华侨大学学报（哲学社会科学版）Issue(4)：91-109,19.
华商网络对跨国企业海外投资效率影响研究
The Impact of Chinese Business Network on the Efficiency of Overseas Investment by Multinational Enterprises
摘要
Abstract
Under the current complex globalisation background,how to improve the efficiency of overseas investment has become a core issue that urgently needs to be addressed in the outward foreign direct invest-ment(OFDI)practice of multinational enterprises(MNEs).Based on the micro data of Chinese enterpri-ses'OFDI,this study explores the impact of Chinese business networks on Chinese MNEs'overseas invest-ment efficiency and its mechanism.Research findings reveal that Chinese business networks significantly enhance the efficiency of MNEs'overseas investments,with information asymmetry and cross-border trans-action costs playing mediating roles.Executives'overseas backgrounds(especially overseas work experi-ence)exert a positive moderating effect in this process.Further analysis indicates that the mediating effects of information asymmetry and transaction costs on the influence of Chinese business networks are more pro-nounced when the host country is a neighboring nation or when the enterprise possesses extensive interna-tionalization experience.When the destination country is not a neighboring nation or the firm possesses ex-tensive internationalization experience,the positive moderating effect of executives'overseas backgrounds(especially overseas work experience)become more pronounced.Heterogeneity analysis reveals that the enhancement of overseas investment efficiency through Chinese business networks is more significant when the host country is neither a Belt and Road co-construction country nor a developed nation,and when the firm is either a state-owned enterprise or operates in the manufacturing sector.The findings of this study not only provide new empirical support for revealing the enabling effect of Chinese business networks on Chinese MNEs'overseas investment efficiency,but also provide theoretical guidance for Chinese MNEs to improve the quality of their outbound investment and realise their globalisation strategy.关键词
华商网络/海外投资效率/信息不对称/跨国交易成本/高管海外背景Key words
Chinese business networks/overseas investment efficiency/information asymmetry/cross-border transaction costs/executives'overseas backgrounds分类
管理科学引用本文复制引用
陈初昇,吴宇歆,李梦婵..华商网络对跨国企业海外投资效率影响研究[J].华侨大学学报（哲学社会科学版）,2026,(4):91-109,19.基金项目
国家社会科学基金一般项目"数实技术深度融合对跨国企业海外投资效率、韧性及关键核心技术突破的影响机制研究"(25BGL028) （25BGL028）
