中国对外投资动因、制度调节与地区差异

通过整合制度观和资源观,将两者放在统一的分析框架中,考察中国企业如何利用母国制度优势克服竞争性资源占有方面的劣势,从而实现国际化战略目标。与传统思路分别分析各种内部资源和企业外部制度因素对于企业国际化的作用不同,运用调节变量的研究方法,分析母国制度因素对于资源与国际化关系的调节作用,利用2003年至2009年中国省级对外投资面板数据进行实证分析。研究结果表明,政府资源配置能力对于不同类型的资源与对外投资的关系确实起重要的调节作用,但调节的方向和强度不同,并受地区差异的影响,表明制度因素对对外投资的影响是有条件的。通过发现制度的调节作用,为中国企业为何在缺乏企业特别所有权优势的情况下仍然能够进行对外直接投资提供一个全新角度的解释。

Chinese Outward FDI Drivers,Institution Moderation and Regional Differences

Integrating the institution-based view and resource-based view in a unified framework,this paper examines how Chinese enterprises take advantage of host institutional advantages to overcome their resource constraints and achieve international strategic objectives.Compared with traditional method which analyze the impact of internal resources and external institutional factors on enterprise′s internationalization,this study conducted moderation method to analyze the moderating effect of host institutional factors between resources and international relationship.Employing data of Chinese provinces for the period between 2003 and 2009 to test model,the results show that governments ability of allocating resources positively moderates the relationship between resources and outward FDI.Furthermore,we also find that the moderating role of government has different direction and strength and is affected by regions of China,highlighting that the role of government in shaping internationalization outcomes is not without conditions.The findings of the paper provide a new and powerful explanation of why resource-constrained emerging market enterprises are capable of embarking on internationalization.