CAJ | 학술논문

国内资源的限制、市场竞争压力的加剧以及有效学习机会的缺乏等因素促使很多中国企业开始采取对外直接投资的“走出去”战略（OFDI），但OFDI的实施过程非常复杂且存在高度的不确定性。通过O FDI能否改进组织的生存能力以及在什么条件下有助于组织生存？这是一个仍旧没有解决的重要问题。本文基于中国上市公司的数据，主要得出以下结论：（1）企业可以运用实物期权规避风险，通过OFDI对国内企业进行资源输送，从而有助于组织生存；（2）与国有企业相比，民营企业进行OFDI更有助于提高组织生存能力；（3）与CEO非二元性相比，企业在CEO二元性的状态下采取OFDI会降低组织的生存能力。本文的研究为更好地理解O FDI的作用机制提供了理论和实证的解释，也为“走出去”战略提供了支持。
국내자원적한제、시장경쟁압력적가극이급유효학습궤회적결핍등인소촉사흔다중국기업개시채취대외직접투자적“주출거”전략（OFDI），단OFDI적실시과정비상복잡차존재고도적불학정성。통과O FDI능부개진조직적생존능력이급재십요조건하유조우조직생존？저시일개잉구몰유해결적중요문제。본문기우중국상시공사적수거，주요득출이하결론：（1）기업가이운용실물기권규피풍험，통과OFDI대국내기업진행자원수송，종이유조우조직생존；（2）여국유기업상비，민영기업진행OFDI경유조우제고조직생존능력；（3）여CEO비이원성상비，기업재CEO이원성적상태하채취OFDI회강저조직적생존능력。본문적연구위경호지리해O FDI적작용궤제제공료이론화실증적해석，야위“주출거”전략제공료지지。
Such factors as limits of domestic resources ,the increase in market competition pressure and lack of effective opportunity to study ,urge a lot of Chinese firms to begin to take the“going-out” strategy ,namely OFDI .But the implementation of OFDI is very com‐plex and has a high-degree uncertainty .It is still a pending and important question w hether OFDI could improve organization survival ,or how to improve .This paper comes to the con‐clusions as follows through the data of Chinese listed firms :firstly ,OFDI is helpful for or‐ganization survival to avoid risks by property options and deliver the resources to domestic companies ;secondly ,OFDI will improve organization survival for private firms more effec‐tively than state-owned firms ;thirdly ,compared to CEO non-duality ,OFDI will reduce or‐ganization survival in CEO duality .This paper helps to better understand the mechanism of OFDI by the theoretical and empirical explanation ,and provides the support for “going-out”strategy .