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中国海外投资增速超过外商FDI增速已成不可阻挡之势,中国企业的海外研发投资俨然跃升为国际投资的新话题。然而已有对新兴市场企业海外研发投资的关注集中在东道国因素,忽略了新兴市场特定制度下的母国公司特点。本文立足母国企业层面,采用中国46家海外研发机构调研数据检验了资源对企业海外研发机构进入模式的影响以及政治关联对两者关系的调节作用。结果表明:中国情境下,企业实力越强(即技术资源和经济资源越丰富),越倾向于选择自建研发机构。同时政治关联对技术资源产生替代作用,负向调节技术资源与进入模式的关系。本文的价值体现在:理论上丰富了“资源—战略”理论的已有边界和应用条件,实践上为中国企业海外研发活动提供了有益的建议。
The growth rate of overseas investment in China outnumbering that of foreign direct investment has become an irresistible trend. The overseas R & D investment of Chinese enterprises has just become a new topic of international investment. However, the focus on overseas R & D investment by emerging market enterprises has been concentrated in the host country, ignoring the characteristics of home country companies under the specific system of emerging markets. Based on the home-country enterprise level, this paper uses data from 46 overseas R & D institutions to examine the impact of resources on the mode of entry of overseas R & D institutions and the regulatory role of political connections in the relationship between the two. The results show that under the Chinese situation, the stronger the firm (that is, the more abundant technical and economic resources), the more inclined to choose self-built R & D institutions. At the same time, political connections have a substitute effect on technical resources and negatively regulate the relationship between technical resources and entry modes. The value of this article is: in theory, it has enriched the existing boundaries and application conditions of “resource-strategy” theory, and provided useful suggestions for overseas R & D activities of Chinese enterprises in practice.