企业异质性、企业生存与风险调节：基于中国海外企业的研究

The starting point of overseas firms’　survival is how to deal with local rivals from abroad. Theory of the application follows the logic of “survival boundary - survival mechanism - survival risk-context moderators’’ to expand the study of the dimension of firms’　heterogeneity. On the basis of productivity, the scale of firms and corporate governance, the application introduces the following variables　into overseas firms survival model　which can reflect Chinese overseas firm character　bitterly, e.g. firms’　financing capacity, the level of government jurisdiction, business group, entrepreneurship, and overseas entry mode. And in order to test whether local firms competition　increased the survival risk that overseas firms facing and whether the interaction between　firm heterogeneity and the institutional context of home country or host country can help firms to overcome the disadvantage of ownership and disadvantage of foreigner, the application introduces Cox proportional hazard model.　The key insight is: for Chinese overseas firms lacking of classic ownership advantage, the overload of internationalization　in a certain period will increase risk of firm survival or even below the level of “cutoff productivity”, due to the limitation of disadvantage of foreigner and　can’t compete　with foreign firms.　This study theory logic thought,　the mechanism of overcoming the above risk should be　from the interactive effect among Chinese firms heterogeneity and internal and external situational factors of firms. Established the theoretical framework of “Determinism　of Overseas Firm Survival” is a key attempt to realize　the theorization of　Chinese context factors.

海外企业生存的出发点在于如何应对来自国外本土企业的竞争，本项目的理论发现循着“生存边界—生存机理—生存风险—情境调节”的逻辑脉络，拓展企业异质性的研究维度，在生产效率、企业规模、公司治理的基础上，将企业融资能力、企业政府管辖层级虚拟变量、企业集团虚拟变量、企业家精神、企业海外进入方式等更能反映中国海外企业特质的变量纳入海外企业生存模型中。引入Cox等比例风险模型，检验本土企业竞争是否增加了海外企业所面临的生存风险；检验企业异质性与母国制度情境以及东道国制度情境的互动是否有助于企业克服所有权劣势和外来者劣势。其核心观点为：对于缺乏经典所有权优势的中国海外企业来说，将导致企业生存风险增大，甚至低于“一刀切生产率”的水平。本研究理论逻辑认为，克服以上风险的机制应来自于中国企业异质性与企业内外情境因素的交互效应，创建“海外企业生存决定论”理论框架是本研究实现中国情境要素理论化的重要尝试。

本项目的理论发现循着“生存边界—生存机理—生存风险—情境调节”的逻辑脉络，拓展了企业异质性的研究维度，在生产效率、企业规模、公司治理的基础上，将企业融资能力、企业政府管辖层级虚拟变量、企业集团虚拟变量、企业家精神、企业海外进入方式等更能反映中国海外企业特质的变量纳入海外企业生存模型中。检验企业异质性与母国制度情境以及东道国制度情境的互动是否有助于企业克服所有权劣势和外来者劣势。对于缺乏经典所有权优势的中国海外企业来说，将导致企业生存风险增大，甚至低于“一刀切生产率”的水平。本项目研究逻辑认为，克服以上风险的机制应来自于中国企业异质性与企业内外情境因素的交互效应，在此基础上，构建了基于中国企业异质性与内外情境因素的交互效应的 “海外企业生存决定论”理论框架，通过论证和实证检验该理论框架对于形成关于新兴经济体企业国际化理论体系具有基础性学术价值。