绿地投资还是跨国并购:中国企业OFDI模式选择研究

对外直接投资模式选择是企业国际化战略中的关键决策。文章运用中国工业企业数据库和商务部境外投资企业名录匹配基础上的补充数据,实证考察企业在绿地投资和跨国并购之间的对外投资模式选择。研究表明：随着企业生产率、资本密集度,以及东道国经济发展水平、关税水平和制度环境的提升,企业进行跨国并购的概率提高;随着企业规模、研发投入,以及东道国市场规模、文化距离的增大,企业选择绿地投资的概率提高;相比来看,非国有企业、资本密集型企业和具有国际化经验的企业对各类影响因素更加敏感,在OFDI模式选择中受到的影响程度更大。

Greenfield Investment Or Cross-border M&A: A Study on Mode Choice of Chinese Enterprise's OFDI

The choice of outward foreign direct investment mode is a key decision of enterprises' internationalization strategy. This paper uses the supplementary data based on the Chinese Industrial Enterprise Database and the List of Overseas Investment Enterprises, empirically examines the choice between greenfield investment and cross-border mergers and acquisitions. In general, enterprise productivity and capital intensity have significant positive impact on the way companies adopt cross-border mergers and acquisitions, indicating that as companies' productivity and capital intensity increase, the probability of cross-border mergers and acquisitions increases. The scale of enterprises and R&D investment have significant role in promoting the adoption of greenfield investment, State-owned enterprises are more inclined to adopt cross-border mergers and acquisitions to enter the host country market. The market size and cultural distance of host country are positively related to the decision of enterprises to adopt greenfield investment methods, that is, the larger the market size and the greater the cultural difference with China, the higher the probability that enterprises will choose greenfield investment, and the host country's economic development level, tariff level and institutional environment all have significant positive impact on cross-border mergers and acquisitions. From the perspective of sample grouping, compared with the more market-oriented non-state-owned enterprises, state-owned enterprises have relatively low sensitivity to various factors affecting the choice of investment mode because their foreign investment behavior is largely in line with the national strategy. The absolute value of most of the variable coefficients of the capital-intensive enterprise group is greater than that of the labor-intensive enterprise group, indicating that these variables have greater impact on capital-intensive enterprises in the selection of foreign direct investment models. The absolute value of variable coefficients of experienced enterprise group is greater than the inexperienced enterprise group, that is, the enterprise with international experience is more sensitive to various factors, that is to say, the OFDI enterprise with international experience can make the mode selection decision of foreign direct investment scientifically and rationally. For China's foreign investment enterprises, they should combine their own strategic goals and characteristics, while taking into account the different characteristics of host countries and regions, and make scientific investment model choices. In foreign investment activities, special attention should be paid to the difficulty of transnational operations in different cultural environments, and attention should be paid to controlling various investment risks. For the Chinese government, efforts should be made to establish good economic and trade relations with more countries and regions, actively sign bilateral agreements on investment protection with relevant countries and regions, and actively participate in international multilateral cooperation, strengthen ties with international organizations such as the World Bank and the IMF, so that Chinese foreign investment enterprises can obtain overseas investment protection from the institutional level.