CAJ | 학술논문

基于中国跨国企业2002—2013年对外直接投资的数据,研究制度距离、人力资源对跨国企业对外投资模式选择的影响。结果发现：母国与东道国非正式制度距离与中国无经验投资者选择新建投资模式之间呈倒U型关系,随着正式制度距离的增加,企业为了降低经营风险,选择新建投资的概率增大;母国与东道国之间人力资源距离越远,有经验投资者越倾向于选择并购模式进入东道国;此外,富有经验的投资者可以跨越非正式制度距离产生的隔阂,从而提高企业的对外投资绩效。
기우중국과국기업2002—2013년대외직접투자적수거,연구제도거리、인력자원대과국기업대외투자모식선택적영향。결과발현：모국여동도국비정식제도거리여중국무경험투자자선택신건투자모식지간정도U형관계,수착정식제도거리적증가,기업위료강저경영풍험,선택신건투자적개솔증대;모국여동도국지간인력자원거리월원,유경험투자자월경향우선택병구모식진입동도국;차외,부유경험적투자자가이과월비정식제도거리산생적격애,종이제고기업적대외투자적효。
This paper constructs a research framework which is about the impact of institutional distance and human resource on the selection of multinational foreign investment pattern, based on multinational foreign direct investment data from 2002 to 2013. There are three points have been found. First, reverse U relation presents between informal institutional distance and Chinese inexperienced investors＇ selection of Greenfield in- vestment. With the increase of formal institution distance, in order to reduce the management risk, the proba- bility of selection of Greenfield investment increase. Second, the farther human resource distance between home country and host country, the more experienced investors tend to select M＆A mode to enter host coun- try. Third, experienced investors can improve enterprises＇ performance of foreign investment, so as to span the gap that resulting from informal institutional distance.