中国高科技新创企业对发达国家的逆向投资——基于制度理论的分析视角

中国高科技新创企业通过逆向投资进军发达国家是近几年新出现的现象，传统的对外直接投资理论对此难以给出有效的解释。本文基于制度的视角对我国高科技新创企业逆向投资行为进行解释，从制度的三个维度论证我国高科技新创企业逆向投资是组织与制度互动的结果，在法律法规层面，新创企业到发达国家投资是逃避不合理的制度安排，寻求更为有利的融资与成长环境；在社会规范层面，到发达市场投资能够为高科技新创企业在国内赢得更多的社会声誉，进而获得更大的合法性；在认知层面，具有国际化经历的企业家具有较强的国际视野和国际化导向。

Reversal FDI of Chinese High-tech New Ventures in Developed Countries from institutional perspective

Reversal FDI of Chinese high tech new ven- tures in developed countries is newly emerging phenomenon recently, which can not be explained effectively by traditional FDI theory. From an institutional perspective This thesis holds that the reversal FDI of Chinese high-tech new ven- tures is the result of interaction of organizations and institu- tions. At the regulatory level, Reversal FDI in developed countries can be regarded as an escape response to home country institutional constraints with the aims to seek better financing and growth environment. At the Normative level, the quest for legitimacy and social reputation drives the re- versal FDI in developed countries. At the cognitive level, new ventures founded by entrepreneurs who have rich interna- tional experience and entrepreneurship will be more likely to internationalize from inception in developed countries.