企业家精神与企业对外直接投资

Entrepreneurship and Corporate Outward Foreign Direct Investment

中文关键词:  企业家精神  企业对外直接投资  融资约束  营业成本率  风险承担能力

英文关键词:entrepreneurship  corporate outward foreign direct investment  financing constraints  operating cost ratio  risk-taking capacity

中文摘要:

      弘扬企业家精神、建设世界一流企业是中国当前经济发展的重要战略举措。以2010—2022年中国A股上市公司为样本,实证检验了企业家精神对企业对外直接投资的影响及其机制。研究发现,企业家精神能够扩大企业对外直接投资规模,并通过缓解融资约束、降低营业成本率及提高风险承担能力扩大了企业对外直接投资规模。调节效应分析发现,较高的税收负担和供应链集中度会削弱企业家精神的对外直接投资促进作用。异质性分析结果表明,企业家精神对企业对外直接投资的促进效应在非国有企业和高管有海外背景的企业中更显著。进一步研究发现,企业家精神还能够提高企业对外直接投资倾向、拓展企业对外直接投资广度。因此,企业家应坚守开拓进取的企业家精神,同时政府管理部门应为弘扬企业家精神创造良好的条件,共同推动企业对外直接投资发展。

英文摘要:

      Encouraging entrepreneurship and building Chinese companies into world-class outfits are critical strategic initiatives in China's current economic development. Using a sample of China's A-share listed firms from 2010 to 2022, this study empirically examines the impact of entrepreneurship on corporate outward foreign direct investment (OFDI) and its underlying mechanisms. The findings show that entrepreneurship significantly expands the scale of corporate OFDI by alleviating financing constraints, lowering the operating cost ratio, and enhancing firms' risk-taking capacity. Moderating effect analysis reveals that higher tax burdens and greater supply chain concentration weaken the positive impact of entrepreneurship on OFDI. Heterogeneity analysis indicates that the positive impact is more pronounced in non-state-owned enterprises and firms with executives possessing overseas backgrounds. Further evidence suggests that entrepreneurship also increases both the probability and diversity of OFDI destinations. Therefore, entrepreneurs should uphold a pioneering and proactive entrepreneurial ethos, while government authorities should create an enabling ecosystem to foster entrepreneurship, thereby jointly facilitating OFDI activities. 