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论文编号：	8004
作者编号：	1120110740
上传时间：	2015/12/9 22:18:54
中文题目：	中国跨国企业海外子公司股权进入模式选择的影响研究
英文题目：	Influence Study on Overseas Subsidiaries’ Equity Entry Mode Choices of Chinese Multinational Enterprises
指导老师：	林润辉
中文关键字：	中国跨国企业;股权进入模式;制度距离;多元化战略;公司治理
英文关键字：	Chinese Multinational Enterprises; Equity Entry Mode; Institutional Distance; Diversification Strategy; Corporate Governance
中文摘要：	近年来，随着全球经济的快速发展，中国企业“走出去”战略的实施，对外直接投资的增长趋势不断显现。中国企业在对外直接投资过程中，不仅要考虑企业所面临的宏观制度环境，而且还要考虑企业自身的目标和战略，如何识别企业所处的内外部环境，以使企业在建立海外子公司时做出合理的战略选择，已成为理论与实践中迫切需要研究的问题。本研究主要以制度理论、交易成本理论和资源基础理论为基础，来分析影响中国跨国企业海外子公司股权进入模式选择的因素，并探索东道国与母国制度环境的差异（制度距离）、母公司的多元化战略和公司治理特征分别对股权进入模式选择的影响。 首先，本研究通过收集中国跨国企业及其海外子公司相关数据，进行Logit模型回归，重点证实了宏观环境中的制度距离（包括制度逆差和制度顺差）对海外子公司股权进入模式选择的影响，并得出以下结论：第一，对于中国跨国企业而言，制度逆差对海外子公司股权进入模式的选择具有正向影响，即当中国企业进入对中国来说为制度逆差的东道国时，若制度逆差越大，则母公司对海外子公司越倾向于选择全资，反之，则越倾向于选择合资。第二，对于中国跨国企业而言，制度顺差对其海外子公司股权进入模式的选择具有负向影响，即当企业进入对中国来说为制度顺差的东道国时，若制度顺差越大，则母公司对海外子公司越倾向于选择合资，反之，则越倾向于选择全资。此外，还进一步证实了东道国的“法治”对股权进入模式选择的正向影响，并且对比研究了中国跨国企业与美国跨国企业海外子公司股权进入模式选择的差异性。 其次，研究了跨国企业微观环境中的母公司多元化战略对海外子公司股权进入模式选择的影响，并得出结论：如果跨国企业母公司采用主营集中多元化战略，那么与全资模式相比，该企业更倾向于选择合资模式建立海外子公司。此外，进一步验证不同的多元化战略对制度距离与股权进入模式选择间关系的调节效应，并且证实了相关多元化战略和非相关多元化战略分别具有正向和负向的调节效应。 最后，本研究进一步验证了微观环境中的母公司治理对股权进入模式选择的影响，通过实证检验，得出以下结论：第一，在公司治理的股权结构特征方面，跨国企业母公司的国有股东持股和境外金融机构持股对其海外子公司股权进入模式的选择具有显著的正向影响；第二，在公司治理的“两会”特征方面，跨国企业母公司董事会规模对其海外子公司的股权进入模式的选择具有正向影响，而监事会规模对其海外子公司的股权进入模式的选择具有负向影响。 相比于已有研究，本研究主要有如下三点创新之处：第一，将制度距离划分为制度逆差和制度顺差，分别验证了它们对跨国企业股权进入模式选择的正向与负向影响，且这种划分对未来研究制度距离与其它跨国投资决策的关系具有一定的借鉴价值；第二，本研究将制度距离（制度逆差、制度顺差）对中国跨国企业与美国跨国企业的股权进入模式选择的影响进行了对比研究，突出了对中国跨国企业的影响，并证实了制度距离对中美跨国企业股权进入模式选择的不同影响，对今后研究其他国家情境下制度距离对股权进入模式选择的影响具有重要的启示与借鉴意义；第三，本研究从实施多元化战略的角度，探索企业实施不同类型的多元化战略对股权进入模式选择的影响，并证实了主营集中多元化战略对股权进入模式选择的负向影响，以及相关多元化战略和非相关多元化战略对制度距离与股权进入模式选择间关系的正负向调节效应。
英文摘要：	In recent years, with the rapid development of global economy and the implementation of the strategy of Chinese enterprises "going out", the growth trend of the foreign direct investment constantly emerges. In the process of foreign direct investment of Chinese enterprises, they should not only consider the macro institutional environment, but also consider the goals and strategies of the enterprises and how to identify the enterprises' internal and external environment. So that enterprises can make reasonable strategic choices in establishing overseas subsidiaries. It has become an urgent problem in theoretical and practical terms that we need to study. Mainly based on the institutional theory, transaction cost theory and resource-based theory, this research analyzes the factors which influence overseas subsidiaries’ equity entry mode choices of Chinese multinational enterprises. It explores how the differences between host country institutional environment and home country institutional environment (institutional distance), the parent company's diversification strategy and corporate governance characteristics affect equity entry mode choices respectively. Starting by collecting relevant data of Chinese multinational enterprises and their overseas subsidiaries, this research uses Logit model regression to mainly confirm influences of the institutional distance in the macro environment (including institution deficit and institution surplus) on overseas subsidiaries’ equity entry mode choices. The conclusions are as follows: First, for Chinese multinational enterprises, the institution deficit has a positive effect on overseas subsidiary’s equity entry mode choice; namely, when a Chinese enterprise enters the host country of institution deficit to China, if the institution deficit is larger, the parent company is more likely to choose wholly owned to establish overseas subsidiary; on the other hand, it is more likely to choose joint venture. Second, for Chinese multinational enterprises, the institution surplus has a negative effect on overseas subsidiary’s equity entry mode choice; namely, when a Chinese enterprise enters the host country of institution surplus to China, if the institution surplus is larger, the parent company is more likely to choose joint venture; on the other hand, it is more likely to choose wholly owned. In addition, this research further confirms that the "rule of law" of the host country positively effects equity entry mode choice. We do a comparative study on overseas subsidiaries’ equity entry mode choices between Chinese multinational enterprises and American multinational enterprises. Then, this research studies how the diversification strategy of the parent company in the micro environment influences overseas subsidiary’s equity entry mode choice. We draw the conclusion as follows: if the parent company of a multinational enterprise adopt related constrained diversification strategy, as compared with wholly owned mode, the enterprise is more likely to choose joint venture to set up overseas subsidiary. In addition, it further verifies regulating effects of different kinds of diversification strategies on the relationship between institutional distance and equity entry mode choice. It also confirms positive and negative regulating effects of related linked diversification strategy and unrelated business diversification strategy respectively. Finally, this research further studies on the influence of the parent company’s corporate governance (the micro environment) on equity entry mode choice. By empirical tests, the conclusions are as follows: first, in terms of the characteristics of corporate governance structure, the shares of overseas subsidiaries which are held by state-owned shareholders of the parent company and overseas financial institutions have significantly positive effects on the entry mode choices. Second, in terms of "two sessions" characteristics of corporate governance, the size of the board of directors of the parent company has a positive effect on its overseas subsidiary’s entry mode choice, but the size of the board of supervisors has a negative effect on its overseas subsidiary’s entry mode choice. Compared with previous researches, this research mainly has the following three innovations: first, this research divides institutional distance of different directions into institution surplus and institution deficit. We validate their positive and negative effects on equity entry mode choices of multinational enterprises. And the division has certain reference value for the future research on the relationship between institutional distance and decision-making in transnational investment. Second, this research does a comparative study between the effect of institutional distance (institution deficit, institution surplus) on multinational enterprises in China and that in the United States and highlights the influence on Chinese multinational companies. And this research confirms different effects of institutional distance on equity entry mode choices of American multinational enterprises. It also provides an important enlightenment and reference for the future study on the effect of institutional distance on equity entry mode choices in other countries.Third, from the perspective of the implementation of diversification strategy, we verify the effects of different types of diversification strategies on equity entry mode choices and confirm the negative effect of related constrained diversification strategy on equity entry mode choices. In addition, the related diversification strategy and the unrelated diversification strategy of the parent company have positive and negative effects on the relationship between the institutional distance and the equity entry mode choice, respectively.
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