研发密集度与跨国公司组织模式选择——基于金融市场摩擦的分析

本文探讨了在东道国金融市场不完善的条件下,行业研发密集度与跨国公司组织模式之间的关系。本文的基本逻辑是,因为研发密集度高的行业对东道国金融市场的依赖程度更高,而跨国公司可以通过选择组织模式和投资区位以消除金融市场不完全的影响,因此,不同的行业跨国公司的组织模式和区位选择会随行业研发密集度的不同而不同。本文分析结果表明:首先,在研发密集度较高的行业,更多的企业会选择在发达地区进行FDI,而在落后地区进行外包;其次,随着落后地区金融市场效率的提高,所有行业在发达和落后地区的外包都会变得更加普遍;最后,本文还进一步分析了行业生产率分布对企业组织模式的影响。本文的结论为现有经验研究结果提供了理论支持。

R&D Intensity and Multinational Firms' Organization:A Financial Market Friction Perspective

This paper investigates the relations between R&D intensity and multinational firms′ organization choice in the context of financial market frictions. Because R&D intensive industries are more prone to be affected by host countries′ financal market,while multinational firms can reduce its adverse effect by choosing different organization mode and location of investment.Thus,industries′ organization modes and investment location choices both vary with R&D intensities.Our conclusions show that first,in R&D intensive industries,more firms prefer to choose FDI in developed countries,while outsoursing in developing countries;Second,as the develpement of the host countries′ financial market,the prevalence of outsourcing both in developed and developing countries would raise. At last,this paper further studies how the distribution of productivity in an industry affect the organization modes,which offeres one theriotical explanation for previous empirical findings.