and private enterprises. The research findings will provide countermeasures and suggestions for Chinese enterprises to carry out high-quality location investment in countries along "the Belt and Road".
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(1)数据来源:中国商务部官方网站与“走出去”公共服务平台。
(2)数据来源:中国一带一路网,网址:https://www.yidaiyilu.gov.cn/。
(3)资料来源:《中国境外经贸合作区投资指南(2018)》。
(4)资料来源:中华人民共和国商务部、中华人民共和国国家发展和改革委员会官方网站。
(5)“五通”包括:政策沟通、基础设施互联互通、投资贸易合作、资金融通以及民心相通。
(6)“一带一路”沿线国家名单来源于中国一带一路网,该名单以64个国家为基准。基于文化距离对企业对外直接投资绩效影响的重要性(杨勇等,2018)[51],本文将其作为控制变量也纳入模型,并通过与Hofstede文化数据库进行数据匹配,在剔除不在Hofstede数据库的27个国家后,以剩余的37个沿线国家为研究样本国。
(7)Kogut和Singh(1988)对文化距离测算所涉及的四个文化维度为:权利距离、不确定性规避、个人主义与集体主义、男性度与女性度。本文在此基础上拓展的文化距离测算模型为:■。其中,CDj为中国与“一带一路”沿线国家间的文化距离,Iic、Iij分别指中国和沿线国家j在第i个文化维度上的得分,Vi指第i个文化维度的方差,Tjt表示国家j在t年份与中国建交的年限。
基本信息:
DOI：10.14134/j.cnki.cn33-1336/f.2020.12.007
中图分类号:D822;F279.2;F125
引用信息:
[1]张宁宁,张宏.“一带一路”东道国制度环境与中国企业对外直接绩效研究[J].商业经济与管理,2020,No.350(12):73-87.DOI:10.14134/j.cnki.cn33-1336/f.2020.12.007.
基金信息:
国家社会科学基金重大项目“我国海外园区全球布局的空间选择与协同治理”(19ZDA137);; 山东大学人文社会科学重大项目“‘一带一路’区域价值链构建与中国产业转型升级”(11020088395318)
2020-12-15
2020-12-15