移民网络、制度距离与中国企业OFDI效率

Immigration Network, Institutional Distance and OFDI Efficiency of Chinese Enterprises

中文关键词:  移民网络  企业OFDI效率  制度距离  文化距离  社会网络分析

英文关键词:immigration network  OFDI efficiency of enterprises  institutional distance  cultural distance  social network analysis

中文摘要:

      提高企业对外直接投资(OFDI)效率是中国推进高水平对外开放的重要路径之一。基于2003—2021年中国A股上市公司数据,实证分析了移民网络对中国企业OFDI效率的影响及其机制。研究发现,移民网络显著提升了中国企业OFDI效率,且通过降低交易成本、提高合同执行效率、弥合文化距离促进了企业OFDI效率提升。异质性分析结果表明,移民网络对中国企业OFDI效率的提升作用仅显著存在于非国有企业、绿地投资企业以及向非接壤国家直接投资的企业中,且在向发展中国家直接投资的企业中更显著。进一步研究发现,制度距离在移民网络与中国企业OFDI效率的关系中发挥了调节作用,制度距离缩小,会强化移民网络对企业OFDI效率的提升作用。因此,政府应加强移民网络建设,加大对OFDI企业的政策支持力度,缩小双边制度距离,企业则应充分利用移民网络降低OFDI风险及不确定性,进而促进中国企业提升OFDI效率。

英文摘要:

      Improving the efficiency of Chinese enterprises' outward foreign direct investment (OFDI) is a crucial pathway for China to promote high-standard opening up. Based on the data of China's A-share listed companies from 2003 to 2021, this paper empirically analyzes the impact of the immigration network on the OFDI efficiency of Chinese enterprises and its underlying mechanism. The study reveals that the immigration network significantly improves the OFDI efficiency of Chinese enterprises by reducing transaction costs, improving contract execution efficiency, and bridging cultural distance. Heterogeneity analysis shows that this improvement effect is significant in non-state-owned enterprises, greenfield investment enterprises, and enterprises investing directly in non-border countries with China, and is particularly evident in enterprises investing directly in developing countries. Further research indicates that institutional distance moderates the relationship between the immigration network and the OFDI efficiency of Chinese enterprises, and a reduction in institutional distance amplifies the positive impact of the immigration network on the OFDI efficiency of enterprises. Therefore, the Chinese government should strengthen the construction of the immigration network, increase policy support for OFDI enterprises, and narrow the bilateral institutional distance. Enterprises should fully leverage the immigration network to reduce OFDI risks and uncertainties, thereby further improving OFDI efficiency. 