State equity and outward FDI under the theme of belt and road initiative
State equity and outward FDI under the theme of belt and road initiative
复制标题
“一带一路”主题下的国家股权与对外直接投资
DOI：
10.1007/s10490-020-09716-y
复制
发表时间：
2020-05-01
影响因子：
5.4
通讯作者：
Liu, Bin
中科院分区：
文献类型：
--
作者：
Wang, Qingtao;Liu, Bin
国家资本主义正在吸引越来越多的关注，但对国际化的研究结果却不一致。鉴于其普遍存在，本研究考察了“一带一路”倡议下国家股权对对外直接投资（OFDI）的影响，这可能对国际商业理论构成挑战，也可能为新兴经济体的企业带来新的希望。基于制度理论的代理视角和中国上市公司的样本，我们发现，更高的国有股权会推动投资“一带一路”目的地的积极性。然而，当股权来源不是中央政府时，国家股权会产生更强的推动作用，而组织高层管理者的国外风险暴露会减弱这种压力。此外，在制度层面，沿海地区削弱了这种压力的影响，而企业更有可能在BRI主题下的双边投资条约（BIT）国家投资。总的来说，这项研究应该扩展我们对“一带一路”现象的理解，并从政治角度丰富国家资本主义的理论知识。
State capitalism is attracting burgeoning attention but comes with inconsistent findings toward internationalization. Given its prevalent appearances, the study has investigated the effect of state equity on outward foreign direct investment (OFDI) under the Belt and Road Initiative (BRI), which may constitute a challenge to the international business theory and new hope for companies in emerging economies. Anchoring on the agentic perspective of institutional theory and a sample of Chinese public listed firms, we have unveiled that higher state equity pushes greater proactiveness in investing in those BRI destinations. However, state equity generates stronger pushing effects when the equity source is not from the central government whereas the organizational top managers' foreign exposures attenuate such pressures. At the institutional level, furthermore, the coastal locale attenuates the effects of such pressures whereas firms are more likely to invest in countries with bilateral investment treaties (BITs) under the BRI theme. Overall, the study should extend our understandings toward the BRI phenomenon and enrich the theoretical knowledge of state capitalism from a political perspective.