管理学刊2025，Vol.38Issue(2)：72-87,16.DOI:10.19808/j.cnki.41-1408/F.2025.0016
东道国数字化水平、融资约束与海外子公司生存绩效
Digitalization Level of the Host Country,Financing Constraints,and Survival Performance of Overseas Subsidiaries:The Regulatory Effect of Immigrant Networks
摘要
Abstract
In the context of the digital economy,the digitalization level of the host country is one of the key factors influencing the outward foreign direct investment(OFDI)of multinational enterprises.This paper focuses on the micro-level,taking overseas subsidiaries of Chinese listed companies as the research object,to explore the impact of the host country's digitalization level on the survival performance of overseas subsidiaries and its underlying mechanisms.Based on the survival data of overseas subsidiaries of Chinese A-share listed companies in Shanghai and Shenzhen from 2008 to 2022,empirical tests were conducted using the Cox proportional hazards model and ordinary least squares(OLS)regression.The results are as below.Firstly,the better the digitalization development level of the host country,the better the survival performance of Chinese overseas subsidiaries;improvements in the host country's digitalization level can alleviate financing constraints faced by subsidiaries,thereby enhancing their survival performance,and immigrant networks can strengthen the mitigating effect of the host country's digitalization level on subsidiary financing constraints.Secondly,to verify the robustness of our findings,this article conducted robustness tests by altering the sample year intervals,employing a binary selection model for regression,substituting explanatory variables,and performing endogeneity tests using both instrumental variable and missing variable methods.Thirdly,in further discussions,the study found that the promoting effect on the survival performance of overseas subsidiaries is more significant among non-state-owned,small-scale,and non-manufacturing multinational enterprises.The research conclusions provide important policy insights and practical implications for Chinese enterprises to successfully going on by leveraging the role of host country digitalization while going out.关键词
东道国数字化水平/海外子公司/生存绩效/融资约束/移民网络Key words
host country digitalization Level/overseas subsidiaries/survival performance/financing constraints/immigrant networks分类
管理科学引用本文复制引用
衣长军,颜诗琪,张岩松..东道国数字化水平、融资约束与海外子公司生存绩效[J].管理学刊,2025,38(2):72-87,16.基金项目
2024-2025年度福建省高校以马克思主义为指导的哲学社会科学学科基础理论研究项目(FJ2025MGCA012) （FJ2025MGCA012）
河南省高等教育教学改革研究与实践项目(2023SJGLX352Y) （2023SJGLX352Y）
