【摘要】 随着“一带一路”倡议的不断推进，越来越多的中国企业加速对外投资和全球产业布局，海外移民网络在国际投融资领域的作用日益凸显。文章以2008～2021年中国跨国企业海外子公司数据为样本，分析了东道国移民网络对海外子公司绩效的影响及作用机制，并进一步考察了母公司管理者能力的调节效应。研究结果显示，移民网络对海外子公司绩效具有促进作用，母公司管理者能力增强了移民网络对海外子公司绩效的促进作用；机制分析表明，移民网络通过降低价值观差异和提高投资合法性进而对海外子公司绩效产生赋能效应。文章进一步研究发现，移民网络对海外子公司绩效的促进作用在非制造业行业、非国有企业和海外子公司进入模式为独资的情景下更加明显。研究结论对全面刻画海外移民网络在中国企业“走出去”过程中的经济学意义具有一定的实践价值。更多还原

【Abstract】 A large number of Chinese enterprises have accelerated their OFDI and global industrial deployment under the impetus of the " The Belt and Road" initiative. The role of migrant networks in the construction of the " The Belt and Road" initiative has become increasingly prominent. This paper uses the data of Chinese enterprises’ OFDI from 2008 to 2021 as a research sample to explore the impact of the migrant networks on overseas subsidiary performance. Besides,this article further examines the moderating effect of managerial competence. The research results show that the migrant networks has a facilitating effect on the performance of overseas subsidiaries. Managerial competence of parent firms enhances the facilitating effect of migration networks on the performance of overseas subsidiaries. The mechanism tests show that the migrant networks has an enabling effect on the performance of overseas subsidiaries by reducing cultural differences in values and increasing their legitimacy of investment. Furthermore,the enabling effect of migrant networks on the performance of foreign affiliates is more pronounced in non-manufacturing industries,non-state-owned firms,and situations where overseas subsidiaries adopt a wholly-owned entry mode. The research conclusions have some practical value in analyzing the economic significance of immigrant networks in the process of Chinese enterprises’ " going out".更多还原