중국은행의 국제화: 입지 및 진입모드 선택

Abstract

In response to the lack of research on Chinese banks in the context of multinational banks (MNB), this study may be the first empirical study of the factors influencing a Chinese bank’s location and entry mode strategies in the process of globalization from the strategic behavior perspective. This study uses two binary logistic regression models to investigate the impacts of the determinants on the width and depth of foreign expansion activities. The results provide significant evidence that Chinese banks follow their existing customers and global industry leaders when they expand abroad rather than seek local market opportunities, though the two distance factors representing the cost result from cross-border investment and post transaction integration influence the country-level decision to involve in an acquisition. In terms of the follow-the-customer hypothesis, the sign on FDI is both positive and significant. The follow-the-leader variable related to strategic interactions is defined at the global industry level. Chinese banks are more likely to enter a host country in which one of the host country’s banks already established a branch in China, as an “exchange-of-threat.” In terms of the follow-the-customer hypothesis related to the location of entry through acquisition, the coefficient on the FDI and overseas chinese variables are both positive and significant. In terms of entry mode strategy, the coefficients on geographic and cultural distance variable are both significant, but with different signs. It is reflects the fact that Chinese banks are active in acquisitions in less developed countries with higher cultural approximation. At the bank level, the influence of their past acquisition experience is also significant. The study provides further support to the argument that the eclectic paradigm and strategic reaction perspectives can offer complementary explanations of FDI by foreign banks from developing countries.