母国区域导向、市场地位导向与企业绩效的关系研究

摘要/Abstract

摘要：

一般认为，由于地理距离的限制，母国区域导向是企业对外直接投资最主要的区位选择战略。但是，以寻求市场和战略资产为主要目的的新兴市场跨国企业不再视地理距离为主要障碍，而是主动进入具有高市场地位的发达经济体。然而，这种市场地位导向的对外直接投资行为并未得到足够重视。本文以2006-2013年主板上市的制造业企业为样本，探讨中国企业对外直接投资中，母国区域导向和市场地位导向对企业财务绩效和创新绩效的影响。结果表明，母国区域导向有助于提高企业的海外收入，但市场地位导向对企业海外收入没有直接影响；两者的交互会显著提高企业的海外收入；母国区域导向和市场地位导向都不利于企业获得所需专利，且两者交互对企业专利的影响是负向的。最后，文章进行了针对性讨论。

关键词: 对外直接投资, 新兴市场跨国企业, 母国区域导向, 市场地位导向, 企业绩效

Abstract:

Due to geographic distance constraint, multinational enterprises are generally believed to be home-region orientated (HRO) in their FDI location choice. However, emerging market multinational enterprises (EM MNEs) are proactively entering those industrialized economies (market-status orientated) with the purpose of acquiring markets and strategic assets, so geographic distance constraint is fading away. But the FDI behavior based on the market-status orientation (MSO) has yet to be examined. This paper aims to explore the effect of HRO and MSO on firm's financial and innovative performance. Our sample comes from the manufacturing enterprises listed on Shanghai and Shenzhen Stock Exchange between 2006 and 2013. The empirical results show that HRO has positive effects on firm's foreign sales, MSO has no significant effects on firm's foreign sales; their interaction has positive effect on firm's foreign sales; Both HRO and MSO have negative effects on firm's patents, as well as their interaction. Finally, conclusions and limitations are discussed.

Key words: FDI, emerging market multinational corporations, home-region orientation, market-status orientation, firm performance

吴冰, 阎海峰, 吴琪琦, 游淑云. 母国区域导向、市场地位导向与企业绩效的关系研究[J]. , 2017, 29(11): 62-73.

Wu Bing, Yan Haifeng, Wu Qiqi, You Shuyun. The Relationship between Home-region Orientation, Market-status Orientation and Firm's Performance[J]. , 2017, 29(11): 62-73.

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