大多数利用信号理论的研究均集中关注在公司质量上，认为信号可以反映公司难以观测到的质量，帮助信息关注者做出经济决策。但是信号可以反映公司意图或动机方面的潜力还未得到学者们的充分关注。尤其在一项跨国交易中，由于交易伙伴所嵌入的国家环境不同，环境因素导致的差异化动机使得信息不对称问题更加严重。本论文将信号理论与公司国际化动机研究相结合，强调母国的社会、心理和治理（SPG）概况可以作为公司外商直接投资动机的环境线索。环境概况中的母国国内动乱作为一种社会型信号阐明了公司外商直接投资的逃离动机、母国民族自豪感作为一种心理型信号阐明了公司外商直接投资的成就追寻动机、母国媒体自由度作为一种治理型信号阐明了公司外商直接投资的避免失败动机。母国SPG概况释放了三种不同维度的信号，可以分别反映三类国际化动机，进而预测已经宣告的跨国合资交易的完成。使用1990年到2017年在中国公开宣告的跨国合资交易样本，本论文发现跨国合资交易的完成与母国国内动乱和母国媒体自由度正相关。然而，它与母国民族自豪感呈负相关，这与本研究的预测相反。具有较高母国民族自豪感的公司不太可能采取妥协的合作方式，促使跨国合资交易完成。此外，研究发现，当信号拟合出现问题，即外方公司拥有较多海外社会资本或外方公司为国有公司时，母国环境概况对预测已经宣告的跨国合资交易完成的信号效应减弱。本研究同时使用了生存分析模型预测跨国合资公司的完成时间，但是结果表明母国环境特征对于合资公司影响的理论框架，只能解释合资公司的完成而非完成时间。本论文的理论贡献主要体现在以下四个方面：其一、本论文从公司国际化动机视角，揭示环境信号可以预测公司市场进入的行为结果，超越了传统的反映公司质量信息的信号理论。其二、本论文将母国社会、心理和治理维度的环境概况与信号理论相结合，将宏观环境引入公司战略决策分析，提出以环境特征为代表的非意识性信号，相较于意识性信号更加真实，拓展了经典的信号理论二元分析。其三、本论文通过整合国际贸易领域的国际化动机研究和第三方环境信号，为信号理论做出了贡献。其四、本论文提出信号拟合概念，阐明利用环境特征作为信号预测公司国际化动机的前提是公司的经营活动需要嵌入在母国环境内，论文明确了环境信号的边界条件。本论文有助于信号理论、母国环境特征、公司国际化动机以及跨国合资交易的研究。

Most studies drawing on signal theory have focused on corporate quality, arguing that the unobservable quality of a company can be transmitted to stakeholders through signals, which in turn help information followers make economic decisions. However, limited attention has been paid to firm intent or motive. Especially in cross-border transactions, due to different environments in which partners are embedded, the differential motivations caused by environmental factors makes information asymmetry more serious. This study integrates insights from research on internationalization motives with signaling theory, highlighting that home-country social-psychological-governance (SPG) profiles can serve as environmental cues of firm motives for foreign direct investment (FDI). Home-country civil unrest, serving as a social-type signal, elucidates firm’s FDI motives of escaping. Home-country national pride, serving as a pychological-type signal, elucidates firm’s FDI motives of achievement seeking. Home-country press freedom, serving as a governance-type signal, elucidates firm’s FDI motives of failure avoiding. The home country SPG profiles signal three different dimensions, reflect three different types of motivations respectively, and thus predict announced IJV completion.Using a sample of IJVs announced in China from 1990-2017, this study finds that IJV completion is positively related to home-country civil unrest and press freedom. However, it is negatively related to national pride, which is opposite to the prediction. Companies with high level home-country national pride are less likely to adopt an accommodation approach to facilitate IJV completion. Moreover, this study finds that the signaling effects of home-country profiles on predicting IJV completion diminishes when foreign firms have more overseas social capital or foreign firms are state-owned firms. This study also uses survival analysis model to predict IJV duration, but the results show that the theoretical framework of the impact of home country environmental characteristics on IJV can only explain IJV completion rather than IJV duration.This study’s theoretical contributions are mainly reflected in the following four aspects: First, from the perspective of corporate internationalization motivation, environmental signals can predict behavior results of corporate market entry, surpassing the traditional signal theory. Second, this study combines home-country social-psychological-governance (SPG) profiles with signal theory. This study proposes that non-conscious signals represented by environmental characteristics are more realistic than conscious signals, extending the classical binary analysis of signal theory. Third, this study contributes to signaling theory by integrating internationalization motivation research in the field of IB with third-party environmental signaling. Fourth, this study puts forward the concept of signal fit and clarifies the boundary conditions of environmental signals. This study also clarifies that the company's business activities need to be embedded in the home country's environment and thus environmental characteristics can be used as a signal to predict a company's motivation for internationalization. This study contributes to signaling theory, home country environmental characteristics, internationalization motivation, and IJV research.