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利用2001~2010年中国在沪市上市的3286家样本企业数据,文章分析了资源禀赋和制度环境对中国企业海外进入模式选择的影响。研究结果表明:资源禀赋中,贡献性资产研发密度越高,中国企业选择独资进入模式的可能性越大;补充性资产广告密度越高,中国企业选择合资进入模式的可能性越大;补充性资产市场化程度越高,中国企业选择独资进入模式的可能性越大。制度环境中,东道国制度环境越完善(东道国风险越低、腐败印象指数越低、投资自由度越高、金融自由度越高、贸易自由度和货币自由度越高),中国企业选择独资进入模式的可能性越大。此外,母国与东道国的文化差异对资源禀赋和制度环境与中国企业海外进入模式之间均存在负向的调节效应。上述发现对于今后中国企业的海外进入模式选择有着重要的启示和意义。
Using the data of 3286 sample companies listed in Shanghai from 2001 to 2010, the article analyzes the impact of resource endowments and institutional environment on the choice of Chinese enterprises’ overseas entry modes. The results show that the higher the R & D density of contribution assets, the greater the possibility that Chinese enterprises will choose to enter sole proprietorship. The higher the density of supplementary assets is, the more likely Chinese enterprises will choose to enter into the joint ventures. Supplementary The higher the degree of marketization of assets, the greater the possibility of Chinese enterprises choosing to enter sole proprietorship. Institutional environment, the more perfect institutional environment in the host country (the lower the host country risk, the lower the impression of corruption, the higher the degree of freedom of investment, the higher the degree of financial freedom, the greater freedom of trade and currency freedom), Chinese enterprises choose to enter sole proprietorship The more likely it is. In addition, the cultural differences between home and host countries have a negative regulatory effect on the resource endowments and institutional environment and the overseas entry mode of Chinese enterprises. The above findings have important implications for the choice of overseas entry mode for Chinese enterprises in the future.