海外投资进入模式的选择是中国技术寻求型企业战略研究领域的核心主题之一。本文采用多项logit模型实证检验了企业异质性和东道国因素对中国技术寻求型企业对外直接投资进入模式选择的影响。结果显示,规模经济越大的企业越倾向于选择跨国并购的进入模式,而企业的研发能力对中国企业选择跨国并购模式有显著的负面影响。相比于民营企业,国有企业更倾向于选择跨国并购模式,但企业成长性则对进入模式的选择没有显著影响。同时,衡量东道国因素的四个指标即人均GDP、法律权利力度、文化距离和研发水平均与跨国并购的进入模式选择正相关,特别是东道国的文化距离和研发水平在企业对外投资进入决策中具有较大的影响力。 The choice of overseas investment entry mode is one of the core topics in the strategic research field of China’s technology-seeking enterprises. In this paper, we use a number of logit models to test the impact of firm heterogeneity and host country factors on the choice of FDI model of China technology-seeking firms. The results show that the larger the economies of scale, the more inclined to choose the mode of entry of M & A, and the R & D capabilities of Chinese companies choose to cross-border M & A mode has a significant negative impact. Compared with private enterprises, state-owned enterprises prefer to choose the mode of cross-border M & A, but the growth of enterprises has no significant effect on the choice of mode of entry. At the same time, the four indicators that measure the host country factors, namely per capita GDP, legal rights, cultural distance and R & D level, are all positively correlated with the entry mode choice of cross-border M & A. In particular, the host country’s cultural distance and R & Greater influence.