中国企业对外直接投资股权进入模式选择及其对海外子公司绩效的影响机制研究—基于制度理论和社会网络的视角

The steady increase of outward foreign direct investment (OFDI) from emerging economies has gradually become a significant phenomenon for the rapid development of the world economy. Driven by the growing economic force, China and other emerging economies are making greater efforts to seek overseas investment opportunities. By the end of 2011, China has become the fifth-largest OFDI country in the world. Also, the China's OFDI has received significant attention both by the theorists and the practices, among which the selection of ownership entry mode is always a popular issue. However, its influence on the performance of overseas subsidiaries has rarely been concerned by scholars. Therefore, this project is to study this problem in two stages base on two kinds of methods. Difference from the past research concerning about the direct influence of enterprise's own resources or the host country's institutional environment on the entry mode, this project, in the first stage, will use both resource-based review and institutional theory to analyze the moderation of the institution on the relationship between enterprise's own resources and the selection of ownership entry mode for OFDI. First, through the interviews with the key personnel from the Chinese OFDI firms, relevant government, this project will analyze whether the enterprises own resources or the host country's institutional environment has influence on a firm's selection of ownership entry mode by case study method. Then, archival method will be used to further validate the influence mechanism of the enterprise's own resources and the host country's institutional environment on the selection of ownership entry mode, especially the moderation function of the host country's institutional environment. In the second phase, based on the social networks perspective, institutional theory ，this project will discuss the influence mechanism of ownership mode on Chinese overseas subsidiaries' performance through a big-sample questionnaire. This mechanism includes both direct and indirect influence. Thus, this project, theoretically, will enrich the research on the selection of ownership entry mode for the overseas subsidiaries in developing countries, and fill the research gap of the influence of the ownership mode on the subsidiary's performance. And in practice, this project can also develop an integrated method system for the China's OFDI. Namely, how can firms select the suitable ownership entry mode based on their own advantages and the differences of the host country's institutional environment? Additionally, how can the subsidiaries of different ownership mode utilize the social networks in the host country to acquire resources and boost development based on their OFDI motivations

近年来，中国企业对外直接投资（OFDI）备受关注，股权进入模式选择就是其中的一个重要方面，但是极少有学者进一步关注OFDI股权进入模式对海外子公司绩效的影响。因此本项目将分两个阶段运用两种不同的研究方法进行研究。与以往的研究关注企业专有资源或东道国制度对进入模式选择的直接影响不同，第一阶段，本项目将综合运用资源基础观和制度理论，通过实地访谈、案例分析归纳法和档案式研究方法，重点探讨东道国制度对企业专有资源与对外直接投资股权进入模式选择之间关系的调节机制。第二阶段，从社会网络视角，运用制度理论，通过大样本调查问卷，进一步定量探讨股权进入模式对中国海外子公司绩效的影响机制，包括直接影响和间接影响。本项目从实践上为中国企业对外直接投资总结出一套完整的方法体系，即企业如何基于自身优势，根据东道国制度环境的差异，选择合适的股权进入模式，以及不同所有制的子公司如何通过在东道国的社会网络关系获得发展。

近年来，中国企业对外直接投资（OFDI）和跨国公司在华直接投资的关系和联系备受关注，股权进入模式选择、对外投资企业的人力资源管理实践、在华跨国公司与中国企业的联系与竞争等便成为其中重要的研究话题。 研究中国的OFDI问题与研究在华跨国公司的问题是紧密联系的。因此本项目综合运用了资源基础理论、制度基础理论和社会网络理论，从以下几个方面开展研究，在项目资助下，共计发表SSCI论文6篇，CSSCI论文2篇，其中项目负责人以第一作者或通讯作者发表SSCI论文5篇：.1..通过案例研究来探索不同的东道国和母国制度环境、中国企业所有权结构等因素对于中国企业对外投资股权进入模式的影响及其机制，同时也探索性研究中国矿产业对外投资的战略选择及其对中国对外投资企业人力资源管理的实践。研究主要成果在SSCI发表论文1篇，CSSCI2篇； .2..基于案例研究的基础上，基于中国工业数据库1998-2008、中国OFDI投资企业目录2013、及东道国国家层面数据，定量分析东道国非正式制度如文化对于中国OFDI投资策略的影响、分析中国本土企业如何基于正式与非正式制度来追赶在华跨国公司从而提升自身竞争力、分析在华跨国公司对中国本土企业出口和本土销售中的不同作用和影响等。研究成果在SSCI发表2篇，CSSCI1篇；.3..在从企业层面分析我国企业对外投资与在华跨国公司关系的基础上，研究中后期，项目组开始进一步探索中国企业人才管理、组织结构、人力资源管理与企业对外投资绩效的关系。本项目目前正在进行中，暂时的研究成果主要是基于中国大型金融跨国企业的研究，下一步将针对其在海外的分支机构进行探索性研究。研究成果在SSCI发表2篇。.4..基于本课题的支持，共培养毕业博士生2名，硕士生11名，论文选题均与本课题完全或紧密相关，构建了特色鲜明的研究团队。