基于FDI的“走出去”战略改进了组织生存能力吗？
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外国经济与管理 2015 年 第 37 卷第 10 期, 页码：
摘要
参考文献
摘要
国内资源的限制、市场竞争压力的加剧以及有效学习机会的缺乏等因素促使很多中国企业开始采取对外直接投资的“走出去”战略（OFDI），但OFDI的实施过程非常复杂且存在高度的不确定性。通过OFDI能否改进组织的生存能力以及在什么条件下有助于组织生存？这是一个仍旧没有解决的重要问题。本文基于中国上市公司的数据，主要得出以下结论：（1）企业可以运用实物期权规避风险，通过OFDI对国内企业进行资源输送，从而有助于组织生存；（2）与国有企业相比，民营企业进行OFDI更有助于提高组织生存能力；（3）与CEO非二元性相比，企业在CEO二元性的状态下采取OFDI会降低组织的生存能力。本文的研究为更好地理解OFDI的作用机制提供了理论和实证的解释，也为“走出去”战略提供了支持。
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［2］Altman E.Corporate financial distress：A complete guide to predicting，avoiding，and dealing with bankruptcy［M］. New York:John Wiley&Son，1983.
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［4］Bonaglia F，et al. A.Accelerated internationalization by emerging markets’ multinationals［J］. Journal of World Business，2007，42(4）：369-383.
［5］Bowman E H and Hurry D. Strategy through the option lens：An integrated view of resource investments and the incrementalchoice process［J］. Academy of management review，1993，18(4）：760-782.
［6］Braun M and Sharma A. Should the CEO also be chair of the board? An empirical examination of familycontrolled public firms［J］.Family Business Review，2007，20(2）:111-126.
［7］Bruton G D，et al. Knowledge management in technologyfocused firms in emerging economies：Caveats on capabilities，networks，and real options［J］.Asia Pacific Journal of Management，2007，24(2）：115-130.
［8］Buckley P J，et al. The determinants of Chinese outward foreign direct investment［J］. Journal of International Business Studies，2007，38(4）：499-518.
［9］Cardoza G and Fornes G. The internationalisation of SMEs from China：The case of Ningxia Hui Autonomous Region［J］. Asia Pacific Journal of Management，2011，28(4）：737-759.
［10］Chung C C，et al. Subsidiary expansion/contraction during times of economic crisis［J］. Journal of International Business Studies，2010，41(3）：500-516.
［11］Corbetta G and Salvato C A. The board of directors in family firms：One size fits all?［J］. Family Business Review，2004，17(2）:119-134(16）.
［12］Cozza C，et al. The impact of outward FDI on the performance of Chinese multinationals［J］. Social Science Electronic Publishing，2014.
［13］Fan J P H，et al. Politically connected CEOs，corporate governance，and PostIPO performance of China’s newly partially privatized firms［J］.Journal of financial economics，2007，84(2）：330-357.
［14］Gloria L G et al.Wang H Q.The impact of network relationships on internationalization process：An empirical study of Chinese private enterprises［J］. Asia Pacific Journal of Management，2013，30(4）:1169-1189.
［15］Helpman E，et al. Export versus FDI with heterogeneous firms［J］. American Economic Review，2004，94(1）:300-316.
［16］Kim KongHee. Deep structures in CEO dualityfirm performance linkage［J］. International Management Review，2013，9(2）：11-23.
［17］Liang L and Feng Y. Political connection of private firm，number of employees and labor cost ［J］. China Industrial Economics，2010，10：127-137.
［18］Liu Y et al. Ownership，strategic orientation and internationalization in emerging markets［J］. Journal of World Business，2011，46(3）：381-393.
［19］Lu J W and Beamish P W. International diversification and firm performance：The Scurve hypothesis［J］. Academy of management journal，2004，47(4）：598-609.
［20］Luo Y and Tung R L.International expansion of emerging market enterprises：A springboard perspective［J］. Journal of International Business Studies，2007，38(4）：481-498.
［21］O’Farrell P N，et al. Internationalization of business services：An interregional analysis［J］. Regional Studies，1996，30(2）：101-118.
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［26］Ruigrok W and Wagner H. Internationalization and performance：An organizational learning perspective［J］. Management International Review，2003：63-83.
［27］Song S.Value and cost of multinationality：International diversification and real options effects［J］. Social Science Electronic Publishing，2014:115-125.
［28］Thurner M. Foreign expansion under uncertainty—The case of multinational companies in China［J］. University of St.Gallen Business Dissertations，2005.
［29］Tsui A S，et al. Crossnational，crosscultural organizational behavior research：Advances，gaps，and recommendations. Journal of Management，2007，33(3）：426-478.
［30］Zou H and & Ghauri P.Internationalizing by learning：The case of Chinese hightech new ventures［J］. International Marketing Review，2010，27(2）：223-244.
［31］贺小刚等.政治关联与企业价值——民营企业与国有企业的比较分析［J］.中国工业经济，2013，(1）:103-115.
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［33］张远飞，贺小刚，连燕玲.“富则思安”吗?——基于中国民营上市公司的实证分析［J］.管理世界，2013，(7）:130-144.
引用本文
葛 菲, 贺小刚, 吕斐斐. 基于FDI的“走出去”战略改进了组织生存能力吗？[J]. 外国经济与管理, 2015, 37(10): 0.
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