Home-country government support, the belt and road initiative, and the foreign performance of Chinese state-owned subsidiaries
Home-country government support, the belt and road initiative, and the foreign performance of Chinese state-owned subsidiaries
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母国政府支持、一带一路倡议以及中国国有企业海外业绩。
DOI：
10.1007/s10490-020-09743-9
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发表时间：
2020-10-23
影响因子：
5.4
通讯作者：
Zhang, Chuang
中科院分区：
文献类型：
--
作者：
Huang, Yuanyuan;Shen, Lu;Zhang, Chuang
新兴经济体的国有（SO）跨国企业（MNE）由于与母国政府的联系，在其海外业务中面临两种相互矛盾的影响。虽然母国政府为跨国公司提供资源，但这种从属关系也使跨国公司面临东道国合法性的挑战。鉴于这一理论上的争论，我们认为，母国政府的支持可能会促进SO跨国公司在东道国市场的后进入业务。此外，由于针对跨国公司的合法性压力可能取决于中国“一带一路”倡议（BRI）促进的东道国和母国政府之间的国家间关系，BRI合作关系可能会改变母国政府支持的效果。利用调查和档案数据，我们发现，母国政府的支持有一个积极的影响SO子公司的国外业绩。这种影响在与BRI合作的国家中比那些没有合作的国家弱。此外，制度距离削弱了“一带一路”合作和母国政府支持对跨国公司海外子公司绩效的负面互动效应。这些研究结果扩展了制度的角度，突出了具有独特属性和不同东道国条件的跨国公司的合法性的替代来源。
State-owned (SO) multinational enterprises (MNEs) from emerging economies face two contradictory effects on their foreign operations due to their linkage with their home-country governments. Although home governments provide SO MNEs with resources, the affiliation also exposes SO MNEs to the legitimacy challenges in the host countries. Given this theoretical debate, we propose that home government support may facilitate SO MNEs' post-entry operations in the host markets. Furthermore, because the legitimacy pressures directed at SO MNEs may be contingent on the interstate relations between the host and home governments facilitated by China's Belt and Road Initiative (BRI), the BRI cooperative relations may shift the effect of home government support. Using survey and archival data, we find that home government support has a positive impact on the foreign performance of SO subsidiaries. This effect is weaker in countries that are cooperating with the BRI than in those that are not. Moreover, institutional distance weakens the negative interactive effect between BRI cooperation and home government support on the performance of SO MNEs' foreign subsidiaries. These findings extend the institutional perspective by highlighting an alternative source of legitimacy for MNEs with distinctive attributes and in various host conditions.