制度距离对海外子公司经营绩效的影响——基于信号理论视角下母公司ESG的调节作用研究

摘要基于信号理论的视角,利用2010—2021年上市企业海外子公司的面板数据检验了在母公司ESG积极信号调节下制度距离影响其海外子公司经营绩效的效应及其作用机制,结果表明:制度距离对中国企业海外子公司经营绩效产生不利影响,且东道国民众对海外子公司的负面认知以及母公司对海外子公司的资源投入在其中起到中介作用。此外,母公司良好ESG表现传递出的积极信号能有效缓解制度距离对其海外子公司经营绩效造成的负面影响。有中介的调节机制表明,母公司ESG缓解制度距离的不利影响部分通过减少东道国民众对海外子公司的负面认知以及增加母公司对海外子公司的资源投入发挥作用,即母公司ESG起到有中介的调节作用。最后,母公司ESG作为积极信号缓解制度距离不利影响的效果在不同东道国以及企业性质间存在差异。研究结论为中国海外子公司更好地“走下去”提供了重要的政策启示。

	Service

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	Email Alert
	RSS
	作者相关文章
	肖挺
	陈周永

关键词：制度距离 ESG表现海外子公司经营绩效

Abstract： From the perspective of signaling theory, this study utilizes panel data of overseas subsidiaries of listed companies from 2010 to 2021 to examine the effect of institutional distance on the operating performance of overseas subsidiaries, as well as its mechanism of action, under the positive ESG signaling of the parent company. The results indicate that institutional distance has an adverse impact on the operating performance of Chinese firms’ overseas subsidiaries. Moreover, the negative perceptions of host country residents towards the overseas subsidiaries and the resource allocation from the parent company to the overseas subsidiaries play mediating roles in this relationship. In addition, the positive signals sent by the parent company’s good ESG performance can effectively mitigate the negative impact of institutional distance on the operating performance of its overseas subsidiaries. The mediating mechanism reveals that the parent company’s ESG (Environmental, Social and Governance) practices mitigate the adverse effects of institutional distance partly by reducing the negative perceptions of host country residents towards the overseas subsidiaries and by increasing the parent company’s resource allocation to these subsidiaries. In other words, the parent company’s ESG performance plays a mediated moderating role. Finally, the effect of the parent company’s ESG as a positive signal in alleviating the adverse impact of institutional distance differs across different host countries and firm characteristics. The conclusions of the study provide important policy implications for Chinese overseas subsidiaries to better “ go global. ”

Keywords： Institutional Distance ESG Performance Overseas Subsidiaries Business Performance

收稿日期 2024-06-27; 接受日期 ;

基金资助:国家自然科学基金地区科学基金项目(72262015);江西省2023年度研究生创新专项资金项目(YC2023-B149)

通讯作者 陈周永(1995— ),男,广东清远人,博士研究生,主要从事国际贸易研究。

作者简介: 肖挺(1981— ),男,江西九江人,博士,教授,博士生导师,主要从事国际贸易研究。

引用本文:

肖挺, 陈周永.制度距离对海外子公司经营绩效的影响——基于信号理论视角下母公司ESG的调节作用研究[J]. 经济经纬, 2025,2: 121-133

XIAO Ting, CHEN Zhouyong.The Impact of Institutional Distance on the Business Performance of Overseas Subsidiaries: A Study on the Moderating Role of Parent Company ESG Based on Signaling Theory Perspective[J] Economic Survey, 2025,V42(2): 121-133

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2025/V42/I2/121

陈银娥,李春燕,谭欢,等,2024.企业ESG表现对企业韧性的影响研究[J].财经理论与实践(2):128-135.
邓明,2012.制度距离“示范效应”与中国OFDI的区位分布[J].国际贸易问题(2):123-135.
耿伟,吴雪洁,冯雅荻,2021.不确定性与中国企业海外子公司经营绩效[J].国际经贸探索(12):74-89.
李增福,陈嘉滢,2024.企业ESG表现提升劳动收入份额实证研究:基于中国上市公司的经验证据[J].中央财经大学学报(4):104-118.
刘江涛,张翼,谭琳,2023.负责的国际化:ESG优势与中国企业海外经营[J].世界经济研究(11):60-77,136.
潘镇,殷华方,鲁明泓,2008.制度距离对于外资企业绩效的影响:一项基于生存分析的实证研究[J].管理世界(7):103-115.
彭红枫,米雁翔,2017.信息不对称、信号质量与股权众筹融资绩效[J].财贸经济(5):80-95.
宋渊洋,黄礼伟,2014.为什么中国企业难以国内跨地区经营？[J].管理世界(12):115-133.
谭劲松,黄仁玉,张京心,2022.ESG表现与企业风险:基于资源获取视角的解释[J].管理科学(5):3-18.
王碧珺,高恺琳,2023.制度距离对中国跨国企业海外子公司绩效的影响[J].数量经济技术经济研究(8):111-130.
王碧珺,肖河,2017.哪些中国对外直接投资更容易遭受政治阻力？[J].世界经济与政治(4):106-128,159.
王运陈,杨若熠,贺康,等,2023.数字化转型能提升企业ESG表现吗？——基于合法性理论与信息不对称理论的研究[J].证券市场导报(7):14-25.
魏江,王诗翔,杨洋,2016.向谁同构?中国跨国企业海外子公司对制度双元的响应[J].管理世界(10):134-149,188.
魏江,杨洋,2018.跨越身份的鸿沟:组织身份不对称与整合战略选择[J].管理世界(6):140-156,188.
魏延鹏,毛志宏,王浩宇,2023.国有资本参股对民营企业ESG表现的影响研究[J].管理学报(7):984-993.
谢红军,吕雪,2022.负责任的国际投资:ESG与中国OFDI[J].经济研究(3):83-99.
严兵,程敏,王乃合,2024.ESG绿色溢出、供应链传导与企业绿色创新[J].经济研究(7):72-91.
阎大颖,2009.国际经验、文化距离与中国企业海外并购的经营绩效[J].经济评论(1):83-92.
杨璐,张海波,2022.双边投资协定质量与跨国企业海外经营绩效[J].投资研究(4):56-69.
杨亚平,杨姣,2020.合法性获取、组织学习和中国企业对外直接投资成功率[J].暨南学报(哲学社会科学版)(10):95-109.
叶宝娟,温忠麟,2013.有中介的调节模型检验方法:甄别和整合[J].心理学报(9):1050-1060.
衣长军,刘晓丹,王玉敏,等,2019.制度距离与中国企业海外子公司生存:所有制与国际化经验的调节视角[J].国际贸易问题(9):115-132.
张海波,李彦哲,2020.ODI进入模式对跨国企业海外经营绩效影响研究[J].科研管理(9):209-218.
BRODIE R J,BENSON-REA M,2016.Country of origin branding:an integrative perspective[J].Journal of product & brand management,25(4):322-336.
CARLOS P J,2007.The impact of ownership:location-specific advantages and managerial characteristics on SME foreign entry mode choices[J].International marketing review,24(6):715-734.
GAUR A S,LU J W,2007.Ownership strategies and survival of foreign subsidiaries:impacts of institutional distance and experience[J].Journal of management,33(1):84-110.
GHAHROUDI M R,2011.Ownership advantages and firm factors influencing performance of foreign affiliates in Japan[J].International journal of business and management,6(11):119.
GHOUL S E,GUEDHAMI O,KIM Y,2017.Country-level institutions,firm value,and the role of corporate social responsibility initiatives[J].Journal of international business studies,48:360-385.
HUGHES M,POWELL T H,CHUNG L,et al,2017.Institutional and resource-based explanations for subsidiary performance[J].British journal of management,28(3):407-424.
KANG W,LEE K,RATTI R A,2014.Economic policy uncertainty and firm-level investment[J].Journal of macroeconomics,39:42-53.
SHIRODKAR V,KONARA P,2017.Institutional distance and foreign subsidiary performance in emerging markets:moderating effects of ownership strategy and host-country experience[J].Management international review,57(2):179-207.
XU H,WU J,DAO M,2020.Corporate social responsibility and trade credit[J].Review of quantitative finance and accounting,54(4):1389-1416.
YU J,YI C,HUANG J,et al,2022.Performance of Chinese foreign subsidiaries:the role of national distance,organizational learning and overseas Chinese networks[J].Management decision,60(6):1763-1790.