新兴国家企业持续对外直接投资的经验驱动

摘要

FDI entry mode is one of the most important strategic decisions in the process of firms’internation-alization. Meanwhile,FDI is a sequential process which can be greatly influenced by firms’former experi-ences. This kind of influence may vary during the whole process of FDI. Based on the data of listed companies in Chinese manufacturing industry,we applied a multinomial logistic regression model to verify our proposed hypotheses. Through the empirical studies,we found that firm-level experience,TMT-level experience and TMT capabilities will affect these firm’s propensity of their first entry mode choice,and the propensity will change systematically in the following FDI processes. Pensity will change systematically in the following FDI process.%对外直接投资进入模式的选择是企业国际化战略的重要组成部分。对外直接投资是持续动态的过程，经验会影响企业初次对外直接投资进入模式的选择，并且这种影响会在企业持续对外直接投资过程中发生变化。本研究以中国A股证券市场制造业上市公司的对外直接投资为研究对象，运用多分类logistic回归分析模型，进行了相关的实证研究，并对研究假设进行了验证。研究结果表明，经验会影响企业初次进行对外直接投资模式选择的倾向性，并且这种倾向性在持续对外直接投资过程中会发生系统性变化。