摘要：Research on the entry mode of multinational companies (MNCs) to a new market has
been one of the major topics in the international business, and the cultural factor has been
regarded as one of the major factors to explain the entry mode selection of MNCs. Based on the
development on the cultural factors on entry mode, MNCs can enter a market with joint venture
or a wholly owned subsidiary. This study tries to extend the analysis on the cultural factor by
investigating whether a MNC prefer a new establishment of business or an acquisition of an
existing local firm when the MNC enters the market with a wholly owned subsidiary. Also this
study tests whether a MNE with more global experience has been less affected by cultural
difference from a target market.
The results from the empirical analysis on the first hypothesis show that a MNC prefers a
new establishment of business when it enters a market as a wholly owned subsidiary. The second
hypothesis is rejected with the empirical tests, and impact of cultural difference on performance
of a MNC is not affected by the level of global experience of the MNC.
关键词：International Business, Cross-Cultural Management, Foreign Entry Mode, Foreign
Direct Investment, Cultural Difference, MNE
