“一带一路”倡议、文化差异与中国装备制造企业对外直接投资模式选择

当代财经 ›› 2020, Vol. 0 ›› Issue (11): 113-123.

“一带一路”倡议、文化差异与中国装备制造企业对外直接投资模式选择

尹华, 谢庆

中南大学商学院,湖南长沙 410083

收稿日期:2020-06-09 修回日期:2020-10-10 出版日期:2020-11-15 发布日期:2020-12-10
通讯作者: 尹华,中南大学副教授,博士生导师,博士,主要从事国际直接投资与企业国际化研究,联系方式csuyinhua@qq.com
作者简介:谢庆,中南大学博士研究生,主要从事国际直接投资研究。
基金资助:
国家社会科学基金项目“‘一带一路'建设中我国机械制造过剩产能需求侧与供给侧化解机制研究”(16BJY079)

The“Belt and Road”Initiative, Culture Differences and the Choice of OFDI Modes in China's Equipment Manufacturing Enterprises

YIN Hua, XIE Qing

Central South University, Changsha 410083, China

Received:2020-06-09 Revised:2020-10-10 Online:2020-11-15 Published:2020-12-10

摘要/Abstract

摘要： 利用2010—2018年中国512家A股上市装备制造企业1350起对外直接投资数据,采用Logit模型实证检验我国与东道国的文化差异对我国企业对外直接投资模式选择的影响,以及“一带一路”倡议对文化差异影响我国企业对外直接投资模式选择的调节效应。研究发现:文化差异越大,我国装备制造企业越倾向于选择跨国并购;文化差异越小,我国装备制造企业越倾向于选择绿地投资;“一带一路”沿线国家与签订“一带一路”合作文件对文化差异促进我国装备制造企业选择绿地投资有正向调节作用;文化差异对我国非国有装备制造企业选择绿地投资的影响在签订“一带一路”合作文件的国家中更加突出;非亚洲国家与中国签订“一带一路”合作文件有利于减弱文化差异对我国装备制造企业选择绿地投资的负向影响。

关键词: “一带一路”倡议, 对外直接投资, 文化差异, 绿地投资, 装备制造业

Abstract: By making use of the data of 1350 OFDI events of China's 512 A-share listed companies in equipment manufacturing industry from 2010 to 2018, this study employs a Logit model to conduct an empirical examination of the impact of culture differences between China and the host countries on the choice of outward foreign direct investment (OFDI) modes for China's equipment manufacturing enterprises (CEMEs) as well as the moderating effect of the“Belt and Road”initiative on the influence of cultural differences on the choice of OFDI modes by China's enterprises. The research results show that the greater the culture differences are, the more CEMEs inclined to choose cross-border mergers and acquisitions (CBMAs); the smaller the culture differences are, the more CMMEs inclined to choose greenfield investments. The countries along the B&R route and the signing of B&R cooperation documents (BRCDs) have a positive moderating effect on the promotion of China's CEMEs choosing greenfield investments by cultural differences. The impact of culture differences on China's non-state-owned CEMEs choosing greenfield investments is more prominent among the countries of signing BRCDs. The signing of BRCDs between non-Asian countries and China will help to weaken the negative impact of cultural differences on China's CEMEs choosing greenfield investments.

Key words: the“Belt and Road”Initiative, outward foreign direct investment, culture differences, greenfield investments, equipment manufacturing industry

中图分类号:

F125

尹华, 谢庆. “一带一路”倡议、文化差异与中国装备制造企业对外直接投资模式选择[J]. 当代财经, 2020, 0(11): 113-123.

YIN Hua, XIE Qing. The“Belt and Road”Initiative, Culture Differences and the Choice of OFDI Modes in China's Equipment Manufacturing Enterprises[J]. Contemporary Finance & Economics, 2020, 0(11): 113-123.

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