【作者】 马宁；

【导师】 杜晓君；

【作者基本信息】 东北大学 ， 国际贸易学， 2019， 硕士

【摘要】 经济全球化的快速发展促使企业不断走进国际市场,中国已经成为成长最迅速和大有可观的对外直接投资来源国。在政府政策的大力支持下,中国跨国企业的对外直接投资得到了迅猛的发展。且中国跨国企业对外直接投资的区位选择中,越来越多的资本流入到高政治风险的东道国。然而,跨国企业在高政治风险东道国的经营会面临诸多挑战,此时是否具有风险管理资源及风险管理能力以对政治风险进行有效的风险管理成为跨国企业能否在高政治风险东道国良好经营,进而实现对外直接投资绩效的关键。因此,本文从前景理论的视角分析东道国政治风险与跨国企业对外直接投资绩效间的关系,并引入风险管理资源及风险管理能力作为调节变量,研究二者对于东道国政治风险与跨国企业对外直接投资绩效间的关系会产生何种影响。在理论分析的基础上通过使用stata15.0对中国沪深A股上市企业在2004-2014年对外直接投资所产生的845个海外子企业为样本进行实证检验。实证结果表明:(1)东道国政治风险与跨国企业对外直接投资绩效之间具有显著的正相关关系;(2)跨国企业的风险管理资源对东道国政治风险与跨国企业对外直接投资绩效间的关系存在正向调节作用;(3)跨国企业的风险管理能力对跨国企业对外直接投资绩效间的关系的调节作用并不显著。该研究从理论上丰富了东道国政治风险与跨国企业对外直接投资绩效间关系的研究视角,纳入风险管理资源及风险管理能力作为调节变量使二者间关系的理论模型更细化、更具解释力。此外,也为以中国跨国企业为代表的新兴市场国家的跨国企业对外直接投资时的风险决策及如何进行有效的风险管理以提升对外直接投资绩效方面提供参考。更多还原

【Abstract】 The rapid development of economic globalization has prompted enterprises to enter the international market continuously.China has become the fastest growing and most significant source of foreign direct investment.With the strong support of government policies,the scale of foreign direct investment of Chinese multinational enterprises has developed rapidly.In the process of risk decision-making of outward foreign direct investment,Chinese multinational corporations tend to invest in politically risky host countries.However,multinational corporations face many challenges in the operation of politically risky host countries.At this time,whether they have risk management conditions and risk management capabilities to effectively manage political risks and whether multinational corporations can operate well in host countries with high risks have become the key to achieve the performance of outward foreign direct investment.Therefore,this paper analyzes the relationship between political risk of host country and performance of outward foreign direct investment of multinational corporations from the perspective of prospect theory,and introduces risk management resources and risk management capabilities as adjustment variables to study the relationship between political risk of host country and performance of outward foreign direct investment of multinational corporations.On the basis of theoretical analysis,an empirical test was conducted on 845 overseas subsidiaries of China Shanghai and Shenzhen A-share listed companies in 2004-2014 through the use of stata15.0.The empirical results show that:(1)There is a significant positive correlation between political risk of host country and performance of outward foreign direct investment of multinational corporations;(2)The risk management resources of multinational corporations have a positive adjustment effect on the relationship between political risk of host country and the performance of outward foreign direct investment of multinational corporations;(3)The role of risk management capabilities of multinational corporations in regulating the relationship between outward foreign direct investment performance of multinational corporations is not significant.This research theoretically enriches the research perspective of the relationship between political risk of host country and performance of outward foreign direct investment of multinational corporations,and incorporating risk management resources and risk management capabilities as adjustment variables makes the theoretical model of the relationship more detailed and explanatory.In addition,it also provides a reference for risk decision-making in the case of the outward foreign direct investment of Multinational corporations in emerging market countries represented by Chinese multinational corporations and effective risk management to enhance the performance of outward foreign direct investment.更多还原