地区制度发展的动态变化与企业对外直接投资:来自中国上市公司的经验证据

母国制度环境对于新兴经济体企业的国际化战略与行为具有重要影响。以往的文献多关注于制度发展的水平,而忽视了制度发展的动态特征,即基于制度理论和信号理论,文章探讨和分析了中国各地区制度发展的三个特征,即速度、节奏和同步性对于企业对外直接投资的作用机制,并利用2003~2014年中国上市公司的微观数据进行了检验。研究结果显示,制度发展的速度越慢、越不规律、越不同步,企业越倾向于进行对外直接投资,开展国际化经营。同时,业绩压力和模仿同构压力调节了制度变化特征与对外直接投资之间的关系,并存在双重强化效应。进一步的分析表明,在预期面临制度约束时,非国有企业进行对外投资的意愿更强,企业也更倾向于进入制度环境相对优良的国家和地区。文章的研究深化了对制度构成及其维度的理解,进一步丰富了制度理论和新兴经济体跨国公司理论,对加强中国的制度建设具有启示意义。

Provincial Institutional Development Dynamics and Firms′ Outward Foreign Direct Investment:Evidence from Chinese Listed Firms

Institutional environment of the home country has an important impact on the internationalization strategies and behaviors of emerging economies enterprises. Previous literature pays more attention on institutional levels than on the dynamic natures of institutional development. Based on institutional theory and signaling theory,this paper focuses on the impact mechanism of three characteristics of the institutional change process: speed,rhythm and synchrony on outward foreign direct investment( OFDI) of firms. Based on the data of Chinese listed companies in 2003 ~ 2014,the study finds that the more slowly,the more irregularly and less synchronously the regional institutional develops,the more firms tend to invest abroad and operate overseas business. In addition,performance pressure and mimetic isomorphism pressure moderate the relationship between provincial institutional reform characteristics and OFDI,and there is a mutual strengthening effect of performance pressure and mimetic isomorphism pressure. Further analysis shows,while expecting constraint of the weak institution,non-state-owned enterprises are more willing to invest abroad,and firms tend to enter into high-income countries with better institutional environment. This paper deepens the understanding of institutional composition and its dimensions,enriches the theory of institutional void and emerging economies multinational corporations,and has important implications for optimizing China’s institutional construction accordingly.