CAJ | 학술논문

基于信息不对称和组织合法性两个研究视角，分析外来者劣势对跨国企业对外直接投资绩效的影响路径。结合组织学习双元性理论，探讨利用性学习和探索性学习在调节外来者劣势与对外直接投资绩效关系上的时效性差异。在理论分析基础上构建关于外来者劣势、组织学习与对外直接投资绩效的概念模型，以138家中国上市企业为样本，采用SPSS 19．0对提出的假设进行实证检验。研究结果表明，外来者劣势对跨国企业对外直接投资绩效存在显著负作用；探索性学习强调知识信息逆向转移，能够促进跨国企业突破性创新来弱化外来者劣势对长期投资绩效的负作用；利用性学习旨在促进内部技能与外部环境的融合，推动跨国企业渐进性创新，进而显著弱化外来者劣势对短期投资绩效的负作用，但利用性学习的调节作用未通过验证。研究结论有助于更好地认识跨国企业对外直接投资过程中的外来者劣势，并从组织学习角度给跨国企业降低外来者劣势、提高对外直接投资绩效提供实践意义。
기우신식불대칭화조직합법성량개연구시각，분석외래자열세대과국기업대외직접투자적효적영향로경。결합조직학습쌍원성이론，탐토이용성학습화탐색성학습재조절외래자열세여대외직접투자적효관계상적시효성차이。재이론분석기출상구건관우외래자열세、조직학습여대외직접투자적효적개념모형，이138가중국상시기업위양본，채용SPSS 19．0대제출적가설진행실증검험。연구결과표명，외래자열세대과국기업대외직접투자적효존재현저부작용；탐색성학습강조지식신식역향전이，능구촉진과국기업돌파성창신래약화외래자열세대장기투자적효적부작용；이용성학습지재촉진내부기능여외부배경적융합，추동과국기업점진성창신，진이현저약화외래자열세대단기투자적효적부작용，단이용성학습적조절작용미통과험증。연구결론유조우경호지인식과국기업대외직접투자과정중적외래자열세，병종조직학습각도급과국기업강저외래자열세、제고대외직접투자적효제공실천의의。
From the perspectives of information asymmetry and organizational legitimacy, we analyzed the influential path of the liability of foreignness on the performance of multinational enterprises′( MNEs) outward foreign direct investment( OFDI) .As li-ability of foreignness can influence MNEs′OFDI, it is important to understand the liability of foreignness.From the existing re-search, we can see the information asymmetry and organizational legitimacy are the two important source of liability of foreign-ness.So how to reduce the information asymmetry and organizational legitimacy is the initial step to overcome the liability of for-eignness. As known from the literature review, organizational learning can reduce the liability of foreignness.There are various forms of or-ganizational learning, and each of them has effect on the MNEs.Exploitation and exploration are of the two important forms in or-ganizational learning, and they have differences in value creation and return timing.Hence, this paper, based on the ambidexter-ity theory of organizational learning,tried to discuss the timing differences between learning of exploitation and exploration that moderate the impacts of liability of foreignness on the OFDI performance. In accordance with the theoretical analysis, we put forward some hypothesis and constructed a conceptual model of liability of for-eignness,organizational learning and OFDI performance.Then using 138 Chinese listed enterprises as samples, we made an em-pirical test for the hypothesis through SPSS 19.0.The results show that liability of foreignness had a significant and negative effect on the OFDI performance.While operating in the host country, MNEs would face the unfamiliar cost、discrimination cost and relationship cost.The hypothesis that explorative learning can play a moderating effect was verified.Explorative learning can weaken the relationship between liability of foreignness and long-term investment performance.This result means that explorative learning can play a role to MNEs by focus on reverse knowledge transfer and breakthrough innovation.However, the moderating effect of exploitative learning was not verified, which aimed to stimulate MNEs′incremental innovation and promote the harmony between internal skills and external environment.Consequently, we rejected this hypothesis.Through the theoretical analysis and the empirical test in this paper, we can better understand the liability of foreignness in the process of OFDI.The results of this study not only made a theoretical contribution in the area of liability of foreignness and organizational learning, but also offered some practical references to reduce the liability of foreignness and improve the OFDI performance from the perspective of organi-zational learning.