创新能力、所有权优势与中国企业 海外市场进入模式选择

市场进入模式是企业战略研究领域的一大核心主题。本文关注企业微观因素与东道国宏观因素对中国企业外国市场进入模式选择的影响。本文的结论是：创新能力强与国际化经验丰富的中国企业选择绿地新建模式进入外国市场的可能性较大；规模经济突出且所有权优势明显的中国企业选择并购模式的可能性大。规模经济突出和所有权优势明显的中国企业，选择合资模式进入外国市场的可能性大。在选择外国市场进入模式时，中国跨国公司较少考虑文化距离、政府治理水平以及基础设施等约束和激励因素；同时，规模效用和所有权优势而非创新能力与国际化经验始终发挥着重要的影响力。这可能是导致中国跨国公司“大而不强”、国际化竞争优势不足的重要原因。

CHINESE MNC'S ENTRY MODE OF FOREIGN MARKET UNDERINNOVATION, AND OWNERSHIP ADVANTAGE

Entry mode was one of the main topics of business strategy.This paper focused on the impacts of the micro-factors. Empirical results showed that there was a positive relationship betweengreenfield investment and Chinese MNCs'self-dependent innovation and internationalization experience, while there was a positive relationship between acquisition and Chinese MNCs'economies of scale and ownership advantage. Secondly, concerning the choice between joint venture and sole venture, there was a positive relationship between acquisition and Chinese MNCs'economies of scale and ownership advantage. This implied the host's culture distance, government's management level and infrastructure might not impact the foreign market entry model of Chinese MNCs,while it was the Chinese MNCs'economies of scale and ownership advantage rather than self-dependent innovation and internationalization experience always to play important role in deciding their entry modes. This might be the main causes that Chinese MNCswere short of quality rather than quantity.