CAJ | 학술논문

中国庞大的国内市场为企业开展跨地区经营提供了良好的外部条件。然而,大部分中国企业并没有充分利用中国大市场的优势进行国内跨地区经营,甚至宁可进入国外市场,也不在国内就近开展跨地区经营。那么,是什么因素阻碍了中国企业开展国内跨地区经营？本研究基于制度距离的研究视角,使用来自中国证券企业国内跨地区经营数据对这一问题进行理论和实证研究。基于理论分析和来自中国证券企业数据的实证检验发现：（1）目标市场和企业所在地之间的制度距离会导致企业国内跨地区经营的交易成本和管理成本上升,对企业跨地区经营战略有显著的负向影响,说明地区之间的制度距离是企业国内跨地区经营的重要障碍;（2）与正式制度距离相比,非正式制度距离对国内跨地区经营战略有更强的负向影响;（3）与现有研究假定制度距离的影响只取决于制度距离的大小不同,本研究发现制度距离对跨地区经营战略的影响还与目标市场的制度相对发展水平有关：制度相对发展水平越高,制度距离对跨地区经营战略的负向影响越小。本研究基于制度距离的视角揭示了中国企业国内跨地区经营面临的制度性障碍,并比较了正式和非正式制度距离影响强度的差异,对促进企业国内跨地区经营、进一步提高中国企业竞争力有重要启示。
중국방대적국내시장위기업개전과지구경영제공료량호적외부조건。연이,대부분중국기업병몰유충분이용중국대시장적우세진행국내과지구경영,심지저가진입국외시장,야불재국내취근개전과지구경영。나요,시십요인소조애료중국기업개전국내과지구경영？본연구기우제도거리적연구시각,사용래자중국증권기업국내과지구경영수거대저일문제진행이론화실증연구。기우이론분석화래자중국증권기업수거적실증검험발현：（1）목표시장화기업소재지지간적제도거리회도치기업국내과지구경영적교역성본화관리성본상승,대기업과지구경영전략유현저적부향영향,설명지구지간적제도거리시기업국내과지구경영적중요장애;（2）여정식제도거리상비,비정식제도거리대국내과지구경영전략유경강적부향영향;（3）여현유연구가정제도거리적영향지취결우제도거리적대소불동,본연구발현제도거리대과지구경영전략적영향환여목표시장적제도상대발전수평유관：제도상대발전수평월고,제도거리대과지구경영전략적부향영향월소。본연구기우제도거리적시각게시료중국기업국내과지구경영면림적제도성장애,병비교료정식화비정식제도거리영향강도적차이,대촉진기업국내과지구경영、진일보제고중국기업경쟁력유중요계시。
The huge domestic market provides Chinese firms with valuable opportunities for regional diversification within China. However, most Chinese firms did not utilize the domestic market ade- quately. Instead of diversifying within China, they prefer to go abroad although it is associated with higher costs and risks. Therefore, an unanswered question is why Chinese firms do not want to diversify within China？ And a further question regarding this phenomenon is what the barriers of firm regional diversification within China are？ This study, based on the new perspective of institutional distance and with evidence from Chinese security industry, investigates this ques- tion theoretically and empirically. The results show that institutional distance between host region and home region has a significantly negative effect on firm regional diversification strategy since insti- tutional distance leads to high transaction and administrative costs, indicating that institutional distance is indeed an important barrier of firm regional diversification. This study further compares the effects of formal and informal institutional distance on firm regional diver- sification, and finds that relative to formal institutional distance, in- formal institutional distance has a stronger negative effect on firm re- gional diversification strategy. In addition, this study investigates the potential moderators regarding the institutional distance-firm region- al diversification strategy relationship, and finds that the relationship between institutional distance and regional diversification strategy is moderated by the relative institutional development. Specifically, the influence of institutional distance on regional diversification strategy will be weaker when the relative institutional development is high. This finding refutes a commonly accepted assumption in previous studies that the influence of institutional distance on firm strategy is solely determined by the absolute value of institutional distance. This study reveals the institutional barriers of firm regional diversification within China, and compares the influences of formal and informal institutional distance, which has critical implications for advancing firm regional divarication and enhancing the international competi- tive advantage of Chinese firms.