福建师范大学经济学院,福州 350117
F270
本文受福建省自然科学基金面上项目“税收优惠与企业对外直接投资:机制、测度与实证”(项目编号:2023J01288)资助
Fujian Normal University, Fuzhou 350117 , China
在全球供应链不确定性加剧的背景下,供应链韧性逐渐成为企业实现对外直接投资 (OFDI) 的重要竞争力。本文从国际生产折衷理论的所有权优势、内部化优势和区位优势出发,探讨供应链韧性如何通过增强企业国际化能力,促进其 OFDI 行为。本文匹配上市公司 2010~2022 年微观样本数据,构建指标测度对外直接投资和企业供应链韧性,研究发现:供应链韧性能够促进企业 OFDI,传导机制在于提升 ESG 评级与创新能力从而促进所有权优势渠道;通过成本管控和管理效率推动内部化优势渠道;供应链韧性在商业自由度较低和政治稳定性较差的国家能够更有效地帮助企业克服外来者劣势,从而进一步增强区位优势渠道;供应链韧性对企业 OFDI 的提升作用存在企业产权性质、数字化转型程度、供应链地理距离和供应链效率上的异质性;进一步研究表明供应链重要性越高对企业 OFDI 的促进作用也越大,同时上市公司信息透明度和供应链金融程度与供应链韧性对企业 OFDI 均存在正向调节效应。本文从供应链视角分析了企业 OFDI 的促进效应,为政策制定者优化供应链管理和支持企业提升韧性提供了新依据。
Against the backdrop of increasingly complex and uncertain global supply chains, supply chain resilience has gradually become a key competitive advantage for enterprises engaging in outward foreign direct investment (OFDI). Based on Dunning’s Eclectic Paradigm, this paper explores how supply chain resilience enhances fi rms’ internationalization capabilities and thereby promotes their OFDI behavior, focusing on three dimensions: ownership advantages, internalization advantages, and locational advantages. Using microlevel data from listed companies in China from 2010 to 2022, the paper constructs indicators to measure both OFDI and corporate supply chain resilience. The empirical analysis reveals that: Supply chain resilience promotes OFDI. The transmission mechanisms include: enhancing ESG ratings and innovation capabilities to strengthen ownership advantages; improving cost control and management effi ciency to reinforce internalization advantages; and helping fi rms overcome the liability of foreignness in countries with low commercial freedom and poor political stability, thereby enhancing locational advantages. The eff ect of supply chain resilience on OFDI varies depending on fi rm characteristics, including ownership structure, degree of digital transformation, geographical distance in the supply chain, and supply chain effi ciency. Further analysis shows that the greater the strategic importance of the supply chain, the stronger its positive effect on OFDI. Moreover, corporate information transparency and the level of supply chain fi nance both positively moderate the relationship between supply chain resilience and OFDI. This study off ers a supply chain perspective on the drivers of OFDI, providing new insights for policymakers to optimize supply chain management and support firms in enhancing their resilience.
余官胜,李坛霖,郭妙梅.供应链韧性与企业对外直接投资——基于国际生产折衷理论的实证检验[J].上海对外经贸大学学报,2025,32(4):38-52.
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