本文關(guān)鍵詞：制度距離與南方國家對外直接投資的區(qū)位選擇與績效：理論與實證分析　出處：《南開大學》2012年博士論文　論文類型：學位論文

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【摘要】：對外直接投資作為全球化的重要組成部分，極大改變了世界經(jīng)濟的面貌。因此，對外直接投資區(qū)位選擇及衡量對外直接投資績效的決定因素一直是學者和政策制定者關(guān)注的焦點。除了市場規(guī)模、稅收、貿(mào)易政策、匯率、利率政策、生產(chǎn)成本、基礎(chǔ)設(shè)施等這些傳統(tǒng)因素在已有的研究文獻中得到了廣泛、深入的研究外，近年來關(guān)于母國與東道國間的制度距離這一新的影響對外直接投資的因素開始受到越來越多的研究關(guān)注。另一方面，來自南方國家的對外直接投資（OFDI）增長迅速，在全球直接投資中的比重在不斷上升，成為推動全球直接投資的一股新生力量。制度距離、南方國家對外直接投資已分別成為直接投資理論和直接投資實踐當中兩個值得關(guān)注的新焦點。 在此背景下，本文利用“制度距離”系統(tǒng)考察了國家間不同類型的制度因素與對外直接投資區(qū)位選擇及跨國并購績效之間的關(guān)系，揭示了制度距離對南方國家對外直接投資區(qū)位選擇與績效的傳導機制，并利用該傳導機制解釋了制度距離對南北方國家對外直接投資區(qū)位選擇與績效影響的差別，通過實證檢驗了此傳導機制對南方國家對外直接投資的適用性，基于這些結(jié)論為南方國家對外直接投資行為和績效提供政策建議。 根據(jù)上述研究思路和方法，本文擬分為六章：第一章導論，此部分提出論文的選題背景、研究思路和相關(guān)概念的界定以及論文的創(chuàng)新點；第二章對制度距離與對外直接投資的相關(guān)理論和實證文獻進行系統(tǒng)梳理，并對現(xiàn)有文獻研究的不足與改進方向做出一定的評述；第三章首先分析了南方國家跨國公司新特點和獨特的競爭優(yōu)勢。同時，從理論上分析了制度距離對直接投資區(qū)位選擇影響，并從制度距離角度分析了南方國家對外直接投資動因，以及制度距離對“南南直接投資”和“南北直接投資”區(qū)位選擇的作用機制；第四章利用跨國面板數(shù)據(jù)檢驗了南方國家與東道國間管制制度距離和規(guī)范制度距離對跨國投資區(qū)位選擇的影響，證實了南方國家對外直接投資與北方國家對外直接投資的不同模式；第五章利用倍差法對制度距離與中國企業(yè)實施跨國并購后的微觀績效進行了理論和實證分析。估計結(jié)果顯示，東道國與母國的管制性、規(guī)范性制度差距對中國企業(yè)跨國并購后的績效改善有顯著的影響；第六章在本文研究的基礎(chǔ)上，總結(jié)主要研究結(jié)論并給出相應(yīng)的政策建議。 通過理論和經(jīng)驗研究，本文得出了以下相關(guān)結(jié)論： 第一，傳統(tǒng)引力模型中的變量，比如共同邊境、共同官方語言等對源于南北方國家的對外直接投資都存在重要影響作用。傳統(tǒng)影響對外直接投資的因素對“南南直接投資”的顯著性影響，為以區(qū)域內(nèi)直接投資為特點的“南南直接投資”提供了例證。規(guī)范性制度距離對源于南方國家和北方國家的直接投資的作用機制是相同的，即母國跨國公司傾向于對規(guī)范性制度環(huán)境接近的東道國進行投資。 第二，北方國家傾向于對管制性、規(guī)范性制度距離與母國相似的東道國進行投資，即母國與東道國間制度距離越小，兩國間對外直接投資流量越多。 第三，來自南方國家的對外直接投資與制度距離，特別是管制性制度距離的關(guān)系和作用機制比較復雜：當南方國家跨國公司向管制性制度環(huán)境優(yōu)于母國的東道國投資時，管制性制度距離可以視為南方國家對外投資的驅(qū)動力，即南方國家跨國公司在國際化進程當中，迫切的需要自身競爭力的提高，這需要積累大量的先進技術(shù)、管理經(jīng)驗、知名品牌、成熟高效的分銷渠道等戰(zhàn)略型資產(chǎn)，而這些戰(zhàn)略型資產(chǎn)的形成需要完善的知識產(chǎn)權(quán)和私有財產(chǎn)保護體系、高效的契約執(zhí)行等完善的管制性制度環(huán)境。因此南方國家快速發(fā)展所需的戰(zhàn)略型資產(chǎn)更容易在管制性制度環(huán)境健全的北方國家獲得。 第四，當南方國家跨國公司向制度環(huán)境與母國相似的國家投資時，，母國企業(yè)在相似惡劣制度環(huán)境下經(jīng)營并盈利的經(jīng)驗是南方國家企業(yè)向其他在南方國家投資的相對比較優(yōu)勢,母國企業(yè)通過利用東道國管制性制度缺陷，以較低成本達到經(jīng)濟目的。這為近年來迅速發(fā)展的南南直接投資提供了印證。 第五，當南方國家跨國公司向管制性制度距離較本國更差的東道國投資時，如果與母國管制性制度差異較大的東道國自然資源（特別是能源和礦產(chǎn)資源）充裕，那么可以抵消管制性制度距離對兩國對外直接投資的負面影響。管制性制度距離差距與東道國自然資源稟賦是來自南方國家直接投資的又一重要驅(qū)動力。在當今經(jīng)濟飛速發(fā)展的國際化進程中，為適應(yīng)更加激烈的國際和國內(nèi)競爭，很多南方國家政府推行經(jīng)濟“趕超”戰(zhàn)略。而經(jīng)濟“趕超”戰(zhàn)略則需要大量、廉價的自然資源投入來支持國內(nèi)經(jīng)濟快速、持續(xù)增長。自然資源充裕的最不發(fā)達南方國家，制度體系不完善，對自然資源保護力度弱，對經(jīng)濟增長速度和規(guī)模的追求遠遠超過對經(jīng)濟質(zhì)量和結(jié)構(gòu)的追求。因此支持南方國家經(jīng)濟"趕超"戰(zhàn)略所需的自然資源（特別是能源、礦產(chǎn)資源）更容易在管制性制度環(huán)境惡劣的最不發(fā)達南方國家獲得。 第六，東道國管制性制度越嚴格，東道國目標公司治理水平越完善。并購公司會自愿通過跨國并購去學習、模仿目標公司較高水準的公司治理水平。并購后績效改善與并購后時間相關(guān)，跨國并購后3年左右，南方國家企業(yè)通過跨國并購學習、模仿目標公司較高水準的治理水平，學習效應(yīng)開始發(fā)揮作用，企業(yè)跨國并購績效出現(xiàn)改善跡象。 第七，跨國公司的經(jīng)營活動受東道國意識形態(tài)、價值觀念、社會習俗等人文環(huán)境的制約,這些因素決定了外國分支機構(gòu)需要承擔的公共責任及能夠發(fā)揮的企業(yè)優(yōu)勢。母國與東道國的規(guī)范性制度距離越大，外國投資者對當?shù)厣鐣?guī)范和習性較為陌生,且不易獲得社會認可,從而增大了并購后企業(yè)內(nèi)部的制度整合以及企業(yè)外部相關(guān)利益群體網(wǎng)絡(luò)構(gòu)建的難度，增加了企業(yè)并購后運營成本，降低并購績效。
[Abstract]:As an important part of globalization , foreign direct investment has greatly changed the outlook of the world economy . Therefore , the determinants of foreign direct investment location selection and measurement of foreign direct investment performance have been the focus of scholars and policy makers . In addition to market scale , tax , trade policy , exchange rate , interest rate policy , production cost , infrastructure , etc . In this context , the relationship between the system factors of different types of countries and the choice of foreign direct investment region and the performance of transnational M & A are investigated by means of the system distance system , and the differences between the system distance and the foreign direct investment location selection and performance of the South China are revealed . The applicability of this mechanism to the foreign direct investment in the South China is verified empirically . Based on these conclusions , the policy suggestions are provided for the foreign direct investment behavior and performance of the countries of the South . Chapter three analyzes the influence of the distance between China ' s foreign direct investment and the foreign direct investment , and analyzes the influence of the distance between the system distance and the foreign direct investment . Through theoretical and empirical research , the following conclusions are drawn : First , the variables in the traditional gravitation model , such as common border , common official language and so on , have important influence on the foreign direct investment originating from the countries of the South and the North . The traditional influence factors on the direct investment in South China provide an example for the " South - South direct investment " , which is characterized by direct investment in the region . The distance of the normative system is the same as that of the direct investment from the countries of the South and the North , that is , the transnational corporation of the mother country tends to invest in the host country close to the normative system environment . Secondly , the countries of the North tend to invest in host countries with similar regulatory and normative systems that are similar to those of the host country , namely , the smaller the institutional distance between the home and host countries , the more direct investment flows between the two countries . Third , the relationship between foreign direct investment and institutional distance , especially the distance of regulatory system , from the South China is more complex : when the multinational corporation of the South is superior to host country ' s host country ' s investment , the distance of regulatory regime can be regarded as the driving force of foreign investment in the South , that is , it needs to build up a lot of strategic assets such as advanced technology , management experience , well - known brand , mature and efficient distribution channel , etc . Fourthly , when the South China multinational corporations invest in countries similar to the home countries , the experience of the mother - state enterprises in operating and making profits in the similar harsh system environment is the relatively comparative advantage of the South China enterprises to invest in other countries in the South , and the mother - state enterprises achieve the economic purpose at lower cost by using the defects of the host country control system . This provides a stamp for the rapid development of South - South direct investment in recent years . Fifth , when the South China multinational companies invest in host countries that are more distant from the regulatory regime , if the host country ' s natural resources ( especially energy and mineral resources ) differ from the control system of the host country , it can offset the negative impact of the regulatory regime distance on the foreign direct investment of the two countries . Sixth , the more stringent the control system of the host country , the more perfect the governance level of the target company of the host country . The acquisition company will voluntarily learn from the cross - border M & A to imitate the corporate governance level of the target company . After the M & A , the performance improvement is related to the post - merger time . After the cross - border M & A , the South China enterprises learn from the cross - border M & A , imitate the target company ' s higher level of governance , the learning effect starts to play a role , and the enterprise ' s transnational M & A performance shows signs of improvement . Seventh , transnational corporation ' s business activities are restricted by the host country ' s ideology , value idea , social customs and so on . These factors determine the public responsibility and the enterprise advantage that foreign affiliates need to undertake . The greater the distance between the home country and the host country , the greater the foreign investors are familiar with the local social norms and habits , it is difficult to obtain social recognition , thus increasing the system integration in the post - acquisition enterprises and the difficulty of constructing the network of the external relevant interest groups , increasing the operating cost after the acquisition of the enterprises and lowering the performance of the M & A .

【學位授予單位】：南開大學
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F831.6;F224

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4 李s顃

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