母国制度缺陷背景下中国企业对外直接投资的战略与绩效研究 ——基于对5688家中国对外投资企业的分析

Encouraged by the Chinese government’s ‘Going international ’policy, an increasing number of Chinese firms have been expanding globally. In 2014, the volume of Chinese OFDI exceeded that of inward FDI, representing China’s role as an important source of outbound investment in the world. However, these Chinese multinational enterprises (MNEs) face various problems. For instance, there are a large number of government approval policies; firms are not equally treated; small and medium sized firms have limited sources of finance; there is a lack of facilities for indigenous R&D; investment performances are poor; Chinese multinational enterprises are short of operating management capabilities. All this is believed to be related to home country institutional voids. ..This project aims to combine institutional theory, resource-based views, and transaction cost economics to establish an institutional void theory for emerging economies, a framework for the relationship between institutional voids and emerging economy multinational enterprise strategy and performance, and a dynamic model for internationalization and international institutional infrastructure flows and convergence. ..In our empirical research, we will conduct a comparative case study and firm level survey, exploring and developing measures of the institutional voids in terms of the product, labor and capital markets and macroeconomic environment. Chinese MNEs encounter in the process of their going international. We will then assess the impact of the heterogeneity of parent firms on their ability to overcome / take advantage of home country institutional voids, and the impact of home country institutional voids on Chinese MNEs strategy and performance under the moderating effect of firm heterogeneity.

2014年，中国的对外直接投资量首次超过在华外商直接投资量。然而中国的对外直接投资虽然目前存量很大，却面临诸多问题，如政府审批政策繁多且企业待遇不均等、中小企业资金获取来源有限、本土科研发展设施不足、投资绩效不佳、跨国公司经营管理能力缺失等，而这些都与母国制度缺陷紧密相关。本项目将综合制度理论、资源基础理论与交易成本理论，构建新兴经济体 “制度缺陷理论”、“制度缺陷与新兴跨国公司战略与绩效作用模型”、以及“开放市场条件下国际化与国际制度要素流动与均衡”动态模型。在实证方面，我们首先通过案例分析和调研，探讨在产品市场、劳动力市场、资本市场以及宏观制度环境四个范畴内中国企业走出去过程中面临的母国制度缺陷，并合成制度缺陷在以上四个范畴内的量化指标，继而研究母公司特质对中国跨国公司克服/利用母国制度缺陷能力的影响，以及在公司特质的调节作用下，母国制度缺陷对中国跨国公司对外投资战略的影响。

本项目综合了制度理论、资源基础理论、资源依赖观以及制度企业家等理论与观点，综合采用文献评述、访谈问卷、案例研究、双重差分等多样化研究方法，理清了新兴经济体制度及其企业国际化的特点，整合并构建了“母国制度缺陷与企业国际化”的理论基础，并提出制度缺陷理论；以中国对外直接投资企业为例，检验了母国制度缺陷对中国企业国际化竞争力的影响以及异质性的企业特质对中国跨国企业克服母国制度缺陷能力的影响，并据此为企业国际化战略提出建议。此外，本项目还进一步延伸，检验了母国政府在改善母国制度缺陷、推动制度与企业国际化协同演进中所扮演的角色，并对政策效果进行评估。目前本项目有1篇SSCI论文、2篇CSSCI发表，出版专著1部，并在本课题基础上成功申请国家自然科学基金重点项目“中国企业国际化与制度演进”1项。最后，基于项目结论，从实践上为政府相关部门在完善制度设施、改善营商环境等方面提供建设性意见，并引导企业管理者根据企业的特征、优势以及投资目标制定战略，以最大化其对外投资利益。