投资经验是否影响了中国异质性企业的OFDI模式选择
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摘要
本文研究了中国异质性企业在特定目的国①市场的前期投资经验与其后续OFDI模式选择的动态关系,并提出相关假说,然后使用2003—2011年中国企业OFDI数据进行了实证检验与分析。研究发现:对特定目的国市场前期投资经验越丰富,或者中国其他企业对目的国对行业投资经验越丰富,中国OFDI企业越倾向于跨境并购;从企业异质性影响看,当中国企业生产率越高时,该企业在目的国投资经验对其OFDI模式选择的影响也越大;企业前期投资经验与目的国制度、风险环境之间呈显著的逆向调节效应,差异性地作用于该企业后期OFDI模式选择;当然,中国OFDI企业在同一国前期的投资经验对其后期OFDI模式选择的影响强于相似国家,而非相似国家的投资经验则不具有显著影响。
Our study examined the dynamic correlation between the prior investment experience of Chinese heterogeneous enterprises in the specific host countries and their subsequent OFDI mode selection and proposed relevant hypotheses. Then we tested and analyzed the data of Chinese OFDI companies; our sample period was 2003-2011. The study finds that the more experienced the pre-investment in the specific host country's market,or the more investment experience of other Chinese companies in the same industry in the same destination country is,the more Chinese OFDI companies tend to cross-border mergers and acquisitions(M&A); from the perspective of firm heterogeneity,when the productivity of Chinese firm is higher,its previous investment experience in a host country market will have a higher impact on the choice of OFDI model; the host country's political and economic environment has a significant differential adverse effect on the relations of"investment experience and the selection of OFDI model"; the influence of Chinese OFDI firm's investment experience in the same country on the subsequent OFDI mode choice is stronger than that in the similar countries,while its investment experience in non-similar countries does not have a significant impact.
Our study examined the dynamic correlation between the prior investment experience of Chinese heterogeneous enterprises in the specific host countries and their subsequent OFDI mode selection and proposed relevant hypotheses. Then we tested and analyzed the data of Chinese OFDI companies; our sample period was 2003-2011. The study finds that the more experienced the pre-investment in the specific host country's market,or the more investment experience of other Chinese companies in the same industry in the same destination country is,the more Chinese OFDI companies tend to cross-border mergers and acquisitions(M&A); from the perspective of firm heterogeneity,when the productivity of Chinese firm is higher,its previous investment experience in a host country market will have a higher impact on the choice of OFDI model; the host country's political and economic environment has a significant differential adverse effect on the relations of"investment experience and the selection of OFDI model"; the influence of Chinese OFDI firm's investment experience in the same country on the subsequent OFDI mode choice is stronger than that in the similar countries,while its investment experience in non-similar countries does not have a significant impact.
引文
[1]HENNART J F,PARK Y R.Location,Governance,and Strategic Determinants of Japanese Manufacturing Investment in the United States[J].Strategic Management Journal,1994,15(6):419-436.
[2]蒋冠宏,蒋殿春.绿地投资还是跨国并购:中国企业对外直接投资方式的选择[J].世界经济,2017(7):126-146.
[3]NOCKE V,YEAPLE S.Cross-border Mergers and Acquisitions vs Greenfield Foreign Direct Investment:The Role of Firm Heterogeneity[J].Journal of International Economics,2007,72(2):336-365.
[4]HENNART J F,PARK Y R.Greenfield vs.Acquisition:the Strategy of Japanese Investors in the United States[J].Management Science,1993,39(9):1054-1070.
[5]CAVES R.Multinational Enterprise and Economic Analysis(3rd Edition)[M].Cambridge:Cambridge University Press,2007.
[6]SLANGEN A H L,HENNART J F.Do Multinationals Really Prefer to Enter Culturally Distant Countries through Greenfields Rather than through Acquisitions?The Role of Parent Experience and Subsidiary Autonomy[J].Journal of International Business Studies,2008,39(3):472-490.
[7]SIRMON D G,HITT M A,Ireland R D.Managing Firm Resources in Dynamic Environments to Create Value:Looking Inside the Black Box[J].Academy of Management Review,2007,32(1):273-292.
[8]MARTIN X,SALOMON R.Tacitness,Learning,and International Expansion:A Study of Foreign Direct Investment in A Knowledge-intensive Industry[J].Organization Science,2003,14(3):297-311.
[9]NETO P,BRANDAO A,CERQUEIRA A.The Impact of FDI,Cross-Border Mergers and Acquisitions and Greenfield Investments on Economic Growth[R].FEP Working Paper,2008.
[10]WANG M,SUNNY-WONG M C.What Drives Economic Growth?The Case of Cross-Border M&A and Greenfield FDI Activities[J].Kyklos,2009,62(2):316-330.
[11]DOW D.Factors Influencing Managerial Perceptions of Psychic Distance[R].Academy of International Business Meeting Paper,2009.
[12]MILLER S,EDEN L.Local Density and Foreign Subsidiary Performance[J].Academy of Management Journal,2006,49(2):341-355.
[13]SCHWENS C,KABST R.Internationalization of Young Technology Firms:A Complementary Perspective on Antecedents of Foreign Market Familiarity[J].International Business Review,2011,20(1):60-74.
[14]ACEMOGLU D,JOHNSON S.Unbundling Institutions[J].Journal of Political Economy,2005,113(5):949-995.
[15]李丽丽,綦建红.政治风险规避与中国企业的OFDI策略选择[J].财经研究,2017(1):110-121.
[16]鲁晓东,刘京军.不确定性与中国出口增长[J].经济研究,2017(9):39-54.
[17]LU J,LIU X,Wright M,Filatotchev I.International Experience and FDI Location Choices of Chinese Firms:The Moderating Effects of Home Country Government Support and Host Country Institutions[J].Journal of International Business Studies,2014,45(4):428-449.
[18]RAMASAMY B,YEUNG M,LAFORET S.China's Outward Foreign Direct Investment:Location Choice and Firm Ownership[J].Journal of World Business,2012,47(1):17-25.
[19]AMIGHINI A,COZZA C,RABELLOTTI R,SANFILIPPO M.An Analysis of Chinese Outward FDIs in Europe with Firm-Level data[R].CIRCLE Working Paper No.2014/2,2014.
[20]林莎,雷井生,杨航.中国企业绿地投资与跨国并购的差异性研究——来自223家国内企业的经验分析[J].管理评论,2014(9):139-148.
[21]蒋冠宏.我国企业跨国并购真的失败了吗——基于企业效率的再讨论[J].金融研究,2017a(4):46-60.
[22]DOW D,LARIMO J.Disentangling the Roles of International Experience and Distance in Establishment Mode Choice[J].Management International Review,2011,51(3):321-355.
[23]蒋冠宏.中国企业对“一带一路”沿线国家市场的进入策略[J].中国工业经济,2017b(9):119-136.
[24]刘青,陶攀,洪俊杰.中国海外并购的动因研究——基于广延边际与集约边际的视角[J].经济研究,2017(1):28-43.
[25]綦建红,刘慧.以往经验会影响OFDI企业序贯投资的区位选择吗——来自中国工业企业的证据[J].经济理论与经济管理,2015(10):100-112.
[26]MORALES E,SHEU G,ZAHLER A.Gravity and Extended Gravity:Using Moment Inequalities to Estimate a Model of Export Entry[R].NBER Working Paper No.19916,2014.
[27]WAGNER R,ZAHLER A.New Exports from Emerging Markets:Do Followers Benefit from Pioneers?[J].Journal of Development Economics,2015,114:203-223.
[28]BOBONIS G J,SHATZ H J.Agglomeration,Adjustment,and State Policies in the Location of Foreign Direct Investment in the United States[J].Review of Economics and Statistics,2007,89(1):30-43.
(1)本文“目的国”包括“目的地或地区”的含义,遵循习惯表达和简化而如此行文。
(2)跨境并购是指兼并或并购,鉴于已有文献大多并不区分并购和兼并等,本文将之视为同义词。
(1)异质性企业理论认为与企业生产有关的科技、组织、规模、资本密集度、成熟度等具有很强的跨境移动能力,称为强移动能力(Mobile capability)或上游资产(Upstream assets);而市场营销条件、消费偏好,企业与当地供应商、消费者的关系等则受限于来源国属性,难以有效跨境移动,则称为弱移动能力(Nonmobile capability)或下游资产(Downstream assets)。
(1)每笔投资或出口是指某企业在某年对某个市场的每笔投资或出口,没有投资或出口则为0笔。
(2)因为按照《中国对外直接投资统计公报》的定义,OFDI企业是指境内投资者直接拥有或控股10%或以上投票权或其他等价利益的境外企业。
(3)本文亦使用了Probit回归模型检验,结果一致,不再赘述。
(4)本文借鉴Lu等(2014)[17]的办法,投资经验为企业前3年中每年对相同市场投资次数,没有投资的记为0。
(1)参见蒋冠宏(2017a)[21]。
(1)版面有限,未展示具体方差膨胀因子,需要的可以联系作者。
(1)本文也做了相关性回归,由于版面有限,只呈现了边际效应系数,若有需要,可联系作者。
(1)关于相似市场的界定,参照Morales等(2014)[26]、李丽丽和綦建红(2017)等做法,将处于同收入(高收入OECD、高收入非OECD、中高收入、中低收入以及低收入国家)、同大洲(亚洲、非洲、大洋洲、欧洲和美洲)、相同官方语言的目的国视为相似市场。
[2]蒋冠宏,蒋殿春.绿地投资还是跨国并购:中国企业对外直接投资方式的选择[J].世界经济,2017(7):126-146.
[3]NOCKE V,YEAPLE S.Cross-border Mergers and Acquisitions vs Greenfield Foreign Direct Investment:The Role of Firm Heterogeneity[J].Journal of International Economics,2007,72(2):336-365.
[4]HENNART J F,PARK Y R.Greenfield vs.Acquisition:the Strategy of Japanese Investors in the United States[J].Management Science,1993,39(9):1054-1070.
[5]CAVES R.Multinational Enterprise and Economic Analysis(3rd Edition)[M].Cambridge:Cambridge University Press,2007.
[6]SLANGEN A H L,HENNART J F.Do Multinationals Really Prefer to Enter Culturally Distant Countries through Greenfields Rather than through Acquisitions?The Role of Parent Experience and Subsidiary Autonomy[J].Journal of International Business Studies,2008,39(3):472-490.
[7]SIRMON D G,HITT M A,Ireland R D.Managing Firm Resources in Dynamic Environments to Create Value:Looking Inside the Black Box[J].Academy of Management Review,2007,32(1):273-292.
[8]MARTIN X,SALOMON R.Tacitness,Learning,and International Expansion:A Study of Foreign Direct Investment in A Knowledge-intensive Industry[J].Organization Science,2003,14(3):297-311.
[9]NETO P,BRANDAO A,CERQUEIRA A.The Impact of FDI,Cross-Border Mergers and Acquisitions and Greenfield Investments on Economic Growth[R].FEP Working Paper,2008.
[10]WANG M,SUNNY-WONG M C.What Drives Economic Growth?The Case of Cross-Border M&A and Greenfield FDI Activities[J].Kyklos,2009,62(2):316-330.
[11]DOW D.Factors Influencing Managerial Perceptions of Psychic Distance[R].Academy of International Business Meeting Paper,2009.
[12]MILLER S,EDEN L.Local Density and Foreign Subsidiary Performance[J].Academy of Management Journal,2006,49(2):341-355.
[13]SCHWENS C,KABST R.Internationalization of Young Technology Firms:A Complementary Perspective on Antecedents of Foreign Market Familiarity[J].International Business Review,2011,20(1):60-74.
[14]ACEMOGLU D,JOHNSON S.Unbundling Institutions[J].Journal of Political Economy,2005,113(5):949-995.
[15]李丽丽,綦建红.政治风险规避与中国企业的OFDI策略选择[J].财经研究,2017(1):110-121.
[16]鲁晓东,刘京军.不确定性与中国出口增长[J].经济研究,2017(9):39-54.
[17]LU J,LIU X,Wright M,Filatotchev I.International Experience and FDI Location Choices of Chinese Firms:The Moderating Effects of Home Country Government Support and Host Country Institutions[J].Journal of International Business Studies,2014,45(4):428-449.
[18]RAMASAMY B,YEUNG M,LAFORET S.China's Outward Foreign Direct Investment:Location Choice and Firm Ownership[J].Journal of World Business,2012,47(1):17-25.
[19]AMIGHINI A,COZZA C,RABELLOTTI R,SANFILIPPO M.An Analysis of Chinese Outward FDIs in Europe with Firm-Level data[R].CIRCLE Working Paper No.2014/2,2014.
[20]林莎,雷井生,杨航.中国企业绿地投资与跨国并购的差异性研究——来自223家国内企业的经验分析[J].管理评论,2014(9):139-148.
[21]蒋冠宏.我国企业跨国并购真的失败了吗——基于企业效率的再讨论[J].金融研究,2017a(4):46-60.
[22]DOW D,LARIMO J.Disentangling the Roles of International Experience and Distance in Establishment Mode Choice[J].Management International Review,2011,51(3):321-355.
[23]蒋冠宏.中国企业对“一带一路”沿线国家市场的进入策略[J].中国工业经济,2017b(9):119-136.
[24]刘青,陶攀,洪俊杰.中国海外并购的动因研究——基于广延边际与集约边际的视角[J].经济研究,2017(1):28-43.
[25]綦建红,刘慧.以往经验会影响OFDI企业序贯投资的区位选择吗——来自中国工业企业的证据[J].经济理论与经济管理,2015(10):100-112.
[26]MORALES E,SHEU G,ZAHLER A.Gravity and Extended Gravity:Using Moment Inequalities to Estimate a Model of Export Entry[R].NBER Working Paper No.19916,2014.
[27]WAGNER R,ZAHLER A.New Exports from Emerging Markets:Do Followers Benefit from Pioneers?[J].Journal of Development Economics,2015,114:203-223.
[28]BOBONIS G J,SHATZ H J.Agglomeration,Adjustment,and State Policies in the Location of Foreign Direct Investment in the United States[J].Review of Economics and Statistics,2007,89(1):30-43.
(1)本文“目的国”包括“目的地或地区”的含义,遵循习惯表达和简化而如此行文。
(2)跨境并购是指兼并或并购,鉴于已有文献大多并不区分并购和兼并等,本文将之视为同义词。
(1)异质性企业理论认为与企业生产有关的科技、组织、规模、资本密集度、成熟度等具有很强的跨境移动能力,称为强移动能力(Mobile capability)或上游资产(Upstream assets);而市场营销条件、消费偏好,企业与当地供应商、消费者的关系等则受限于来源国属性,难以有效跨境移动,则称为弱移动能力(Nonmobile capability)或下游资产(Downstream assets)。
(1)每笔投资或出口是指某企业在某年对某个市场的每笔投资或出口,没有投资或出口则为0笔。
(2)因为按照《中国对外直接投资统计公报》的定义,OFDI企业是指境内投资者直接拥有或控股10%或以上投票权或其他等价利益的境外企业。
(3)本文亦使用了Probit回归模型检验,结果一致,不再赘述。
(4)本文借鉴Lu等(2014)[17]的办法,投资经验为企业前3年中每年对相同市场投资次数,没有投资的记为0。
(1)参见蒋冠宏(2017a)[21]。
(1)版面有限,未展示具体方差膨胀因子,需要的可以联系作者。
(1)本文也做了相关性回归,由于版面有限,只呈现了边际效应系数,若有需要,可联系作者。
(1)关于相似市场的界定,参照Morales等(2014)[26]、李丽丽和綦建红(2017)等做法,将处于同收入(高收入OECD、高收入非OECD、中高收入、中低收入以及低收入国家)、同大洲(亚洲、非洲、大洋洲、欧洲和美洲)、相同官方语言的目的国视为相似市场。