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投资区位和进入模式选择是企业开展对外直接投资时最核心的两个战略决定。该文以中国1996年到2004年企业的对外直接投资作为样本,从经济和文化视角分别检验了区位选择对于海外子公司存活率的影响,并对两者进行了整合,进一步分析了文化距离对于经济距离与海外子公司绩效的调节作用。使用逻辑回归模型的研究结果显示:企业在经济距离大、文化距离小的东道国市场进行投资时,海外子公司往往获得较高的存活率;在进入模式选择方面,通过绿地投资方式建立的子公司存活率要高于并购方式建立的子公司。该文还比较了东道国国家宏观层面特点和母公司层面特点对于海外子公司绩效影响的大小。这将有助于深入了解企业绩效差异化的内在机理。
Investment location and mode choice is the most important two strategic decisions an enterprise can make when it comes to ODI. In this paper, we use the direct investment of enterprises in China from 1996 to 2004 as a sample, and examine the impact of location choice on the survival rate of overseas subsidiaries from both economic and cultural perspectives, and integrate the two, and further analyze the cultural distance for Economic Distance and the Adjustment of Overseas Subsidiaries’ Performance. The results of using the logistic regression model show that overseas affiliates tend to have higher survival rates when investing in the host country markets with large economic distances and small cultural distances. In terms of mode choice, subsidiaries established through greenfield investment Survival rate is higher than the mergers and acquisitions established subsidiary. The paper also compares the macro-level characteristics of the host country and the characteristics of the parent company on the performance of overseas subsidiaries. This will help to gain insight into the underlying mechanisms for differentiating business performance.