中国企业直接对外投资决策机制的研究：基于政治嵌入与公司治理的整合视角

Outward foreign direct investment（OFDI）is the most popular investment mode for Chinese multi-national enterprises (MNEs) during the process of ‘Going Global’. Previous studies mainly focus on the topic of the motives and performance of the OFDI, but rarely investigate the decision-making of OFDI based on the governance features of the organization. This research attempts to explore the causes of formation and evolution mechanism of OFDI decision-making, as sample of Chinese MNEs, which is under the integrated framework of the theory of social network and corporate governance, combined with institutional theory. The multiple methods design will be adopted in this project, including literature analysis, case study and empirical study. On account of these methods, this research will build a comprehensive theoretical model on the basis of the construct of Political Embeddedness, Global Corporate Governance, Decision-making Model of Chinses MNEs OFDI. We propose to investigate that (1) the impact of political embeddedness and corporate governance on the decision of Chinese MNEs OFDI, (2) the mediating role of corporate governance on the relationship of political embeddedness and decision of Chinese MNEs OFDI, (3) the moderating effect of institution environment on the relationship of political embeddedness, corporate governance and decision of Chinese MNEs OFDI. This project will develop the study of global governance and extend the research of theory of social network in the field of MNEs globalization, and contribute the important insights for practical application of Chinese MNEs.

直接对外投资是中国企业“走出去”的重要投资形式。现有研究多聚集直接对外投资的动机和绩效，关于企业治理特征对直接对外投资决策影响的研究较少。本课题拟整合社会网络理论和公司治理相关理论，结合制度理论，以中国企业为对象，运用文献研究、案例研究、实证研究等方法，揭示中国企业直接对外投资决策的形成机制及演进机理。在界定政治嵌入、跨国公司治理、直接对外投资决策模式等概念的基础上构建理论模型，分析（1）政治嵌入、公司治理对中国企业直接对外投资决策的直接影响；（2）公司治理在政治嵌入与中国企业直接对外投资决策间的中介作用；（3）制度环境在政治嵌入、公司治理与中国企业直接对外投资决策关系间的调节作用。本课题研究有助于丰富跨国治理理论研究，拓展社会网络理论在国际化领域的研究，并对中国企业科学制定跨国经营决策具有重要的指导意义。

直接对外投资是中国企业“走出去”的重要投资形式。现有研究多聚集直接对外投资的动.机和绩效，关于企业治理特征对直接对外投资决策影响的研究较少。本课题拟整合社会网络理论和公司治理相关理论，结合制度理论，以中国企业为对象，运用文献研究、案例研究、实证研究等方法，揭示中国企业直接对外投资决策的形成机制及演进机理。在界定政治嵌入、跨国公司治理、直接对外投资决策模式等概念的基础上构建理论模型，分析（1）政治嵌入、公司治理对中国企业直接对外投资决策的直接影响；（2）公司治理在政治嵌入与中国企业直接对外投资决策间的中介作用；（3）制度环境在政治嵌入、公司治理与中国企业直接对外投资决策关系间的调节作用。本课题研究有助于丰富跨国治理理论研究，拓展社会网络理论在国际化领域的研究，并对中国企业科学制定跨国经营决策具有重要的指导意义。