Immigration Network and China's OFDI Performance Improvement:Based on Data Analysis of Overseas Subsidiaries of Listed Companies
Under the background of high-level opening up,how to continuously promote the stable devel-opment and quality improvement of China's outward foreign direct investment has become an important re-search topic.The immigration network,due to its unique cultural and economic functions,can significantly re-duce the liabilities of foreignness faced by overseas subsidiaries of multinational companies,thereby affecting their performance.Based on the empirical test of the data of overseas subsidiaries of listed companies in Chi-na,it is found that the immigration network has played a significant role in promoting the performance of Chi-na's foreign direct investment from the perspective of overseas subsidiaries.This conclusion has passed a se-ries of robustness tests.For overseas subsidiaries of non-state-owned enterprises and wholly-owned overseas subsidiaries,the effect of immigration network on their performance is more significant.The immigration net-work can promote the performance improvement of overseas subsidiaries by helping them obtain regulatory le-gitimacy and cognitive legitimacy,namely reducing the impact of institutional and legal differences and cultur-al differences between the host country and the home country,and reducing information asymmetry.Based on this,the government should strengthen the maintenance and management of immigration network,and strengthen the connection between China's overseas subsidiaries and immigration network by establishing over-seas online information sharing platform,so as to help overseas subsidiaries improve their performance.
NETL
NSTL
万方数据
