| With the continuous development of economic globalization,the links between global economies have intensified,and the foreign investment quotas of many countries and enterprises have continued to increase.China is the second largest economy in the world,and the amount of foreign investment is also increasing.As a representative of China’s outstanding enterprises,listed companies are also the pioneers of foreign investment.Among the many factors that affect a company’s transnational investment,the cultural differences between the home country and the host country are increasingly concerned by experts and scholars.This paper selects 200 OFDI data from 57 companies in large-scale listed companies in the top 100 of China’s market capitalization as empirical research objects,starting from the three dimensions of diversification mode,ownership structure and parallel embedded mode,and quantile descriptive Statistics,Logit,and Mlogit empirical tests yielded the following conclusions: First,cultural distance has a significant impact on the choice of diversified modes and parallel embedded modes of OFDI in China’s large-scale listed companies.As the cultural distance of the host country increases,firms tend to Select M&A entry mode.However,the cultural distance has no significant effect on the pattern of ownership of OFDI choice.Second,the cultural distance has a different effect on the OFDI entry model of wholly domestic listed companies and overseas listed companies.At the ownership structure level,the influence of cultural distance on the OFDI entry mode is not significant.At the level of diversification mode,the impact of cultural distance on local listed companies is significant.With the increase of cultural distance,local listed companies are more inclined to enter the M&A entry mode,and cultural distance has no significant effect on companies with overseas listing components. |
