作　　者： (杜晓君）; (齐朝顺）; (杨勃）;

机构地区： 东北大学工商管理学院,沈阳110169

出　　处： 《管理科学》 2017年第4期111-123,共13页

摘　　要： 东道国政策风险是影响跨国企业海外市场进入模式选择的关键因素。已有研究主要从制度理论的合法性视角出发,认为跨国企业应该采取制度同构的方式获取合法性,即选择合资模式进入政策风险较高的东道国。该视角认为政策风险是跨国企业只能被动适应而不能主动利用的外生因素,忽视了拥有能动性的跨国企业在管理政策风险方面扮演的是一个更加积极的角色。基于制度理论的能动性视角并且结合企业资源基础观,探讨政策风险对中国跨国企业海外市场进入模式选择的影响机理。以2003年至2014年沪深两市A股上市公司投资新建的海外子公司为研究对象,运用Stata 12.0软件和Logit回归分析,系统分析政策风险与中国跨国企业海外市场进入模式选择之间的关系,并进一步考察中国跨国企业母公司的所有权性质、国际化经验和组织冗余对二者关系的调节作用。研究结果表明,由于中国跨国企业拥有采取制度创业的方式获取合法性的政治能力,因此,政策风险对中国跨国企业选择独资模式进入具有正向影响,即中国跨国企业倾向于选择独资模式进入政策风险较高的东道国;与民营企业相比,国有企业更倾向于选择独资模式进入政策风险较高的东道国;国际化经验提高了中国跨国企业选择独资模式进入政策风险较高东道国的可能性;组织冗余降低了中国跨国企业选择独资模式进入政策风险较高东道国的可能性。通过引入制度理论的能动性视角,研究结果拓展了关于东道国政府的政策风险影响跨国企业海外市场进入模式选择的研究;从企业资源基础观出发,考察二者关系成立的情景条件,扩展了理论的适用条件和范围;中国跨国企业的国际化过程是资产扩大与资产利用动机的结合,丰富了新兴经济体跨国企业的国际化理论。相关研究结论对于以中国企业为代表的新兴� Policy risk in host countries is the key factor that affects choice of entry mode of multinational enterprises＇ （MNEs） when entering foreign market. The existing studies are mainly from legitimacy perspective of institutional theory, indicating that MNEs should take the way of institutional isomorphism to gain legitimacy, which means MNEs are more likely to choose joint ven- ture when they enter host countries with higher policy risk. In this point, policy risk is an exogenous factor that the MNEs cannot take the initiative to use but adapt to, ignoring that MNEs with activity can play a more positive role in the aspect of policy risk management. From agency perspective of institutional theory and combined with resource-based view of firm, this paper specially discusses inner influential mechanism between policy risk and choice of entry mode for Chinese MNEs＇ to foreign market. Overseas subsid- iaries of listed companies in Shanghai and Shenzhen A share market from 2003 to 2014 through greenfield are studied by using software Stata 12.0 and Logit regression method. This paper analyzes effects of policy risk on choice of entry mode of Chinese MNEs to foreign market and also examines moderating effects of ownership property of Chinese MNEs＇ parent company, interna- tional experiences and organizational slack on the relationship between policy risk and choice of entry mode of Chinese MNEs＇ to foreign market. The empirical results show that ： in case Chinese MNEs possess political capability of gaining legitimacy by institutional en- trepreneurship, policy risk will have some positive effects when Chinese kINEs choose to enter through wholly-owned subsidiary, that is to say, the higher the policy risk is, the more likely Chinese MNEs choose wholly-owned subsidiary to enter; Compared with private firms, state-owned Chinese firms tend to choose wholly-owned subsidiary to enter countries with higher policy risk; International experiences can strengthen the relationship between policy risk and choice of e

关 键 词： 政策风险 进入模式 合法性 制度创业 制度同构 政治能力