組織正當性的複雜情況：中國對外投資企業個案之實證研究

中國多國籍企業（公司）在全球化的背景下，在組織正當性中三種類型的複雜性（正當化環境，正當化的組織，正當化的過程），討論多國籍企業通常在地主國面臨到正當性的挑戰。本文主要針對中國大陸，因為政治體系與市場的不同，也發展出與其他國家有所差異的對外直接投資，中國為爭取國際市場的主動權，實施「走出去」策略支持企業參與國際市場。我們以Kostovo和Zaheer在1999年所發表的組織正當性的複雜情況為理論基礎，提出投資國家多元、制度距離、內外部衝突、內部支持或外部支持弱化內化部衝突、海外劣勢（當地人有限認知及刻板印象）、大型企業易受利益團體攻擊、過去經驗、正當性外溢等8種假設，資料採用2000年到2011年註冊上市的中國多國籍企業，由中國證監會監管並公布的年度報告。被解釋變數則以多國籍企業公司每期投資相同與不同國家的數量作為正當性程度，來做縱橫資料迴歸檢定，檢定結果我們發現對外直接投資國家數、制度距離、投資離散程度、資本額、投資損益皆顯著影響正當性程度，且與我們設立的假說相同。

關鍵字

國際化；組織正當性；制度理論；多元迴歸；對外直接投資

並列摘要

Multinational enterprises (MNEs) in the context of globalization and three types of complexity of organizational legitimacy (the proper environment, justify the organization, justified the process) to discuss multinational enterprises in the host country typically face legitimacy challenge. In this paper, we mainly discuss Chinese multinational enterprises (CMNEs), because of China different political systems and market, but also developed some differences with other countries in foreign direct investment. China fight for initiative in the international market, to implement the "going out" strategy to support Chinese enterprises to participate in international markets. We based on Kostova and Zaheer published in 1999 about theoretical of organizational legitimacy. We propose hypothesis: number of investment country, institution distance, internal and external conflict, internal and external legitimacy will be moderated by internal or external support, liability of foreigness (bounded rationality and stereotype), enterprises size, internationalization experience, legitimacy spillover. We used panel data of 2707observations from 299 listed MNEs during 2000-2011 in China and we measured dependent variable: degree of legitimacy as the number of company invested country per period and per investment to run panel regression analysis. We found number of countries of FDI, institutional distance, the degree of investment dispersion, company capital, investment gain or loss are significantly affect the legitimacy of the degree, and the same with our hypothesis established.