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首页> 外文期刊>Journal of Chinese Economic and Foreign Trade Studies >Do institutional risk preferences exist in Chinese direct investments in ASEAN countries? A case study of Chinese-funded enterprises in Laos
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Do institutional risk preferences exist in Chinese direct investments in ASEAN countries? A case study of Chinese-funded enterprises in Laos

机译：在东盟国家的中国直接投资中存在机构风险偏好吗？ 对老挝中资企业的案例研究

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摘要

Purpose - Institutional factors play an important and complex role in Chinese outward foreign direct investment (OFDI) location choices that do not seem to be influenced by a host country's high political risks. Moreover, the location choice for OFDI is key to corporate strategic decision-making on internationalization. Therefore, this study aims to examine the direct investments of Chinese multinational enterprises (MNEs) in Laos. Design/methodology/approach - Combining the purposive sampling strategy and snowball sampling method, the authors interviewed nine market- and resource-seeking Chinese enterprises in Laos. Drawing from the mainstream eclectic paradigm and the theory of new institutional economics, the authors analyzed two key variables - enterprise investment motivation and enterprise heterogeneity. Findings - Chinese MNEs are not insensitive to the regressive institutional quality of host countries; the relationship effect and institutional distance are the location decision pathways along with which institutional factors influence Chinese multinationals' investments in Laos; political stability is necessary for Chinese-funded enterprises to invest in Laos and the degree of corruption is an overestimated institutional preference factor. Originality/value - The relationship effect is introduced into the analysis framework as an intermediate variable that influences the decision of MNEs to invest in countries with underdeveloped institutions. It verifies the significant roles of bilateral political relations and network relations in the OFDI location decisions of state-owned and private enterprises, respectively.
机译：目的 - 制度因素在中国外国直接投资（OFDI）的位置选择中发挥着重要且复杂的作用，这些地点选择不会受到东道国的高度政治风险的影响。此外，OFDI的位置选择是对国际化的企业战略决策的关键。因此，本研究旨在审查老挝中国跨国企业（MNES）的直接投资。设计/方法/方法 - 组合目的地采样策略和雪球采样方法，作者采访了老挝的九个市场和资源寻求中国企业。作者分析了两个主要变量 - 企业投资动机与企业异质性的主流折衷范式和新的机构经济学理论。调查结果 - 中国跨国公司对东道国的回归机构素质不敏感;关系效应和制度距离是定点决策途径以及哪种制度因素影响中国跨国公司在老挝投资;政治稳定是中国资助企业投资老挝的企业，腐败程度是过高的体制偏好因素。原创性/值 - 关系效应被引入分析框架，作为一种中间变量，影响Mnes的决定投资于欠发达的机构的国家。它分别核实双边政治关系和网络关系分别在国有和民营企业OFDI地点决策中的重大作用。

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