谁从谁获益:中国制造业中的外商直接投资

本文利用中国制造业1995年和2003年的行业数据，实证研究了不同国别外资企业与不同所有制内资企业组合产生的溢出效应模式。结果发现．外资存在与内资企业绩效间的关系并不是普遍而一致的．而是与外资企业的国别和内资企业的所有制类型密切相关。我们研究的主要结果表明，西方国家的投资较港、澳、台和海外华人投资对内资企业的影响相对更大。进一步发现西方企业对国有企业具有正向的溢出效应。而港、澳、台和海外华人企业则改进了内资非国有企业而不是国有企业的绩效。本文所发现的外资在中国制造业中溢出效应的有趣模式建议外资政策设计应着力促进不同类型外资与内资企业之间的特定组合，特别是西方跨国公司与本土国有企业及港、澳、台和海外华人企业与本土非国有企业之间的合作和良性互动．从而最大化外资溢出带来的溢出好处。     

The effect of own-firm and other-firm experience on foreign direct investment survival in the United States, 1987–92

We argue that foreign firms operating in a host country generate information spillovers that have potential value for later foreign direct investment. We test two predictions. First, we expect foreign direct investments by firms with experience in a host country to be more likely to survive than investments made by first-time entrants. Second, foreign direct investments will be more likely to survive the greater the foreign presence in the target industry at the time of investment, subject to two contingencies. The first contingency is that the relationship will be weak or nonexistent among firms with no experience in the host country, because these firms have difficulty evaluating and taking advantage of the information spillovers. The second contingency is that the presence of other foreign firms will not affect investment survival among firms that already have a presence in the target industry and undertake expansion. These firms already possess general information about the target industries and are unlikely to gain additional benefit from information spillovers. We find supportive evidence based on the survival to 1992 among 354 U.S. investments undertaken by foreign firms in manufacturing industries during 1987. © 1997 John Wiley & Sons, Ltd.     

Firm and environmental influences on the mode and sequence of foreign research and development activities

This paper develops an explanation for the mode and sequence of entry that firms select for their international research and development activities. The hypotheses are based on the internalization and evolutionary theory perspectives. I first hypothesize that there is a sequence to the mode of foreign research and development activities initiated. I then discuss two firm capabilities and alternatives which might cause firms to omit parts of the sequence. The context of the study is the foreign research and development activities of incumbents and recent entrants to the Japanese pharmaceutical industry. The results indicate intriguing differences between the motivations of established firms and new entrants in establishing foreign research and development activities. © 1998 John Wiley & Sons, Ltd.     

Order of entry and performance in international markets

The inter-market and intra-market orders of entry and their performance consequences are examined for an industrial product. First entrants consist typically of both multinational and local firms, while early followers are multinational firms, and later entrants are smaller, local firms. A strong order of entry-market share relationship is observed in international markets. First entrants and later entrants outsurvive early followers. The analysis reveals a strategy for achieving both first-entry into many markets and dominance within those markets. Simultaneous entry into multiple markets occurs infrequently and in mature stages of the product life-cycle.     

Media coverage and location choice

Emphasizing the importance of informed location choice, prior strategy research has examined how private information about locations affects foreign direct investment. Publicly available media information has received little attention, however, perhaps because its impact on location choice is expected to be trivial. This study examines the relationship between the extent of a location's media coverage and the number of entering foreign firms in Russia, using a novel instrumental variable for media coverage, a major anniversary of a city's establishment date. The results suggest that extensive foreign media coverage of a city increases the number of foreign entrants. This effect is stronger for firms with less private information about Russian cities; i.e., more socially and geographically distant firms and foreign entrepreneurs. Copyright © 2013 John Wiley & Sons, Ltd.     

Closure and divestiture by foreign entrants: the impact of entry and post‐entry strategies

We analyze the longevity of foreign entrants explicitly considering two possible ways of exit: firm closure and capital divestiture. We find that entry and post‐entry strategies affect the longevity of firms and of foreign equity holdings, but in different manners. While the ownership arrangements and organizational structure affect the likelihood of divestment, they exert no significant effect upon closure. The entry mode exerts opposite effects on the two modes of exit, greenfield entrants being more likely to shutdown, but less likely to be divested. Only human capital affects closure and divestment in the same manner. Firms with large endowments of human capital are less likely to exit, irrespective of the exit mode considered. Copyright © 2000 John Wiley & Sons, Ltd.     

Firm resources and entry-related advantages: An empirical study in China

The majority of research on order of market entry has focused on market pioneer advantages or the specialized assets that industry incumbents would need to possess. However, relatively little attention has been paid to whether and how certain firm resources or capabilities may provide latecomers with entry-related advantages. This issue is of particular interest when multinational organizations decide to enter emerging markets, such as China, where the transitional economy provides both opportunities and challenges. This study attempts to bridge this gap by discussing the entry-related advantages in terms of pioneer advantages, early follower advantages, and late entrant advantages, and by investigating how each of the entry-related advantages has unique impacts on market performance. In particular, this study examines the relations between innovation management, firm resources, entry-related advantages, and market performance simultaneously with cross-sectional data from 191 firms in China. Our findings reveal that technical resources and skills (R&S), marketing R&S, and market intelligence are associated with different advantages for market pioneers, early followers, and late entrants. Technical R&S is also found to have significant impacts on order of market entry as pioneers. Furthermore, the findings show that remarkable differences exist among the three entrant types (i.e., market pioneers, early followers, and late entrants) in their strategic approaches to attain market performance. We offer implications to foreign firms operating in China or intending to enter China's markets.     

Promoting competition in the presence of essential facilities

This paper addresses how to use simple access pricing to promote entry in the presence of spillovers and essential facilities. An inherent dilemma is that the greater the spillover, the greater is the benefit of attracting good entrants but the harder it is to exclude low-quality entrants because they can free ride on the quality of good entrants. We show that the inability to discriminate between entrants has the effect of discouraging access prices that enable the low-quality entrant to enter, generates a time consistency problem, and provides incentives for good-quality entrants to limit their competitiveness.     

Cross‐border acquisitions by state‐owned firms: How do legitimacy concerns affect the completion and duration of their acquisitions?

Research summary: Cross‐border acquisitions may raise legitimacy concerns by host‐country stakeholders, affecting the acquisition outcomes of foreign firms. We propose that theorization by local regulatory agencies is a key mechanism that links legitimacy concerns with acquisition outcomes. Given that theorization is time consuming and its outcome is uncertain, we argue that state‐owned foreign firms experience a lower likelihood of acquisition completion and a longer duration for completing a deal than other foreign firms. Moreover, we introduce a set of firm characteristics (target public status, target R&D alliances, and acquirer acquisition and alliance experiences) that may affect the threshold level of legitimacy, thereby altering the proposed relationships. Our framework and findings provide useful implications for institutional theory on its core concept of legitimacy. Managerial summary: Cross‐border acquisitions by state‐owned foreign firms may lead to national security concerns and thus debates and discussions among local regulatory agencies. We argue that such institutional processes may reduce the likelihood of acquisition completion and prolong the duration of acquisition completion. Using cross‐border acquisitions in the United States, we find that acquisitions by state‐owned foreign firms are not less likely to be completed than acquisitions by other foreign firms, but they take more time to be completed. Moreover, state‐owned foreign firms are less likely to complete an acquisition when the target firm has more R&D alliances. However, their acquisition experience and alliance experience in the host country increase the likelihood of acquisition completion, whereas their alliance experience alone shortens the acquisition duration. Copyright © 2016 John Wiley & Sons, Ltd.     

Licensing Foreign Technology and the Moderating Role of Local R&D Collaboration: Extending the Relational View

The relational resource‐based view posits that performance differences among firms can be explained not only by the possession of internal resources but also by maintaining and developing relationships with external partners. However, studies in the extant literature usually address the separated roles of various external relationships of focal firms, but the literature has not addressed how relationships with different sets of knowledge partners are related to each other and influence focal firms' performance. Therefore, to fill this research gap, this study focuses on how technological resources acquired from one set of partners (licensing foreign technologies) may generate subsequent internal and relational rents in terms of technological innovation in the context of collaboration with an entirely different set of knowledge partners (local R&D partners). Specifically, we propose that local R&D collaborations need to be large in scale and broad in scope. The empirics are based on the analysis of a sample of 160 high‐tech Chinese firms observed from 2000 to 2011. Consistent with our predictions, our findings contribute to extending the relational view by addressing the relations among the relationships of focal firms.     

When experience meets national institutional environmental change: foreign entry attempts of U.S. firms in the Central and Eastern European region

We develop an institutional change perspective to examine the tension that can exist between evolving external environmental influences and internal organizational influences on foreign entry attempts. Using data on the entries of 215 U.S. public firms made into 11 Central and Eastern European transition economies during the period of 1990–2003, we find that shifts in national institutional environments, from a socialist to a market economy, reduce the extent of challenges encountered to make a hierarchical entry, which leads to an increase in foreign hierarchical entry attempts but not necessarily to a decrease in relational entry attempts as institutional transformation. We find evidence of inertial influences as experienced entrants tend to follow their previous decisions when making subsequent entry attempts. Further, they are less responsive in their foreign entry strategies to the institutional transformation in a given host country than inexperienced firms. We also find that the experience gained from relational entries results in more hierarchical entry attempts, but hierarchical entry experience results in fewer relational entry attempts. Copyright © 2009 John Wiley & Sons, Ltd.     

R&D investment dynamics in agglomerations under weak appropriability regimes: Evidence from Indian R&D labs

What are the dynamics of R&D investment when firms agglomerate in environments with weak intellectual property rights protection? Specifically, do foreign and domestic firms present equal opportunities for free riding by domestic firms in such environments? We examine the impact on local firms' R&D investment from knowledge spillovers originating from co‐located foreign and domestic firms within and across industries. Building on fieldwork in India, we predict free riding by local firms on nearby foreign and local firms. Furthermore, we expect local firms to free ride more from other local firms within their industry and from foreign firms across industries. Analyzing a sample of 3,475 R&D lab investment decisions during 2003–2010 in India, we find that local firms free ride from other local firms both within and across industries. Copyright © 2014 John Wiley & Sons, Ltd.     

Generic and specific social learning mechanisms in foreign entry location choice

We combine economic and institutional theories of clustering in foreign entry location choice in an overarching social learning conceptualization. Prospective entrants learn about the attractiveness of alternative locations by observing the entry choices of previous investors (‘models’). We distinguish two types of learning that differ in observational focus width but can and do operate simultaneously. With assessment learning, firms judge the economic feasibility and agglomeration benefits of entering a location by observing and following a broad set of models. With bandwagon learning, firm‐level uncertainty narrows attention to, and prompts the following of, specific models, with recentness of model behavior an important moderator. We find broad support for our conceptualization in an analysis of the entries of 692 Japanese electronics firms into Chinese provinces during 1979–2001. Copyright © 2011 John Wiley & Sons, Ltd.     

Growth and survival: The moderating effects of local agglomeration and local market structure

One of the central explanations of the high failure rates of de novo entrants is the liability of smallness. As a corollary, most prior literature has suggested that firms should experience survival benefits from growth. In this paper, we argue that survival benefits need to be balanced against the potential cost of rapid growth, and they are contingent upon the structure of the environment. We predict a curvilinear relationship between an entrant's growth rate and failure, and argue that the relationship is contingent upon the local agglomeration of economic activity and the local structure of competition. We test and find support for our predictions using firm‐level longitudinal data of all de novo entrants into the Canadian manufacturing sector between 1984 and 1998. Copyright © 2014 John Wiley & Sons, Ltd     

产品兼容、网络效应与企业竞争力

在网络效应较强的产业中，技术设置的兼容性是左右企业成长的关键因素。随着技术进步、新兴产业的发展和市场竞争的加剧，产品兼容、网络效应对企业竞争力具有越来越重要的意义。在计算机、电信、银行、旅游、媒体、软件等产业中，用户在购买时十分注重产品或服务的兼容性和网络效应。本文以差异产品竞争模型为基础，考察了产品兼容、网络效应对企业竞争力的影响，就在位企业和新进入企业如何利用这两个产品差异变量增强其竞争力进行了分析。     

Location strategies for agglomeration economies

Because agglomeration economies may create competitive advantage and each location has a unique array of agglomeration economies, where should firms locate? We combine fundamental economic and strategy concepts to: (1) determine when firms must locate proximately to access factor pools; (2) show that factor pools controlled by fewer firms are less useful to new entrants; and (3) demonstrate that certain firms risk aiding competitors when contributing to efficient factor pools. We find support for our predictions with a test on new U.S. manufacturing entrants from 1985 to 1994, using an empirical specification that separates agglomeration levels from agglomeration economies. Copyright © 2013 John Wiley & Sons, Ltd.     

Asymmetric interactions between foreign and domestic banks: effects on market entry

An inverted U‐shaped relationship is thought to exist between the number of firms entrenched in a market and the rate of new entrants. This study examined early and late entry by foreign and U.S. banks into the California market following a deregulation in the banking industry in the early 1980s. The study was designed to elucidate the competitive interactions between foreign and domestic banks. Specifically, what response did the entry of foreign banks elicit from domestic banks and what influence did the entry of domestic banks exert on the evolution of the foreign banks in the market. Data covering the period from 1979 to 1988 demonstrate that the density of foreign banks operating in the market had a U‐shaped relationship with the rate of entry of U.S. banks, supporting the argument that foreign investment can encourage the expansion of domestic banks. Although foreign banks were not an obstacle to domestic bank entries, the presence of domestic banks deterred the entry of foreign banks. Copyright © 2008 John Wiley & Sons, Ltd.     

Resource‐seeking agglomeration: a study of market entry in the lodging industry

We analyze whether firms prefer collocating with incumbent firms when choosing among markets to enter, highlighting the role of resource‐seeking as a motivation for collocation. We propose that entrants will locate near others possessing resources that can spill over, but will avoid locations where existing firms will exploit spillovers without contributing. To test these propositions, we analyze the location decisions of 570 new hotels in Texas between 1992 and 2000. We find that hotels are attracted to markets with branded upscale hotels. Further, we find that owners of upscale hotels avoid markets with hotels without similar resources. Copyright © 2004 John Wiley & Sons, Ltd.     

How law,politics and transnational networks affect technology entrepreneurship: Explaining divergent venture capital investing strategies in China

This article identifies three distinct patterns of investment behavior by venture capital firms investing in technology sector start-ups in China. The first pattern is the service-oriented, technology-light investment behavior exhibited by the foreign venture capitalist firms not founded by ethnic Chinese. The second pattern is the technology creation investment pattern exhibited by foreign firms founded by ethnic Chinese and embedded in ethnic Chinese communities. The third pattern consists of local state-funded Chinese venture capital firms that choose either to invest in state-directed projects or opt out of investing in technology start-ups entirely. What explains the differences in behavior between the strictly foreign and the ethnic Chinese-embedded foreign firms are the different legal environments in which these firms honed their skills. The different learned experience gained from operating in different environments explains why the foreign firms avoid investing in technology-generating activities in China whereas the ethnic Chinese firms are willing to do so despite China’s notorious weak intellectual property rights regime. The political factors influencing the distribution of finance in China explain the behavior and essential failure of the local state-run venture capital firms. These findings demonstrate that several distinct, separate and non-clashing institutional arrangements are concurrently operating within China and shaping the behavior of venture capital firms there.     

Research notes and communications first-mover effects in multiple dynamic markets

A study of first-mover effects in semi-submersible oil-drilling suggests that first-entrants in international markets maintain higher market share after controlling for market localization and life cycle. Examining only surviving entrants at a point in time inflates this pioneering-market share relationship. Pioneering has an inter-market effect on market share, greater than the intra-market effect. Multinational firms may use market pioneering to resist localization pressures and enhance survival in foreign markets. The study suggests the importance of careful first-mover identification and market definition, a wider examination of first-mover effects over multiple markets, and control for measurement timing.