在此背景下，本文通过文献综述、实证分析等方面进行研究，从主效应和
调节效应两个层次详细阐释“制度距离与海外子公司生存的关系”这一核心问
题。本文首先梳理了海外子公司生存的影响因素的国内外研究现状，对制度距
离、企业所有制、国际化经验和国际市场进入模式和海外子公司生存的关系进
行综述；其次，本文以中国 A 股上市公司的海外子公司为研究对象，收集了 2005
年到 2014 年 269 家母公司的海外子公司 1650 家，经数据筛选后得到 191 家母
公司十年间进行的海外子公司投资 966 家，涉及东道国数目 91 个，样本数 3852
个，并进行实证研究；第三，采用非参数估计方法，即 Kaplan-Meier 乘积极限
估计方法，分析我国海外子公司生存状况，全样本平均寿命为 4.12 年，筛选后
样本平均寿命 3.99 年，且第一年、第二年以及第九年相比别的年份生存率下降
更快；第四，使用时依协变量 Cox 比例风险模型，把制度距离分为正式制度距
离和非正式制度距离两个维度，基于主效应和调节效应两个层次深入剖析中国
情境下制度距离影响海外子公司生存的机制，并且通过了基于舍恩菲尔德残差
（Schoenfeld residuals）的比例风险模型的设定检验，最后得出如下结论：第一，
（正式和非正式）制度距离负向地影响海外子公司生存；第二，非正式制度距
离相对正式制度距离对海外子公司生存的影响更高；第三，企业所有制对正式
制度距离与海外子公司生存的关系存在调节作用，即国有企业相对民营企业，
正式制度距离对海外子公司生存的负向影响会更小；第四，国际市场进入模式
对非正式制度距离与海外子公司生存的关系存在调节作用，即采用合资方式相
对独资方式进入东道国，非正式制度距离对海外子公司生存的负向影响作用会华侨大学硕士学位论文
II
更小；第五，国际化经验对非正式制度距离与海外子公司生存的关系存在调节
作用，即国际化经验越丰富，非正式制度距离对海外子公司的负向作用会被削
弱。最后，针对分析结论，从企业自身、国家政府两个角度提出相关政策建议，
提出有助于中国海外子公司更好地“走下去”的政策建议
关键词：海外子公司生存 制度距离 企业所有制 国际市场进入模式
国际化经验Abstract
III
Abstract
As China joins the WTO, the internationalization of Chinese enterprises develops
rapidly. By the end of 2014, China&39;s ourward foreign direct investment (OFDI) has
continued to be the third place in the world. However, in the process of foreign
investment, enterprises need to face the high complexity and uncertainty. Therefore,
Chinese multinational companies need to go out and survive at the same time. The
survival status of the overseas subsidiaries of the enterprises has been influenced by
the multi-level factors ， including the multimensional distance,the host country
industry and environment.In order to understand the function of different levels of
factors better, this paper studies the mechanism of influencing the survival of
overseas subsidiaries of Chinese multinational corporations, taking institutional
theory as the main perspective, in combination with resource basic theory, transaction
cost theory and organizational learning theory. At present, the study on the influence
of institutional distance on the internationalization of the enterprise is an important
research topic in the field of international business but has not yet been well
explained, and it has not been studied from the impacts of enterprise ownership
system, international market entry mode and the international experience based the
institutional theory. At present, most of the research uses the binary selection model,
but it cannot analyze overseas subsidiary sustainability, including the characteristics
of living conditions and hazard rate of individuals who have survived for some time.
In addition, the research situation is mainly suitable for developed countries, and
there is less research about the survival of overseas Chinese companies.
In this context, this article explains the core issue of the relationship between the
institutional distance and overseas subsidiaries survival through the concept definition,
theoretical review, literature review, statistical analysis, empirical analysis and
discussion of practical results in detail. In particular, firstly this paper focuses on the
domestic and foreign literature review of the factors of influencing overseas
subsidiaries&39; survival, particularly institutional distance, enterprise ownership,
experience and international market entry mode. Secondly, after data screening, I get
3852 samples of 191 parent companies from 2005 to 2014 for a total of 10 years of华侨大学硕士学位论文
IV
overseas subsidiaries to invest 968 subsidiaries, involving the number of host
countries 91 for empirical research. Thirdly, this paper uses the nonparametric
estimation method, the Kaplan-Meier product limit estimation method, to analyze the
living conditions of overseas subsidiaries in China. The average life expectancy of the
whole sample was 4.12 years, and then the average life expectancy of the selected
samples was 3.99 years. And the survival rate of the first year, the second year and the
ninth year decreased faster than that of other years. Lastly, this paper studied how
institutional distance influence subsidiaries survival using the main effect and
moderating effect, according to the covariant Cox proportional hazards model.
Institutional distance has been divided into two dimensions, the formal distance and
the informal distance. In the end, the model passes the setting of the proportional risk
model based on Schoenfeld residuals, and finally draws the following conclusions.
First, the formal institutional distance has the negative impact on the survival of
overseas subsidiaries; second, the informal institutional distance has the negative
impact on the survival of overseas subsidiaries. Thirdly, the informal institutional
distance has a higher impact on the survival of overseas subsidiaries than formal
institutional distance. Fourth, enterprise ownership has a moderating effect on the
relationship between the formal institutional distance and the survival of overseas
subsidiaries. State-owned enterprises relative to private enterprises, the formal
institutional distance to the survival of overseas subsidiaries will be less negative
impact. Fifth, the international market entry mode has a moderating effect on the
relationship between the informal institutional distance and the survival of overseas
subsidiaries. Sixth, the international experience has a moderating effect on the
relationship between the informal institutional distance and the survival of overseas
subsidiaries.
Keywords: Survival of foreign subsidisries Institutional distance Enterprise ownership
International market entry mode International experience目录
V
目录
第 1 章 绪论....1
1.1 研究背景及意义..........1
1.1.1 研究背景.. 1
1.1.2 研究意义.. 1
1.2 研究内容、技术路线图与方法..........2
1.2.1 研究内容.. 2
1.2.2 技术路线图.......... 4
1.2.3 研究方法.. 5
1.3 研究创新点......6
第 2 章 相关理论研究评述....9
2.1 概念界定..........9
2.1.1 制度距离.. 9
2.1.2 国际市场进入模式.......... 9
2.1.3 国际化经验........ 10
2.1.4 企业所有制........ 10
2.1.5 海外子公司生存.....
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