中國大陸對外投資之新投資模式與績效效果研究：從投資組合觀點

The New Pattern of Chinese OFDIs and Performance Effects: From the Portfolio Perspective

顏逸帆(I-Fan Yen)

指導教授 ： 林欣美

國立暨南國際大學/管理學院/國際企業學系/博士(2015年)

https://doi.org/10.6837/NCNU.2015.00314

摘要

在國際企業管理文獻中已經證實，對外直接投資的確能為企業帶來好處，然而從投資組合的觀點，探討中國大陸企業對外直接投資的新投資模式之研究卻尚未被深入探討。本文主旨在於探討中國大陸企業採取新型態的對外直接投資模式之下，其績效表現是否不同於傳統的漸進式的對外直接投資模式。本文證明了中國大陸對外直接投資的新格局，這是自1991年見證了中國多筆同時性的對外直接投資模式，比起漸進式的對外直接投資模式擁有較佳的績效效果。本文亦紮根於從國際化的視角，去探討採取對外直接投資模式是依據多國籍策略和母國以及地主國的環境，如何能帶來公司績效。因此，我們進一步提出假說，說明多國籍策略、母國政治影響力和海外國家風險會擴大或縮減不同投資模式所帶來績效的差異。本研究之模型估計，利用中國大陸計量經濟數據資料5198個觀測值，針對其研究結果說明，不同投資模式所帶來績效的差異，的確會受到多國籍策略和母國政治影響力的干擾而擴大，海外國家風險的干擾效果則未被證實。研究結論證實中國大陸企業對外直接投資之新投資模式，在某些方面的確展現其特殊性，並反映出解釋中國大陸之新現象時，多國籍策略與母國制度理論需紮根於國際企業一般理論之中進一步的推演與檢討。

關鍵字

中國大陸對外直接投資 ； 投資組合 ； 多國籍 ； 母國政治影響力 ； 海外國 家風險

並列摘要

Many potential benefits of outward foreign direct investments (OFDIs) have been identified in the IB literature, yet a more insightful perspective of portfolio to investigate the new pattern of OFDIs in China is unexplored. We aim to investigate the new pattern of OFDIs that Chinese firms adopt as a portfolio and how it performs differently from those adopting traditional growing pattern. We prove that the new pattern of Chinese OFDIs, i.e. multiple simultaneous OFDIs, which is witnessed in China since 1991, has superior performance than another OFDIs pattern, the gradually growing one, does. Besides testing the performance effect of different patterns of OFDIs in China, this paper roots internationalization perspective to argue that how much firm performance benefits from the pattern of OFDIs it adopts truly depends on the multinationality strategy and home and host environment. Thus, we further hypothesize that the multinationality strategy, the home political influence and the host country risk enlarge/shorten the difference of performance level resulting from different OFDIs patterns. Model estimations based on panel data of 5198 observations raised strong support for the prediction of enhancing effect, except the moderating (lessening) role of host country risk. We conclude that new pattern of Chinese OFDIs is indeed distinctive in certain respects that multinationality and home institution concerns need to be rooted within the general IB theory when explaining new phenomena in China.

並列關鍵字

Chinese OFDIs ； portfolio ； multinationality ； home political influence ； host country risk

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