文章基于fDi Markets绿地投资数据,在企业比较优势的基础上,充分考虑了企业潜在比较优势和本地相关知识溢出的双重影响,从认知邻近的视角探究中国企业绿地投资的行业选择问题。结果表明：①中国跨国企业同时存在行业内投资和跨行业投资行为,投资行业与自身知识库联系紧密但又不完全一致。②中国企业绿地投资的行业选择同时受到企业潜在比较优势和城市相关知识溢出的显著影响。③企业异质性显示,外资企业和国有企业绿地投资仅依赖自身能力,而民营企业的本地嵌入性更强,更加依赖城市知识库;小规模企业和首次绿地投资企业因自身缺乏经验,也更加依赖城市知识库。④城市异质性显示,企业所在城市经济复杂度越高、创新能力越强,其绿地投资行业决策越可能受到城市知识库的影响。此外,研究还有助于认识中国企业绿地投资行业演替的微观过程及其机理,为中国“走出去”战略的有效实施提供政策建议。
Using the greenfield investment data of fDi Markets,this article explores the industry choices of Chinese firms' greenfield investments from the perspective of cognitive proximity based on firms' comparative advantages,with full consideration of the dual impacts of firms' potential comparative advantages and locally relevant knowledge spillovers. Firstly,Chinese multinational enterprises have both intra-industry and cross-industry investments,and the investment industries are closely, but not entirely, aligned with their own knowledge bases. Secondly, the industry choices of Chinese firms' greenfield investments are significantly influenced by both the firms' potential comparative advantages and city-related knowledge spillovers. Thirdly, foreign and state-owned enterprises rely only on their own capabilities to select sectors for greenfield investment,while private enterprises rely more on the urban knowledge base due to their greater local embeddedness. Small-scale enterprises and first-time greenfield investors also rely more on the urban knowledge base due to their lack of experience. Similarly,urban heterogeneity shows that the more complex or innovative the city's economy is,the more likely it is that the sectors chosen for firms' greenfield investments are influenced by the city's knowledge base. In addition, this study also helps to understand the micro-processes and mechanisms of the evolution of Chinese enterprises' greenfield investment sectors,and provides policy recommendations for the effective implementation of China's "Going Global" strategy.
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