联系我们

论文查询结果	返回搜索

论文编号：	7886
作者编号：	1120110741
上传时间：	2015/12/8 12:37:52
中文题目：	制度距离与企业海外股权进入模式的关系研究 —来自中国跨国公司的证据
英文题目：	On the Relationship between Institutional Distance and Overseas’ Equity Entry Mode — Evidence from Chinese Enterprises
指导老师：	林润辉
中文关键字：	中国跨国公司； 制度距离；交易成本理论；制度理论；股权进入模 式
英文关键字：	Chinese multinational enterprises; institutional distance; the theory of transactional cost; the theory of institution; equity entry mode
中文摘要：	企业作为推动经济发展的主力军，一直以来都是学术界关注的焦点。特别是随着经济的不断全球化，国家间的经济往来更加频繁，企业间的竞争已经不拘泥于国界的限制，越来越多的企业开始走出国门，寻求更广阔的市场来提升综合竞争力。在这样的发展背景下，学术界对企业的关注开始更多地转向企业国际化问题，尤其是国际化过程中的战略决策问题。已有的众多研究表明，企业的资源禀赋、运营能力、竞争水平等都会影响企业的战略决策。然而，企业在国际化过程中将面临的一个无法回避的现实问题是：跨越不同的制度环境进行经营活动。不同国家间的制度差异是否会对企业战略决策带来影响？如果这种制度差异会给企业战略决策带来影响，那么企业应该如何选择适当的进入模式以顺应其影响？本研究以上述两个问题为起点，对跨国企业进入战略选择问题展开研究。 本文选用中国跨国公司的数据为研究样本，使用了从规范到实证的研究范式。第一章介绍了论文的研究背景、研究问题、研究方法，勾勒出了本研究的主要内容。第二章对相关的制度与跨国企业进入模式关系的国内外研究进行了文献评述，并回答了本文的第一个问题，即制度因素会影响企业的决策。但是，现有的研究还没有一个清晰的一致的理论框架。因此，本章指出基于本论文的要旨有必要将交易成本理论和制度理论整合起来。 第三章进行案例分析。分析了武汉钢铁集团在五个国家的七个投资项目的进入模式。研究发现武钢的投资模式具有一定的规律性：当东道国制度质量优于中国时，武钢采取直接与拥有矿山的上市公司进行商业活动；当东道国的制度质量劣于中国时，武钢则会首先寻找合作伙伴，然后再进行投资。这一章通过案例分析挖掘了企业投资模式的规律，并回答现实中跨国企业股权进入模式可能“是什么”的问题。 第四章开始进入论文的实证部分，回答在现实中跨国企业如何选择海外股权进入模式以及“为什么”的问题。这一章是这样安排的。首先，以新兴经济体企业为研究对象，重新界定了制度距离的概念。同时，在理论分析的基础上，提出本章的研究假设。然后通过相关数据库以及上交所和深交所发布的公司年报搜集了本文研究的数据。最后对假设进行检验，分析制度距离对跨国企业海外股权进入模式的影响。 通过第四章的分析，我们的研究发现在正式制度顺差情况下（即母国的制度质量优于东道国的制度质量），企业倾向于选择合资的方式进入东道国市场。这是因为，随着正式制度距离的增大，东道国的制度、法律法规更加不健全，从而造成企业在该东道国投资时企业在当地合法性的获得更加困难。合资方式使得企业与当地合作伙伴可以实现信息共享、风险共担，帮助企业成功进入当地市场。在正式制度逆差情况下，企业倾向于选择全资的方式进入东道国市场。这是因为，随着正式制度距离的增大，东道国的制度质量更加完善，从而使得企业比较容易得到获得外部合法性所需要的知识。在上述情况下，企业会转向关注企业内部一致性的问题。内部一致性问题主要体现为母子公司或母公司与合作伙伴之间的沟通问题。为了更好地完成母子公司之间的交流和沟通，企业倾向于选择全资的方式进入东道国市场。不同于正式制度，非正式制度只存在差异大小，不存在顺差与逆差的区分，随着非正式制度距离的增大，企业与子公司以及企业与当地合作者之间的沟通更难，为了避免不必要的沟通成本，更好地实现内部一致性，企业会选择建立全资子公司。 第五章研究在正式制度逆差的情况下，管制、规范、认知制度距离，管制、规范制度距离具体子指标（管制制度距离包括两个子指标，法律与经济制度距离；规范制度距离也包含两个子指标，企业运行制度距离与企业管理制度距离），东道国特定政策对进入模式的影响。研究发现，管制制度、认知制度与进入模式呈显著正相关关系，规范制度距离对进入模式无显著影响关系。在上述四个子指标中只有管制制度子指标－法律制度距离与进入模式呈正相关关系。在东道国特定政策方面，研究发现东道国对外资的开放程度对管制制度、认知制度与进入模式之间的关系都存在较为显著的调节作用。东道国对外资的开放程度并没有帮助中国企业降低进入该国的风险。这是因为，尽管东道国对外资开放程度的增大降低了企业在该东道国投资的进入壁垒、吸引更多的企业，但是这一政策反而会给处在国际化初级阶段、缺乏国际化经验的中国企业带来更大的经营风险。研究同时发现，东道国对外来游客的开放程度对认知制度距离与进入模式之间的关系存在显著调节作用。东道国对外来游客的开放程度减弱了认知制度距离对进入模式的影响。 接着第六章分析正式制度顺差背景下管制、规范、认知制度距离，管制、规范制度距离具体子指标（管制制度距离包括两个子指标，法律与经济制度距离；规范制度距离也包含两个子指标，企业运行制度距离与企业管理制度距离），以及东道国特定政策以上三方面对跨国公司海外子公司股权设置的影响。研究发现，管制制度距离与股权设置呈显著负相关关系，而认知制度距离与股权设置呈显著正相关关系；规范制度距离对进入模式无显著影响关系。上述四个子指标中法律制度距离、经济制度距离与股权设置呈显著负相关关系，企业运行制度距离与股权设置之间呈显著正相关关系。在东道国特定政策方面，研究发现，东道国对外资的开放程度对管制制度距离（包括它的两个子指标法律制度距离、经济制度距离）、认知制度距离、规范制度距离的子指标-企业运行距离与跨国公司海外子公司股权设置之间的关系都存在较为显著的调节作用。在正式制度顺差背景下，东道国对外资的开放程度可以帮助企业降低以上几种制度距离对企业决策带来的影响。同时研究还发现东道国对外来游客的开放程度对认知制度距离与跨国公司海外子公司股权设置之间的关系存在显著调节作用。东道国对外来游客的开放程度降低了认知制度距离对股权设置的影响。 第四、五、六章研究了制度距离对跨国公司进入模式的影响机理，但是对于非正式制度，即文化距离对进入模式的影响尚未详细剖析，因此，第七章分析文化距离的四个子指标对进入模式的影响。分析发现，中国企业去到权力距离更小的或者更加偏女性主义社会的国家时，中国跨国公司更倾向于对海外子公司选择高股权控制，目的是为了降低由于两种文化的差异给企业经营带来的阻碍。本章还发现国家之间的交流程度-东道国对外国游客开放程度对国家间男性主义/女性主义差异与股权比例之间关系具有较强的调节作用。东道国对外国游客的开放程度可以有效降低由于中国与东道国之间男性主义/女性主义差异给企业经营带来的阻碍。这揭示了国家之间文化交流的重要性。 第八章总结了本文的主要发现，提出了相应的政策建议，同时指出了本文研究局限和未来的研究方向。 本研究通过以上八章的系统研究，创新点体现为如下四点：第一，制度距离概念的重新界定及其在跨国企业海外股权进入模式决策中的应用。本文较早地将跨国企业在进行海外投资过程中，需要面对的东道国制度环境进行分类，对已有的制度距离概念进行重新界定。将制度距离定义为既具有方向差异又具有大小差异的正式制度顺差和逆差，以及只具有大小差异无方向差异的非正式制度距离。并且在相关研究的基础上，以新兴经济体跨国企业为研究对象，区分了东道国正式制度顺差与正式制度逆差情况下，制度差异对企业海外进入模式的影响。第二，以整合交易成本理论与制度理论的研究视角，对跨国企业海外股权进入模式决策机理进行分析。两种理论的整合，规避了由于使用一种理论解释力不足所导致的研究结论不一致，甚至矛盾的现象，而且从更加综合的角度考虑企业股权进入模式决策的影响因素，更加客观和准确地指导企业选择正确的进入模式。第三，以研究广度与研究深度为分析标准，探索不同的制度因素以及每种制度因素如何对跨国企业进入模式决策产生影响。就研究广度而言，本文分析了自变量：正式制度、非正式制度、管制制度、规范制度与认知制度对跨国企业进入模式决策的影响，同时在此基础上，率先使用实证方法，从制度视角分析东道国特有的制度体现：东道国对外资的开放程度以及东道国对外来游客的开放程度与制度差异交互作用，对进入模式决策的影响，通过对以上变量的分析，保证了变量选取的完备性。就研究深度而言，本文在具体的每种制度类别中，又深入的剖析每一种制度维度中具体子指标的影响机理，通过分析，明确在跨国企业股权进入模式决策过程中，具体起到影响作用的具体因素是什么，以及如何对企业决策产生影响。保证了研究的深度。第四，分层次逐步剖析制度因素对跨国公司股权进入模式的影响，构建更加全面和科学的股权进入模式理论模型。本文在研究过程中，分层次细化研究问题，逐步揭开在跨国公司海外投资过程中，如何正确选择股权进入模式的神秘面纱。从而使得本研究更加接近企业决策的真实情况，为跨国企业构建科学的进入模式理论模型。
英文摘要：	As the main force propelling economic development, enterprises have always been the focus of the academic community. As economy increasingly goes globalized and the economic exchanges between countries frequent, the competition between enterprises has crossed national borders. An increasing number of enterprises have taken the initiative to go abroad, seeking broader markets to improve their overall competitiveness. Against such background, the academic community has shifted their attention, with more attention paid to enterprise internationalization. Special attention has been paid to enterprises’ strategic decision-making in their course of business internationalization. It has been extensively proved that resource endowment and operation capability and competitiveness affect the strategic decision-making of enterprises. Nevertheless, enterprises have to face an inevitable situation, that is, they have to operate in a cross-institution environment. Will the institutional differences between countries and regions affect enterprises’ strategic decision-making? If the answer is affirmative, then how will enterprises choose an appropriate entry mode to adapt to the changed environment? Introduced by the above two questions, the study sets out to address the issue of multinationals’ strategic entry mode choice. The research samples of the study come from the data of Chinese multinationals. The research paradigms range from normative to empirical patterns. The first section of the paper introduces research background, subjects and methodologies and outlines its main contents. The second section reviews the domestic and international literature on the relationship between institutions and multinationals’ entry modes. This section answers the first proposed question of the paper, namely, whether institutional factors will affect enterprises’ decision-making. However, the extant studies have not shaped a clear and consistent theoretical framework. Therefore, this section points out that it is necessary to integrate the theory of transaction cost and the theory of institution for the purpose of the paper. The third section conducts a case study. The entry modes of Wuhan Iron and Steel (Group) Corporation’s seven investment projects in five countries are under investigation. Our research finds that Wuhan Irion and Steel (Group) Corporation’s investment modes observe certain laws. In case the host country’s institution quality is higher than that of China, Wuhan Iron and Steel (Group) Corporation directly engages in commercial activities with listed companies that possess mines. In case the host country’s institution quality is lower than that of China, the corporation will first seek local partners before making investment. Through a case study, this section reveals the laws of corporation investment modes in reality. It answers the second question of the paper, namely, what kind of multinationals’ overseas equity entry modes there could be in practice. The forth section begins to deal with the empirical part of the paper. It attempts to address the issues of how multinationals select their overseas equity entry modes and why they do so. This section is organized as follows. First, taking emerging economies’ enterprises as subjects investigated, the paper re-defines the concept of institutional distance. Meanwhile, on the basis of theoretical analysis, the paper proposes the research hypotheses of this section. Then, data eligible for the paper are extracted from relevant data bases and the corporate annual reports from Shanghai Stock Exchange and Shenzhen Stock Exchange. Finally, with proposed hypotheses tested and verified, the paper explores the impact of institutional distance on multinational’s overseas equity entry modes. Based on the analysis made in the forth section, our research finds that in the case of formal institutional surplus, namely, when the quality of the mother country’s institution is higher to that of the host country, enterprises tend to opt for a joint-venture approach to enter the host country’s market. Because, the host country’s institutional system and laws, regulations tend to go even more imperfect as the formal institutional distance enlarges. As a consequence, enterprises are exposed to greater difficulties and risks whey they are trying to gain local legality. Establishing partnership with local enterprises will make information sharing and risk sharing possible so as to facilitate enterprises’ penetration into the local market. In the case of formal institutional deficit, enterprises tend to opt for a fully-funded approach to enter the host country’s market. Because, as the formal institutional distance between countries or regions enlarges, the quality of the host country’s institution is perfecting，making enterprises easier to gain the information essential to obtain local legality. Under such circumstance, enterprises will turn to care about internal consistency, which is mainly reflected in the exchanges and the communication between the parent company and its subsidiary or between the parent company and its partners. In order to facilitate the exchanges and communication between the parent company and the subsidiaries, enterprises tend to opt for a fully-funded approach to enter the host country’s market. Different from formal institutions, informal institutions only have size differences, without surplus or deficit. With the enlargement of informal institutions, enterprises and their local partners are subjected to more difficulties in communication and/or exchanges. To avoid unnecessary communication cost, enterprise will opt to set up a fully-funded subsidiary. The fifth section analyzes the impact of regulatory, normative, cognitive institutional distances, the specific sub indexes of regulatory and normative distance( Regulatory institution has two sub indexes, namely, legal and economic distance; normative institution has two sub indexes, namely, corporation operation distance and corporation management distance), and the host country’s special policies on multinationals’ overseas subsidiaries’ equity setting in the case of formal institutional deficit. Our research finds that regulatory institutional distance, cognitive institutional distance are in significantly positive correlation with entry mode while normative institutional distance has no significant impact on entry mode. However, it finds that among the four sub indexes mentioned above, only the regulatory sub index, namely, legal institutional distance, is in positive correlation with entry mode. As for the impact of the host country’s special policies on multinationals’ entry mode, our research finds that the host country has a significant moderating effect on the relationship between regulatory institutional distance, cognitive institutional distance and entry mode. The host country’s openness to foreign investors does not help Chinese enterprises lower their entry risks. As the host country expands its openness to foreign investors, it lowers the threshold for enterprises to invest in the country. Accordingly, such policy will appeal to more enterprises. However, since Chinese enterprises stay in the primary stage of internationalization, they are lacking in relevant operation experience. Consequently, the host country’s policy will present even greater operational risks to Chinese enterprises. Meanwhile, this research finds that the host country’s openness to foreign visitors can significantly moderate the relationship between cognitive institutional distance and entry mode. The host country’s openness to foreign visitors reduces the impact of cognitive institutional distance on entry mode. The sixth section studies the impact of regulatory, normative, cognitive institutional distances, the specific sub indexes of regulatory and normative distance( Regulatory institution has two sub indexes, namely, legal and economic distance; normative institution has two sub indexes, namely, corporation operation distance and corporation management distance), and the host country’s special policies on multinationals’ overseas subsidiaries’ equity setting in the case of formal institutional surplus. Our research finds that regulatory institutional distance is in significantly negative correlation with equity setting while cognitive institutional distance is in significantly positive correlation with equity setting. Normative institutional distance has no significant impact on entry mode. Among the four sub indexes above mentioned above, legal distance and economic distance are in significantly negative correlation with equity setting while corporation operation distance is in significantly positive correlation with equity setting. As for the impact of the host country’s special policies, our research finds that the host country’s openness to foreign investors has a significant moderating effect on the relationship between multinationals’ overseas subsidiary’s equity setting and regulatory institutional distance( including its two sub indexes legal distance and economic distance), cognitive institutional distance, and the sub index of normative institutional distance，namely, corporation operational institutional distance. In the case of formal institutional surplus, the host country’s openness to foreign investors can help corporations lower the impact of the above several institutional distances on corporation decision-making. Our research also finds that the host country’s openness to foreign visitors has a significant moderating effect on the relationship between cognitive institutional distance and multinationals’ overseas’ subsidiary’s equity setting. The host country’s openness to foreign visitors reduces the impact of cognitive institutional distance on equity setting. Sections 4, 5 and 6 provide insights into the impact mechanism of institutional gap on multinationals’ entry mode. However, the impact of informal institution (namely, cultural distance) on entry mode remains to be investigated. Hence, the seventh section studies the impact of the four sub indexes of cultural distance on entry mode. It finds that Chinese multinationals tend to opt for high equity control when they go to countries with smaller power distance or pro-feminism countries so as to reduce the hindrance incurred by cultural differences. The paper also finds that the host country’s openness to foreign visitors can moderate the relationship between male/female differences and equity ratio. In other words, the host country’s openness to foreign visitors can effectively reduce the hindrance to business operation that the male/female differences between China and the host country incur. It reveals that cross-culture exchanges are of great importance. The eighth section summaries all the findings of the paper, provides corresponding countermeasures, points out the research limitations and proposes the future directions. Through the above eight chapters, the study contributes to the research on the relationship between multinationals’ overseas equity entry modes and institutional distance with the following four points of innovativeness. First, the study redefines the concept of institutional distance and shed a new light on the application of institutional distance to the decision making of multinationals’ overseas equity entry modes. The author took the initiative ahead of other researchers to classify the host country’s institutional environments that multinationals face in their course of overseas investment. Besides, the study redefines the established concept of institutional distance. According to the new definition, institutional distance consists of both formal and informal institutional spheres. Formal institutional distances can be divided further regarding their size, direction and whether they are surplus or deficit. Informal institutional distances, on the other hand, have no size or direction differences. In addition, unlike conventional studies, this study uses multinationals from emerging countries as its subjects investigated. It explores the impact of institutional differences on multinationals’ overseas equity entry modes in line with the specific conditions of the host country’s institutions. In other words, the study considers whether the host country’s institution is surplus or deficit. Second, the study integrates the theory of transactional cost and the theory of institution to study the decision-making mechanism of multinationals’ overseas equity entry modes. The theoretical integration avoids the possible inconsistence or even conflicts arisen from the interpretation based on only one theory，giving enterprises more solid and precise suggestion. Thirdly, the breadth and the depth of the study is highly valued. In terms of research breadth, the author studies the impact of independent variables, namely, formal institution, informal institution, regulatory institution, normative institution and cognitive institution, on multinationals’ overseas equity entry modes. Meanwhile, the study is a pioneer in using an empirical approach to look into the host country’s special policies. It examines the impact of the interaction between the host country’s openness to foreign investors and foreign visitors and institutional differences on multinationals’ overseas equity entry modes. From the above analysis, variables are guaranteed to be valid. In terms of research depth, the author probes into the impact of concrete sub indexes of different types of institutions. With the analysis made into these sub indexes, the author is to unfold the specific influential factors and how they exert their influence. Fourthly, the author investigates gradually and hierarchically the impact of institutional factors on multinationals’ overseas equity entry modes to construct a more holistic and scientific equity entry mode model. Such design breaks down the distance between theory and practice, and therefore it is of great practical implication.
查看全文：	预览  下载(下载需要进行登录)