CAJ | 학술논문

以4255家投资于中国的外资企业为样本,以制度理论为基础,基于合法性视角来研究在华外资企业的进入模式选择。实证结果表明,三种合法性,即规制合法性（中央政府政策、地方政府管制）、规范合法性（文化距离）、认知合法性（母国模仿、产业模仿）,都能够影响外资企业的进入模式选择。其中,规制合法性和认知合法性具有正向的作用,而规范合法性则产生负向的影响。同时,各种合法性之间存在着调节作用,规制合法性能够调节规范合法性和进入模式选择之间的关系。不同合法性的影响力大小不一,规制合法性的影响力最大,而规范合法性的影响力最小。
이4255가투자우중국적외자기업위양본,이제도이론위기출,기우합법성시각래연구재화외자기업적진입모식선택。실증결과표명,삼충합법성,즉규제합법성（중앙정부정책、지방정부관제）、규범합법성（문화거리）、인지합법성（모국모방、산업모방）,도능구영향외자기업적진입모식선택。기중,규제합법성화인지합법성구유정향적작용,이규범합법성칙산생부향적영향。동시,각충합법성지간존재착조절작용,규제합법성능구조절규범합법성화진입모식선택지간적관계。불동합법성적영향력대소불일,규제합법성적영향력최대,이규범합법성적영향력최소。
Using a dataset including 4, 255 foreign subsidiaries in China, we examined the legitimacy rationale behind their choice of entry mode from an institutional perspective. The results show that regulatory legitimacy （coming from central government policy and local government regulation）, and cognitive legitimacy （related to home country mimetic entry and same industry mimetic entry） have a positive effect on the choice of a sole foreign ownership. However, normative legitimacy （concerning cultural distance） has a negative impact on the choice of entry mode of sole foreign ownership. We find that regulatory legitimacy moderates the relationship between normative legitimacy and the likelihood of adopting a sole foreign ownership. We also have found that different types of institutional legitimacy have differentiated effects on the choice of the mode of foreign entry： the regulatory legitimacy plays the biggest role, which is followed by cognitive legitimacy and then by normative legitimacy.