南开经济研究
南開經濟研究
남개경제연구
Nankai Economic Studies
2014年
2期
99~117
,共null页
制度距离 组织合法性 跨国公司 进入战略 国际化绩效
製度距離 組織閤法性 跨國公司 進入戰略 國際化績效
제도거리 조직합법성 과국공사 진입전략 국제화적효
Institutional Distance; Organizational Legitimacy; Multinational Company; Entry Strategy; International Performance
本文从组织合法性视角出发，以178家中国跨国公司为研究对象，采用Logistic回归检验了制度距离对跨国公司进入战略两阶段（并购／绿地、合资／独资）选择的影响，验证了国际经验、环境适应能力和社会资本在这一影响过程中的调节作用，并进一步采用层级回归探究了制度距离与跨国公司进入战略的匹配对其国际化绩效的影响。研究结果表明，制度距离越远，相对于绿地，中国跨国公司越可能选择并购；相对于独资，中国跨国公司越可能选择合资。国际经验负向调节了制度距离对并购与绿地以及合资与独资选择的影响；环境适应能力和社会资本负向调节了制度距离对合资与独资选择的影响。此外，制度距离远时，相对于绿地，中国跨国公司选择并购的国际化绩效更高；相对于独资，选择合资的国际化绩效也更高，这验证了“情境-战略-绩效”范式。
本文從組織閤法性視角齣髮，以178傢中國跨國公司為研究對象，採用Logistic迴歸檢驗瞭製度距離對跨國公司進入戰略兩階段（併購／綠地、閤資／獨資）選擇的影響，驗證瞭國際經驗、環境適應能力和社會資本在這一影響過程中的調節作用，併進一步採用層級迴歸探究瞭製度距離與跨國公司進入戰略的匹配對其國際化績效的影響。研究結果錶明，製度距離越遠，相對于綠地，中國跨國公司越可能選擇併購；相對于獨資，中國跨國公司越可能選擇閤資。國際經驗負嚮調節瞭製度距離對併購與綠地以及閤資與獨資選擇的影響；環境適應能力和社會資本負嚮調節瞭製度距離對閤資與獨資選擇的影響。此外，製度距離遠時，相對于綠地，中國跨國公司選擇併購的國際化績效更高；相對于獨資，選擇閤資的國際化績效也更高，這驗證瞭“情境-戰略-績效”範式。
본문종조직합법성시각출발，이178가중국과국공사위연구대상，채용Logistic회귀검험료제도거리대과국공사진입전략량계단（병구／록지、합자／독자）선택적영향，험증료국제경험、배경괄응능력화사회자본재저일영향과정중적조절작용，병진일보채용층급회귀탐구료제도거리여과국공사진입전략적필배대기국제화적효적영향。연구결과표명，제도거리월원，상대우록지，중국과국공사월가능선택병구；상대우독자，중국과국공사월가능선택합자。국제경험부향조절료제도거리대병구여록지이급합자여독자선택적영향；배경괄응능력화사회자본부향조절료제도거리대합자여독자선택적영향。차외，제도거리원시，상대우록지，중국과국공사선택병구적국제화적효경고；상대우독자，선택합자적국제화적효야경고，저험증료“정경-전략-적효”범식。
From the perspective of organizational legitimacy, with 178 Chinese multinational companies as the research object, this paper analyzes the influence of institutional distance on the two-phase selecting of entry strategy（Mergers and Acquisitions/Greenfield, Joint Venture/Wholly Owned Subsidiary）of multinational company using Logistic regression analysis; examines the moderation effect of international experience, environment adapting ability and social capital in the influencing process; and further explores the influence of the fit between institutional distance and entry strategy of multinational company on its international performance using hierarchical regression. The result shows that relative to Green-field, the farther of institutional distance, the more likely for Chinese multinational company to select Mergers and Acquisitions; relative to Wholly Owned Subsidiary, the farther of institutional distance, the more likely for Chinese multinational company to select Joint Venture; the international experience negatively moderates the influence of institutional distance on the entry strategy （Mergers and Acquisitions/Greenfield, JointVenture/WhollyOwnedSubsidiary）seleetion; the environment adapting ability and the social capital negatively moderate the influence of institutional distance on the selection between Joint Venture and Wholly Owned Subsidiary. In addition, when the institutional distance is farther, relative to Green-field, Chinese multinational company will acquire higher international performance when selecting Mergers and Acquisitions; relative to Wholly Owned Subsidiary, Chinese multinational company will acquire higher international performance when selecting Joint Venture, which verifies the paradigm of ＂Situation-Strategy-Performance＂.
