以2000—2015年全球上市的中国企业为样本,考察外资风险投资对企业国际化的影响是否与企业上市进程及上市地点相关。研究发现,相对于内资风险投资,外资风险投资显著提升企业在海外上市的可能性,上述现象在国内创业板开通前更加明显;企业国际化是外资风险投资影响企业海外上市的主要渠道,外资风险投资通过加快企业国际化进程,进而实现海外上市的退出目标;但是,外资风险投资对企业国际化的积极影响不具有持续性,企业邻近上市时正向影响达到最大,企业上市后产生负向影响,且这种先升后降的关系尤其表现在海外上市企业。相对于企业国际化,外资风险投资更加看重企业能否海外上市。外资风险投资所推动的企业国际化是以海外上市为导向的机会主义国际化,而非战略意义的企业国际化。
外资风险投资、海外上市与企业国际化
摘要
参考文献
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引用本文
彭涛, 黄福广, 李娅, 等. 外资风险投资、海外上市与企业国际化[J]. 外国经济与管理, 2020, 42(4): 123-138.
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