制度环境、政治关联与中国企业的国际化—中国上市公司的经验证据

发布时间：2018-05-02 10:19

本文选题：制度环境 + 政治关联　；参考：《南京师范大学》2016年硕士论文

【摘要】：改革开放以来,我国经济不断增长,企业的实力也不断增强。随着经济全球化的不断深入和我国政府大力实施“走出去”战略,越来越多的企业走出国门,进行对外直接投资,而企业的国际化研究也逐步成为学者们关注的焦点。由于国际化投资活动是植根于国家的制度安排的,因此不可避免会受到法律、经济环境等方面的影响,而植根于我国的制度环境下不可避免会受到政府部门的影响。因此本研究就制度环境和政治关联两个方面来综合研究其对企业国际化投资活动的影响。为了更好地分析问题,本研究首先对制度环境、政治关联与企业国际化相关的理论进行了梳理：分别界定了制度环境、政治关联和企业国际化的内涵及其维度划分。本研究将企业国际化程度这一变量从两个维度进行测量,分为国际化深度和国际化广度,分别代表企业海外子公司数和海外子公司分布国家数。因为大多数上市公司并没有进行过海外投资活动,所以在构建模型时我们分为两步：第一步研究企业是否进行国际化,第二步探究制度环境、政治关联对国际化深度和广度程度的影响以及政治关联的调节作用,其中第二步才是本研究的重点。因此,本文以制度理论、资源依赖理论和社会资本论作为理论支撑,通过将2004-2010年期间所有上市公司的截面数据作为样本构建零膨胀负二项模型(ZINB),得到如下的研究结果：(1)企业所在地区的制度环境越好,企业的国际化深度和国际化广度的程度越高；而当制度环境越差时,企业越不愿意走出国门,其国际化深度和国际化广度的程度也会越低。(2)企业的政治关联会削弱所在地区良好的制度环境对国际化深度的推动作用；同时,企业的政治关联也会负向调节制度环境与国际化广度之间的关系。最后,本研究对得出的实证结论进行了详细的阐述,解释了这些结果产生的原因；并且对实证结果进行了相应的稳健性检验。在文章的结尾,本研究从政府和企业两个方面提出了相关的管理实践启示,同时也指出了本研究的局限以及后续的研究展望。
[Abstract]:Since reform and opening up, our country economy grows ceaselessly, the strength of the enterprise also increases ceaselessly. With the deepening of economic globalization and the implementation of "going out" strategy by our government, more and more enterprises go abroad to invest directly abroad, and the internationalization of enterprises has gradually become the focus of attention of scholars. Because the international investment activities are rooted in the institutional arrangement of the country, it is inevitable to be influenced by the law, the economic environment and so on, while the institutional environment rooted in our country will inevitably be influenced by the government departments. Therefore, this study comprehensively studies the impact of institutional environment and political connection on the internationalization investment activities of enterprises. In order to better analyze the problem, this study firstly combs the institutional environment, the theory of political relevance and enterprise internationalization: defines the institutional environment, the connotation of political relevance and enterprise internationalization and their dimensions. This study measured the degree of enterprise internationalization from two dimensions, divided into internationalization depth and internationalization breadth, representing the number of overseas subsidiaries and the number of countries. Because most listed companies have not carried out overseas investment activities, we have two steps to construct the model: the first step is to study whether the enterprise is internationalized, the second step is to explore the institutional environment. The influence of political association on the depth and breadth of internationalization and the regulatory role of political association, the second step of which is the focus of this study. Therefore, this paper is supported by institutional theory, resource dependence theory and social capital theory. By using the cross-section data of all listed companies from 2004 to 2010 as a sample to construct a zero expansion negative binomial model, the following results are obtained: 1) the better the institutional environment of the region in which the enterprises are located, the higher the internationalization depth and the extent of internationalization; When the institutional environment is worse, the enterprises are less willing to go abroad, and the degree of internationalization depth and internationalization breadth will be lower.) the political connection of the enterprise will weaken the promotion effect of the good institutional environment to the internationalization depth in the region; at the same time, The political connection of enterprises will also negatively regulate the relationship between the institutional environment and the breadth of internationalization. Finally, the empirical conclusions are explained in detail, and the reasons for these results are explained, and the corresponding robustness test is given to the empirical results. At the end of the paper, the author points out the limitations of the study and the prospect of the future research.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D0;F272.3;F279.2

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