基于层级决策外资股权进入模式选择研究

对3452家在华外资企业股权结构的实证分析结果表明，外资的特定优势、风险态度、与东道国的文化差异，东道国的经营风险、行业特性、经营地市场环境、经营地优惠政策等因素，对于独资模式和合资模式的选择有着重要的影响。而在合资方式下的选择中，上述因素的作用明显弱化，外资将会更多地考虑东道国合作方的优势和能力。上述发现支持了层级决策假说。

The Selection of FDI Equity Entry Mode Based on the Hierarchical Model

Based on the hierarchical model, this paper investigates the determinants of equity structure of 3452 manufacturing foreign-invested enterprises in China. The empirical results indicate that there are some factors, such as FDI advantage, risk orientation, cultural distance, host country risk, host country industry characteristics, location factor, exerting substantial influence at the wholly owned subsidiary versus joint venture level, but rather weak influence at the lower within-joint venture level, instead of ability and advantage of local partners. The above findings provide supporting evidence for the hierarchical model of FDI equity entry mode.