经验学习视角下提升海外子公司跨国投资绩效的实证研究

doi:10.12152/j.issn.1672-2868.2020.02.009

巢湖学院学报 ›› 2020, Vol. 22 ›› Issue (2): 62-71.doi: 10.12152/j.issn.1672-2868.2020.02.009

经验学习视角下提升海外子公司跨国投资绩效的实证研究

1. 朱丽，巢湖学院工商管理学院，安徽巢湖 238000；2. 殷华方，南京财经大学工商管理学院，江苏南京 210046

收稿日期:2019-07-12 出版日期:2020-03-25 发布日期:2020-06-15
作者简介:朱丽（1991-），女，安徽铜陵人，巢湖学院工商管理学院助教，主要从事对外直接投资研究。
基金资助:
国家自然科学基金项目（项目编号：71272240）；巢湖学院校级一般项目（项目编号：XYW-201804）

An Empirical Study on Improving the Performance of Overseas Subsidiaries’ Transnational Investment from the Perspective of Experience Learning

1.ZHU Li， School of Business Administration, Chaohu University, Chaohu Anhui 238000; 2.YIN Hua-fang， School of Business Administration, Nanjing University of Finance and Economics, Nanjing Jiangsu 210046

Received:2019-07-12 Online:2020-03-25 Published:2020-06-15

摘要/Abstract

摘要： 企业海外投资过程中累积的经验对其海外子公司的生存绩效具有重要影响，文章运用中国上市企业2002—2012 年的海外投资数据，研究了企业海外投资过程中的经验对海外子公司生存绩效的影响。实证研究结果表明：企业海外投资过程中的成功经验与海外子公司的生存绩效之间关系不显著，而失败经验与海外子公司的生存绩效之间学习效应显著，并呈现正 U 型关系，并且投资主体的异质性特征会削弱失败经验与子公司生存绩效之间的正 U 型关系。表现为多元化的股权投资结构、庞大的资本规模和多样化的东道国区位选择会削弱失败经验与与子公司生存绩效之间的正 U 型关系。

关键词: 成功经验, 失败经验, 子公司绩效, 异质性

Abstract: The experience accumulated in the process of enterprises' overseas investment has an important impact on the survival performance of their overseas subsidiaries. This paper uses the overseas investment data of Chinese listed companies from 2002 to 2012 to study the impact of the experience in the process of enterprises' overseas investment on the survival performance of overseas subsidiaries. The empirical results show that there is no significant relationship between the success experience and the survival performance of overseas subsidiaries, while the learning effect between the failure experience and the survival performance of overseas subsidiaries is significant, showing an U-shaped relationship, and the heterogeneity of investors will weaken the U-shaped relationship between the failure experience and the survival performance of subsidiaries. Diversified equity investment structure, large capital scale and diversified host country location choice will weaken the U-shaped relationship between failure experience and subsidiary survival performance.

Key words: success experience, failure experience, subsidiary performance, heterogeneity

中图分类号:

F832.6

朱丽, 殷华方. 经验学习视角下提升海外子公司跨国投资绩效的实证研究[J]. 巢湖学院学报, 2020, 22(2): 62-71.

ZHU Li, YIN Hua-fang. An Empirical Study on Improving the Performance of Overseas Subsidiaries’ Transnational Investment from the Perspective of Experience Learning [J]. Journal of Chaohu University, 2020, 22(2): 62-71.

经验学习视角下提升海外子公司跨国投资绩效的实证研究

An Empirical Study on Improving the Performance of Overseas Subsidiaries’ Transnational Investment from the Perspective of Experience Learning

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