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企业OFDI进入模式是资源异质性与东道国因素相互作用的函数。本文从资源异质性角度出发,结合东道国因素,探讨不同的东道国投资环境下资源异质性对企业OFDI进入模式选择的影响机制。实证结果表明,资源异质性对中国企业OFDI进入模式的作用不同,其中具有较强研发资源和创新资源的中国跨国企业更倾向于选择新建投资的方式进入海外市场;具有充裕管理资源的中国跨国企业更倾向于选择跨国并购的方式进入海外市场,但企业营销资源对投资模式的选择效应并不明显;关于东道国因素,本文发现只有东道国市场潜力显著,而东道国投资成本和投资风险不具备统计上的显著。在此基础上,本文为中国企业OFDI模式选择提出有效建议。
The OFDI model of firms is a function of the heterogeneity of resources and the interaction of host countries. In this paper, from the perspective of resource heterogeneity, combining the host country factors, this paper explores the mechanism of heterogeneity of resources in different host countries’ investment in the mode of OFDI entry. The empirical results show that heterogeneity of resources has different effects on OFDI entry mode of Chinese enterprises. Among them, Chinese multinationals with strong research and development resources and innovative resources are more likely to choose new investment ways to enter overseas markets. China multinationals with abundant management resources, However, the choice effect of corporate marketing resources on investment patterns is not obvious. Regarding the host country factors, this paper finds that only the potential of the host country market is significant while the investment cost and risk of the host country are not statistically significant Significant. On this basis, this paper puts forward effective suggestions for the OFDI mode selection of Chinese enterprises.