Research On The Relationship Between Enterprise Ownership?Outward Foreign Direct Investment Behavior And Enterprise Performance

Under the rapid development of economic globalization,outward foreign direct investment has become a way for the country to integrate into the global economy and occupy an important position in the global value chain;the rapid growth of China's outward foreign direct investment has promoted the development of the global economy.China's state-owned enterprises and non-state-owned enterprises show significant differences in investment flows and the number of enterprises in the process of outward foreign direct investment.This phenomenon presents a logical relationship between corporate ownership and corporate behavior.The behavior of Chinese companies is mainly influenced by national logic and market logic;national logic and market logic are mainly embodied in the form of enterprise ownership.State-owned enterprises are mainly represented by national logic,and non-stateowned enterprises are mainly represented by market logic.The outward foreign direct investment behavior of enterprises is divided into three categories: market-seeking OFDI,technology-seeking OFDI and resource-seeking OFDI according to investment motives.Based on the perspective of institutional logic,it explores the relationship between ownership,different types of outward foreign direct investment behavior,and corporate performance.By selecting 2014 listed companies with outward foreign direct investment behavior in China as research samples,researching different ownership systems,choosing different types of outward foreign direct investment behaviors;different ownership and business performance;different types of outward foreign direct investment behavior and corporate performance relationship.The national logic guides the enterprise's behavioral values to be legal and responds to the national policy;the market logic emphasizes that the company's behavioral values are based on maximizing efficiency and pursuing the maximization of corporate profits;This paper analyzes the relationship between corporate ownership,outward foreign direct investment behavior and corporate performance based on the perspective of institutional logic.The research in this paper is mainly divided into two parts: The first part,through the relationship between ownership changes and institutional logic changes before and after thereform and opening up,it is concluded that the national logic and market logic are mainly manifested in enterprise ownership.The second part puts forward hypothesis and empirical research on the research questions in this paper.By collecting relevant data of listed companies with outward foreign direct investment behavior in 2014,this paper divides the company's outward foreign direct investment behavior into three categories according to the motives of outward foreign direct investment: market seeking OFDI,technology seeking OFDI,resource seeking OFDI.Investigate the relationship between enterprise ownership and different types of outward foreign direct investment behavior,enterprise ownership and corporate performance,and different types of outward foreign direct investment behavior and corporate performance.This paper probes into the situational factors before and after China's reform and opening up,and finds that Chinese state-owned enterprises are mainly important manifestations of national logic.Non-state-owned enterprises are mainly an important embodiment of market logic.The results of empirical research show that(1)in the process of outward foreign direct investment,the performance of non-state-owned enterprises is better than that of state-owned enterprises;(2)compared with non-state-owned enterprises,state-owned enterprises will choose resource-seeking OFDI.(3)Compared with non-state-owned enterprises,state-owned enterprises will choose technology-seeking OFDI;(4)non-state-owned enterprises will choose market-seeking OFDI when compared with state-owned enterprises;(5)Marketseeking OFDI corporate performance is better than resource-seeking OFDI.The research results of this paper are of great significance to both theory and practice,especially the analysis of the relationship between enterprise ownership and corporate behavior and performance from the perspective of institutional logic.At the same time,through the motivation to classify the outward foreign direct investment behavior of enterprises;compare ownership and difference The relationship between types of OFDI behavior and the relationship between different types of OFDI behavior and firm performance.In practice,by analyzing the differences between outward foreign direct investment of stateowned enterprises and non-state-owned enterprises in China,we provide some suggestions for promoting the development of foreign direct investment of Chinese enterprises.