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海外投资步伐选择是中国企业国际化进程中的一个关键性抉择。本文以2000-2010年中国的沪市上市公司为研究样本,分析了三种行业经验,即自身子公司行业经验、其他母公司行业经验和其他子公司行业经验对中国企业海外投资步伐的影响。研究结果表明:自身子公司行业经验对中国企业海外投资步伐有示范效应;其他母公司行业经验和其他子公司行业经验对中国企业海外投资步伐有竞争效应;并且,其他母公司行业经验和其他子公司行业经验的竞争效应对自身子公司行业经验的示范效应有负向的调节作用;此外,进一步的研究发现,企业控制中的母公司控制对自身子公司行业经验的示范效应有正向的调节作用;企业规模对自身子公司行业经验的示范效应有负向的调节作用。最后,关于行业划分的研究还发现,对于制造业和服务业而言,行业经验对中国企业海外投资步伐的影响存在差异。上述发现对于今后中国企业的海外投资步伐选择有着重要的启示和意义。
The choice of overseas investment pace is a crucial choice in the process of internationalization of Chinese enterprises. Based on the sample of listed companies in Shanghai in 2000-2010, this paper analyzes the influence of three industry experiences on the overseas investment of Chinese enterprises, including the experience of their own subsidiaries, the experience of other parent companies and the experience of other subsidiaries. The results show that: the experience of its own subsidiaries has exerted a demonstration effect on the pace of overseas investment by Chinese enterprises; the experience of other parent companies and the experience of other subsidiaries have a competitive effect on the pace of overseas investment by Chinese enterprises; and the experience of other parent companies and other sub-industries The competitive effect of the company’s industry experience has a negative regulatory effect on the demonstration effect of the industry experience of its own subsidiaries. In addition, further research finds that the parent company in the enterprise control has a positive effect on the demonstration effect of the industry experience of its own subsidiaries Role; scale of their own subsidiaries of the industry experience demonstration effect has a negative regulatory role. Finally, the study on industry segmentation also found that for the manufacturing and service industries, the impact of industry experience on the pace of overseas investment by Chinese enterprises is different. The above findings have important implications and implications for the choice of overseas investment by Chinese enterprises in the future.