中文摘要：

从组织社会学视角的制度理论出发,探讨了企业选择跨国并购和合资新建两种对外直接投资模式的决策动因,并对中国企业的海外投资进行了实证检验,结果表明,企业对外直接投资的模式选择符合基于制度理论的假设。一方面,如果东道国的制度环境有助于完善市场经济运行机制,则外国企业倾向于选择跨国并购而非合资新建;另一方面,东道国制度环境能通过调节企业资源和能力的影响效果,间接影响投资模式的决策。

英文摘要：

This paper investigates the determinants for choice between cross-border acquisitions versus new joint ventures as two modes of outward foreign direct investment（OFDI）from Institutional perspective by applying institutional theory in the version of the sociological and organizational research.Results of empirical investigation based on OFDI of Chinese firms give significant support for hypotheses regarding to the multiple mechanisms of target country＇s local institutions：On one side,in an institutional framework with weaker market mechanism,joint ventures are more preferred than cross-border acquisitions.On the other side,the institutional contexts of target country also have moderating effects on assets characteristics and international experience on the choice of OFDI modes.