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国内市场竞争的饱和促使公司进行海外投资以获取新的利润增长，从而导致公司与对手不可避免地相遇于多个国家并构成国际多市场接触。传统的多市场接触研究表明，市场进入会导致对手报复，然而已有研究并未回答公司如何选择有利的所有权战略来最大限度地避免遭受对手报复的问题。文章基于2000—2023年中国家电上市公司样本进行实证分析，结果表明，与市场中竞争者有更高多市场接触水平的公司倾向于采用较低所有权的进入战略。机制检验表明，多市场接触增强了竞争对手对公司进入市场行为的报复意识、动机和能力，从而提高了公司对对手实施报复的预期。文章为公司基于多市场接触的竞争格局做出海外投资所有权战略决策提供了新颖的见解。
Abstract：Market saturation in the domestic sphere drives firms to invest overseas in pursuit of new profit growth. This inevitably leads to encounters with rivals across multiple countries,forming international multimarket contact( MMC). Traditional MMC research suggests that market entry can trigger retaliation from rivals. However,existing studies have not addressed how firms strategically select advantageous equity-based entry strategies to minimize the risk of such retaliation. This paper conducts an empirical analysis using a sample of Chinese home appliance listed companies from 2000-2023. The results indicate that firms experiencing higher levels of MMC with competitors in a market tend to adopt lower-equity entry strategies. Mechanism tests reveal that this is because MMC heightens rivals' awareness,motivation,and capability to retaliate against the firm's market entry,thereby increasing the firm' s expectation of facing retaliation. This study provides novel insights into how firms make overseas investment equity strategy decisions based on the competitive landscape shaped by multimarket contact.
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基本信息:
DOI：10.13516/j.cnki.wes.2025.12.002
中图分类号:F426.6;F832.51;F125
引用信息:
[1]覃谊,邓新明,何久睿,等.多市场接触与海外投资所有权战略：来自家电上市公司的证据[J].世界经济研究,2025,No.382(12):12-27+132.DOI:10.13516/j.cnki.wes.2025.12.002.
基金信息:
国家自然科学基金面上项目“基于相互克制假说的企业多市场竞争战略及其溢出效应与实施机制研究”(项目编号:72172106)、国家自然科学基金青年项目“最优区分视角下内外部社会责任不一致的影响因素及其对企业的积极影响研究”(项目编号:72302070); 武汉大学柯力数字管理研究中心资助项目“物联网产业与数字企业发展的理论与实践”(项目编号:250001667)的阶段性成果