中文摘要：

与发达国家跨国公司相比,发展中国家跨国公司很少拥有先进的技术和管理,不具有较强的所有权优势,甚至在国际化中还遭受了所有权劣势。在这种情况下,发展中国家跨国公司为什么如此激进地从事对外直接投资,甚至在发达国家进行跨国并购呢？与战略资产寻求、比较所有权优势、价值链延伸、制度促进或逃避等理论观点不同,笔者从生产阶段与所需制度环境的匹配视角,对这一＂异常＂现象进行了探讨。基本结论是：在产品内分工条件下,资产专用性投资、不完全契约和生产的超模特征使全球生产链对制度环境的依赖性更强,不同制度环境的国家在不同生产阶段表现出了不同的比较优势;为了利用东道国制度环境获取高附加值生产环节的比较优势,发展中国家企业在全球范围内进行生产阶段与所需制度环境匹配,从而引致了大规模的对外直接投资。

英文摘要：

Compared with MNEs from Developed countries,firms from developing countries have a lower level ownership advantage,but they have undertaken aggressive outward FDI in developed countries since2000. Different from perspectives of comparative ownership advantage,strategic asset-seeking,the extension of value chain,institutional promotion or restrain,this article explores this phenomenon from the perspective of the match between production stages and corresponding institutional environments. With the development of vertical specialization and outsourcing,asset specificity,incomplete contract and super-modularity among various production stages entail more and more dependence of global production chains on institutional environments,which makes countries with different institutional environments gains distinct stage-specific comparative advantages. In order to gain comparative advantage in high value-added stages,enterprises from developing countries make cross-border institutional matching via outward FDI on a global scale.