Abstract: One of the significant factors for an enterprise to gain access to overseas investment is institutional distance. The author attempts to make unique insights into this aspect. Based on the concept of institutional distance, the paper suggests a new concept: institutional gap. Then, this paper addresses the relationship between institutional gap and Chinese enterprises’ overseas market entry mode. In particular, the influences of institutional gap on the decision making of enterprises’ overseas market entry are under investigation in terms of positive and negative balances. To begin with, the paper proposes three relevant premises from theoretical perspectives. Then, Stata software is used to perform regression on corresponding variables in accordance with four models to verify the above three premises. The findings of regression research reveal that in case of positive formal institutional balance, foreign enterprises tend to build a joint-venture subsidiary, as the formal institutional differences between the host country and the mother country increase. In case of negative formal institutional balance, foreign enterprises tend to set up a fully-owned subsidiary, as the institutional difference between the host country and the mother country increase. However, informal institutions do not affect market entry modes, regardless of positive or negative institutional balance. In other words, as the informal institutional distance between the mother country and the host country increases, foreign enterprises tend to establish a fully-owned subsidiary.

Key words: institutional gap, formal institutional distance, informal institutional distance, entry mode

摘要： 本文分析了制度落差与中国企业海外市场进入模式之间的关系,着重对比了制度顺差与制度逆差情况下,制度差异对企业海外进入模式决策的影响。研究发现,在正式制度顺差的情况下,东道国与母国间正式制度差异越大,企业越倾向于选择以合资形式建立子公司;在正式制度逆差情况下,东道国与母国间正式制度差异越大,企业越倾向于选择以全资形式建立子公司。同时发现,正式制度落差并不影响非正式制度对进入模式的影响方向,即随着母国与东道国非正式制度差异的增大,企业更倾向于以全资形式建立子公司。

关键词: 制度落差, 正式制度, 非正式制度, 进入模式