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一般认为,由于地理距离的限制,母国区域导向是企业对外直接投资最主要的区位选择战略。但是,以寻求市场和战略资产为主要目的的新兴市场跨国企业不再视地理距离为主要障碍,而是主动进入具有高市场地位的发达经济体。然而,这种市场地位导向的对外直接投资行为并未得到足够重视。本文以2006-2013年主板上市的制造业企业为样本,探讨中国企业对外直接投资中,母国区域导向和市场地位导向对企业财务绩效和创新绩效的影响。结果表明,母国区域导向有助于提高企业的海外收入,但市场地位导向对企业海外收入没有直接影响;两者的交互会显著提高企业的海外收入;母国区域导向和市场地位导向都不利于企业获得所需专利,且两者交互对企业专利的影响是负向的。最后,文章进行了针对性讨论。
Generally believed that due to the geographical distance restrictions, the homeland regional orientation is the most important foreign direct investment enterprise location selection strategy. However, emerging market MNEs, with the primary aim of seeking markets and strategic assets, no longer regard geographical distance as a major obstacle, but proactively enter advanced economies with high market positions. However, this market-oriented outward direct investment has not received sufficient attention. This article takes the listed manufacturing companies from 2006 to 2013 as a sample to discuss the influence of home-country orientation and market orientation on the financial performance and innovation performance of Chinese enterprises. The results show that the motherland’s regional guidance helps to improve the overseas income of the enterprises, but the market orientation has no direct impact on the overseas income of the enterprises. The interaction between the two will significantly increase the overseas income of the enterprises. The guidance of the homeland and the guidance of market position are not conducive to the enterprises Get the required patent, and the interaction between the two patents on the business is negative. Finally, the article discussed in detail.