网络外部性对中国企业海外投资区位选择的影响

This article uses the data of 836 sample enterprises listed in Shanghai from 2000 to 2010 that have invested in 56 countries or regions in total. Through conditional logit regression, it analyzes the impact of network externalities on the location choice of overseas investment by Chinese enterprises. The empirical results show that there is an inverted U-shaped relationship between network externalities and the location choice of overseas investment by Chinese enterprises. At the same time, the place of origin of enterprises and the type of enterprise control have a moderating effect on network externalities. The impact of network externalities on enterprises from the same place of origin is greater than that on enterprises from different places of origin, and the impact of network externalities on non-state-owned enterprises is greater than that on state-owned enterprises. In further subdivisions, among state-owned and non-state-owned enterprises, the impact of network externalities on enterprises from the same place of origin is also greater than that on enterprises from different places of origin; among enterprises from the same place of origin and different places of origin, the impact of network externalities on non-state-owned enterprises is also greater than that on state-owned enterprises. In addition, the influence of the place of origin of enterprises and the type of enterprise control varies. Non-state-owned enterprises from the same place of origin are most affected by network externalities, and state-owned enterprises from different places of origin are least affected by network externalities. Finally, in the further test after excluding Hong Kong, except for a few differences, the above conclusions are basically verified.

本文利用2000-2010 年中国在沪市上市的836 家共投资于56 个国家或地区的样本企业数据，通过条件logit 回归，分析了网络外部性对中国企业海外投资区位选择的影响。实证结果表明：网络外部性与中国企业海外投资区位选择之间存在倒U型关系。同时，企业来源地和企业控制类型对网络外部性存在调节作用，相同来源地企业受到的网络外部性影响大于不同来源地企业，非国有企业受到的网络外部性影响大于国有企业。在进一步的细分中，国有企业和非国有企业中，相同来源地企业受到的网络外部性影响亦大于不同来源地企业；相同来源地和不同来源地企业中，非国有企业受到的网络外部性影响亦大于国有企业。另外，企业来源地和企业控制类型的影响力大小不一，相同来源地的非国有企业.受到的网络外部性影响力最大，不同来源地的国有企业受到的网络外部性影响力最小。最后，在进一步剔除香港的检验中，除个别差异外，基本验证了上述结论。