文化距离如何影响海外子公司经营绩效.docxVIP

? ? 文化距离如何影响海外子公司经营绩效 ? ? 王盼盼 张海波 摘 要：文化距离与海外子公司经营绩效关系在理论分析和经验研究中尚未形成一致结论。基于资源基础理论，本文从资源转移和资源获取2条路径探讨文化距离对海外子公司经营绩效的作用机制，进而选取2011—2017年中国上市公 司1 678家海外子公司作为样本数据进行实证检验。研究表明：文化距离与海外子公司经营绩效呈显著的负相关关系，文化距离越大，海外子公司经营绩效表现越差;文化距离对海外子公司经营绩效的负向影响受企业进入模式的调节作用;当文化距离较大时，相比于独资模式，合资模式能够显著降低文化距离对海外经营绩效的负向影响。结论对企业对外直接投资中如何应对文化距离、提升投资质量效益具有重要启示。 关 键 词：对外直接投资;文化距离;海外子公司;经营绩效;进入模式 DOI：10.16315/j.stm.2020.06.003 ： F125;F2767 文献标志码： A Abstract：Prior theoretical analysis together with empirical evidence points to conflicting results regarding the role of cultural distance on overseas subsidiary performance. Drawing on resource-based theory， in this paper we focus on two routes （resource transfer and resource acquisition） to develop a theoretical framework for explaining how cultural distance impact overseas subsidiary performance. Our empirical test， based on a sample of 1 678 overseas subsidiary performance observations of Chinese listed companies from 2011 to 2017， underscores that cultural distance is negatively associated with overseas subsidiary performance. With the increase of cultural distance， the overseas subsidiary performance is worse. Moreover， our findings indicate that the relationship between cultural distance and overseas subsidiary performance is moderated by entry mode， as opposed to wholly owned investment， the negative effect of cultural distance on subsidiary performance will be weaker when subsidiary is established in the form of joint venture. This study has important enlightenment on managers dealing with cultural distance as well as improving quality and benefit in OFDI. Keywords：outward foreign direct investment; cultural distance; overseas subsidiary; performance; entry mode 在“一帶一路”与党的十九大“推动形成全面开放新格局”等倡议深入推进下，中国对外直接投资快速增长，已成为企业资源全球配置，寻求发展新动能的重要形式。截止2018年底，中国境内投资者在全球188个国家（地区）设立对外直接投资企业4.3万家，投资目的地遍布世界80%以上国家（地区），对外直接投资流量和存量全球占比皆创下14.1%和6.4%的历史新高。尽管越来越多的中国企业开展对外直接投资，现实中却存在着大量海外子公司经营绩效较差，被迫退出东道国市场或被其他企业收购的问题。《中国企业海外可持续发展报告2017》调查数据显示我国海外子公司中仅有10%的企业经营收益可观，多数海外