华商网络对跨国企业海外投资效率影响研究OACHSSCD

Under the current complex globalisation background,how to improve the efficiency of overseas investment has become a core issue that urgently needs to be addressed in the outward foreign direct invest-ment(OFDI)practice of multinational enterprises(MNEs).Based on the micro data of Chinese enterpri-ses'OFDI,this study explores the impact of Chinese business networks on Chinese MNEs'overseas invest-ment efficiency and its mechanism.Research findings reveal that Chinese business networks significantly enhance the efficiency of MNEs'overseas investments,with information asymmetry and cross-border trans-action costs playing mediating roles.Executives'overseas backgrounds(especially overseas work experi-ence)exert a positive moderating effect in this process.Further analysis indicates that the mediating effects of information asymmetry and transaction costs on the influence of Chinese business networks are more pro-nounced when the host country is a neighboring nation or when the enterprise possesses extensive interna-tionalization experience.When the destination country is not a neighboring nation or the firm possesses ex-tensive internationalization experience,the positive moderating effect of executives'overseas backgrounds(especially overseas work experience)become more pronounced.Heterogeneity analysis reveals that the enhancement of overseas investment efficiency through Chinese business networks is more significant when the host country is neither a Belt and Road co-construction country nor a developed nation,and when the firm is either a state-owned enterprise or operates in the manufacturing sector.The findings of this study not only provide new empirical support for revealing the enabling effect of Chinese business networks on Chinese MNEs'overseas investment efficiency,but also provide theoretical guidance for Chinese MNEs to improve the quality of their outbound investment and realise their globalisation strategy.