| In order to adapt to the globalization of technological innovation, China has put forward "going out" development strategy to encourage competent enterprises to go out of the country and learn from the leading technology companies to improve the level of technological innovation of domestic enterprises. According to the data released by the Ministry of Commerce of foreign investment in 2015, China's non-financial foreign direct investment hit a record 118.02 billion dollars in the highest value, which increases about 14.7%. And OFDI stocks exceeded the trillion mark for the first time. However, accroding to the report released by Boston Consulting Group in 2015,China's overseas M&A transactions' completed rate is much lower than the number of Europe and the United States, Japan and other developed countries, which means the risk that Chinese enterprises face for external direct investment remains grim. It is obvious that whether the technology-seeking OFDI enterprises can effectively identify the applicability of various entry modes and choose the investment model in the light of their own real conditions and their external environment is the key to acquire technology overflow and improve their technological innovation level successfully. Therefore,it is necessary to study the factors that needed to be taken into account when seeking technology-oriented enterprises to make appropriate entry mode decision-making.This paper firstly reviews and evaluates the domestic and foreign literatures on the factors influencing the choice of entry mode in foreign direct investment, and briefly explains the choice of OFDI entry mode based on the traditional transaction cost theory, international production trade theory, heterogeneous enterprise trade theory and so on. And this lay a theoretical foundation for the selection of the following factor variables. Based on the overseas investment data of top 50 electronic information enterprises and some typical traditional automobile machinery manufacturing with overseas experience, this paper chooses the micro-factors such as firm size , R&D capability, firm growth and ownership, macro-factors such as GDP per capita, legal rights, cultural distance and R&D level. Logit regression and multinomial Probit regression are used to analyze the impact of TSOFDI entry mode choice.And then add the industry dummy variables in the model to examine the influence mechanism of the different industry attributes on the enterprise mode selection. It is found that the firms with larger economies of scale tend to choose the entry mode of cross-border M&A, and the R&D capability of Chinese firms has a significant negative impact on the mode of cross-border M&A. Compared to private enterprises, state-owned enterprises are more inclined to choose the mode of cross-border M&A, but the growth of enterprises has no significant impact on the choice of entry mode. At the same time, the four indicators, the GDP per capita, the legal rights, the cultural distance and the R&D level, are positively correlated with the entry mode of transnational M&A, especially the host country's cultural distance and R&D level,have big influence. In terms of industry, China's automobile appliance manufacturing enterprises, which have low technical level and technical sensitivity,are more likely to choose transnational mergers and acquisitions in technology-seeking investment, while those with higher technical level and technical sensitivity Communications software services companies are more inclined to choose a new joint venture and greenfield investment model. Finally, according to the research of the whole paper, this paper puts forward the corresponding policy suggestions from the enterprise and the government level, in order to make the Chinese enterprises pursue the technology-oriented foreign direct investment with higher quality and higher efficiency. |
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