外國性的動態角色：以中國的對外投資為例

由於外國性(Foreignness)對於國際化影響之動態(Dynamic)觀點尚未受到廣泛的注意，本研究以中國對外直接投資的 288 間上市企業為樣本，探討外國性對多國籍企業國際化之影響與動態關係，首先我們具體化外國性的概念，將其區分為四個構面，分別為來源國(Country of Origin)、同形化(Isomorphism)、制度距離 (Institutional Distance)與外來者(Outsider)，鑒於過去研究強調兩者間的線性關係，本研究檢驗外國性對國際化之影響為先增後減的動態關係。研究結果發現，除了同形化效果外，外國性的來源國、制度距離、外來者效果與多國籍企業的國際化確實存在著倒 U 型關係，也就是說長遠而言，先產生正向影響，但是當外國性的效果超過最適水準時，會對多國籍企業之國際化產生負向影響。

關鍵字

動態；外國性；外國性劣勢；外國性優勢；中國

並列摘要

The literature of foreignness lacks in-depth study of Chinese MNEs and the dynamic perspective with internationalization. This study examined the dynamic relationship of foreignness with internationalization. We test the dynamic relationship between foreignness and internationalization with four facets, ranging from the original country, the isomorphism, the institutional distance, to the outsider. In contrast to prior research that emphasizes the linear relationship, this paper examined a curvilineal relationship between foreignness and internationalization. Research results first showed a positive impact on internationalization up to specific level, and then, foreignness effect has a negative impact on the internationalization of Chinese OFDIs. In other words, an inverted U-shaped relationship between foreignness effect and internationalization was supported of facets of original country, institutional distance, outsider, except isomorphism.