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首页> 外文会议>International conference on algorithms and architectures for parallel processing >The Impact of International Inter-City Investment on Enterprises Performance: Pluralistic Interpretation of Geographical Death
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The Impact of International Inter-City Investment on Enterprises Performance: Pluralistic Interpretation of Geographical Death

机译：国际城市间投资对企业绩效的影响：对地理死亡的多元解释

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This paper aims to test the impact of inter-city investment on enterprises performance. By using a panel dataset of Chinese firms which have invested in 43 countries and regions over the of 2003-2009 and gravity model, we find that institutional distance is favorable to Chinas outward direct investment, which implies that the Chinese multinationals dont seem willing to enter those countries that have similar institutions with their home country, in this sense, Chinese enterprises outward direct investment can be interpreted as being driven by the motivation of institutional escape. Technology distance displays an Inversed-U shape which suggests some technical distance is the premise for ODI and may reflect the fact of simultaneous existence of both the technology utilization ODI and the technology-seeking ODI of China. Geographical distance has no significant impact on Chinas outward direct investment which supports the proposition of death of distance. These findings point to the importance of going beyond firm boundary to consider various distances between home and host countries in making investment decisions, which not only overcome the defects of the existing studies, but also propose new theoretical explanations for the phenomenon that Chinese enterprises are still capable of ODI even when the ownership advantages are missing. According to the results of this paper, Chinese enterprises should choose to invest in the countries with large institutional distance, small economic and medium technical distance from the home country, and, at the same time, they should not bother geographical distance too much.
机译：本文旨在检验城际投资对企业绩效的影响。通过使用2003-2009年间在43个国家和地区投资的中国公司的面板数据集和引力模型，我们发现制度距离有利于中国的对外直接投资，这意味着中国跨国公司似乎不愿意进入在那些与本国拥有类似机构的国家中，从这个意义上讲，中国企业的对外直接投资可以被解释为是由制度逃避的动力所驱动的。技术距离显示为倒U形，这表明技术距离是ODI的前提，并且可能反映了中国的技术利用ODI和寻求技术的ODI同时存在的事实。地理距离对中国的对外直接投资没有重大影响，这支持了距离死亡的命题。这些发现表明，在进行投资决策时，超越公司边界来考虑母国与东道国之间的各种距离非常重要，这不仅克服了现有研究的缺陷，而且为中国企业仍然存在的现象提供了新的理论解释。即使缺少所有权优势也可以进行ODI。根据本文的结果，中国企业应该选择在制度上距离大，经济和技术距离中等的国家进行投资，与此同时，他们不应该在地理上打扰太多。

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