西方对外直接投资理论综述

对外直接投资已成为经济全球化的一种重要经济现象。学者们对这种现象展开了广泛研究,形成了诸多理论。文章从微观、中观和宏观三个层次对西方对外直接投资理论进行了较为全面地梳理和评述,特别是基于实物期权视角的对外直接投资理论。     

Emerging Market Firms' Internationalization: How Do Firms' Inward Activities Affect Their Outward Activities?

Research summary : In this study we examine how an emerging market firm's inward international activities (“inward activities”) are related to its outward international activities (“outward activities”) by focusing on the role of the firm's gain from its inward activities. On the one hand, drawing upon the organizational learning perspective, we propose that a firm's gain from inward activities may facilitate its outward activities through improving its resource fungibility. On the other hand, we draw upon the prospect theory to propose that a firm's gain from inward activities may hinder its outward activities by discouraging the firm's top managers from taking risks that are inherent in outward activities. With detailed data from a sample of manufacturing firms in China, we find empirical support for both lines of arguments . Managerial summary : Are emerging market firms with higher inward gain more likely to engage in outward internationalization activities? We argue that it depends upon how a firm uses its gain from inward activities. If the firm can improve its resource fungibility (particularly organizational resource fungibility) from its inward gain, it is more likely to engage in outward activities. If the firm cannot improve its resource fungiblity, the answer is no. Our findings suggest that for emerging market firms, internationalization is not just a path toward new markets; instead, it reflects how these firms exploit and explore what they have learned from their interactions with foreign firms at home in foreign markets. Therefore, managers must think more strategically on developing (organizational) resource fungibility from their inward activities . Copyright © 2017 John Wiley & Sons, Ltd.     

Do banks matter for the risk of a firm's investment portfolio? Evidence from foreign direct investment programs

The study explores the role of banks as debt and equity holders for the riskiness of a firm's investment strategy using a panel of Japanese firms in the electronics industry in the period 1992–2004 for the empirical analysis. Based on a conceptual framework grounded in agency and financial intermediation theories, we find that a larger involvement of banks as debt holders in a firm is associated with lower foreign direct investment portfolio risk, while the shareholdings of universal banks increase it, supporting the theoretical predictions. Copyright © 2014 John Wiley & Sons, Ltd.     

外资参与对企业研发投入的影响研究——基于中国上市企业的实证分析

本文利用中国2009～2014年外资参与的318家上市公司的样本数据,实证分析了外资持股和外资控股两种情况对企业研发投入的影响。研究结果显示：外资参与对中国企业研发活动存在积极影响,但该影响在外资持股和外资控股两种情形下存在显著差异,当外资持股股东不是第一大股东时,外资持股比例对企业研发投入虽然具有促进作用,但该作用十分微弱,当外资持股股东为第一大股东时,即存在外资控股情况时,对企业研发投入的促进作用十分显著。     

市场需求和中国工业行业FDI流入

本文研究中国工业行业的市场需求对外商直接投资流入该行业的影响。本文利用中国工业行业 2003～2014年度行业层面的面板数据进行的实证检验发现,行业市场需求规模促进了FDI的流入,在外资集聚度较高的行业,该种促进作用更加明显。在考虑了FDI的动态效应后,发现外商直接投资存在“惯性”,前期FDI的流入会促进新的FDI流入。估计结果在考虑了内生性后,各检验结果依然稳健。     

Location,governance, and strategic determinants of japanese manufacturing investment in the united states

A firm's decision to manufacture abroad depends on location, governance, and strategic factors. Governance factors are firm-specific. In spite of this, most empirical studies of foreign direct investment (FDI) have been conducted at the industry level (making it impossible to look at firm-specific determinants), and only a handful have considered governance, location, and strategic factors simultaneously. This paper is the first large sample study of the determinants of foreign direct investment at the product and firm-level. It examines the impact of location and governance factors, and of four types of strategic interactions, on a Japanese firm's propensity to manufacture in the U.S. The results support the view that foreign direct investment is explained by location, governance, and strategic variables. Economies of scale and trade barriers encourage Japanese FDI in the U.S. The larger a Japanese firm's R & D expenditures, the greater the probability it will manufacture in the U.S., but this is not the case for advertising expenditures. Some strategic factors are also important: Japanese firms with medium domestic market shares have the highest propensity to invest in the U.S. There is evidence of follow-the-leader behavior between firms of rival enterprise groups, but none of ‘exchange-of-threat’ between American and Japanese firms. Japanese investors are also attracted by concentrated and high-growth U.S. industries.     

中国企业技术获取型对外直接投资风险量化与评估

为了更好的防范技术获取型对外直接投资的风险,本文在考量政治风险、经济风险和文化风险的基础上,结合技术获取型对外直接投资的特点,加入技术风险指标,对中国企业技术获取型对外直接投资风险进行量化与评估。首先,采用主成分分析法量化风险;然后,通过聚类分析法评估风险等级。实证研究结果表明：2003～2011年期间,20个样本国家中,低风险国家都是发达国家;中等风险国家有4个,其中只有1个是发展中国家;高风险国家全都是发展中国家,包括印度、南非、墨西哥、巴西和俄罗斯;2008年后,多数发展中国家的风险在不断改善,但很多发达国家的风险却逐渐上升。因此,中国企业应针对不同东道国的风险变化特点,采取措施规避风险。     

企业对外直接投资对空气质量改善的影响

本文采用2009~2020年254个企业OFDI及所处城市空气污染数据进行研究,研究发现:(1)OFDI对空气污染的影响显著为负,即企业对外直接投资能够改善地区空气质量;(2)企业对外直接投资对空气质量的影响存在结构效应和技术效应,OFDI通过产业结构升级和技术进步等方式改善空气质量存在最优区间;(3)对外直接投资对国内环境的影响存在异质性,就东道国而言,对高度开放且环境规制程度良好的东道国进行投资能有效降低母国的空气污染水平;就母国而言,处于严重空气污染地区的非国有企业进行对外直接投资可使空气质量得到更显著的改善。     

企业理论的演进逻辑及其发展方向

现代企业理论强调资本所有权(产权)的决定作用,因而企业治理遵循“资本雇佣劳动”的逻辑。但这一逻辑越来越受到理论和实践两方面的挑战,客观上需要一个替代的企业理论。实际上,一些新的“资本”范畴的提出,预示着新的企业理论的发展方向。纵观企业理论发展的历史,我们发现有其自身发展规律:物质资本的所有权决定论—资本所有权逻辑的否定—资本所有权逻辑的回归。这是一个完整的“否定之否定”的过程。企业理论的这一发展规律从企业理论中“市场”与“生产”的关系看,理论重心经历了“市场交易合约”到“生产中的资源”,再到“市场交易与生产结合”的过程。企业理论发展逻辑的最后一个环节尚处于萌芽之中,需要我们加以深入研究。     

“一带一路”建设与中国出口效率提升——基于面板数据随机前沿引力模型的实证研究

“一带一路”是深化改革开放、谋求共同发展的重大战略,国际贸易是重要的桥梁和纽带。本文采用基于面板数据随机前沿引力模型,对“一带一路”沿线国家进行实证分析,实证结果表明,GDP、总人口、中国对外投资、中国从各国进口、是否签订自由贸易协定、是否陆地接壤等指标均对中国出口产生正向效应,距离对中国出口产生负向效应。我们应该加快贸易通道建设,稳步推进“设施联通”;适当扩大对沿线国家的进口,发挥引领带动作用;积极参与自由贸易区谈判,提升双边贸易深度;加大对沿线国家的投资与开发,加强“政策沟通”。     

制造业外资进入与市场势力波动:竞争还是垄断

对外资市场效应的评估和计量是处理好外资政策、产业政策和反垄断政策关系的重要问题。本文采用中国1999—2010年28个两位数和447个四位数代码制造业面板数据,首先估计了两位数代码制造业的市场势力水平,然后进一步考察外资进入的市场效应,并测度外资引致的福利变动。研究表明:制造业各行业存在显著的市场势力,但金融危机前后市场势力溢价水平波动较大。全样本结果显示制造业市场势力溢价约为6.2%,但金融危机前样本证实市场势力溢价高达22.1%。细分产业中,外资的竞争效应占主导,但在部分产业中外资表现出了反竞争效应。制造业总体层面上,外资进入与市场势力波动之间呈现U形非线性关系,拐点稳定在外资比重为47.3%—54.0%的区间内。从福利角度看,外资进入的竞争效应,使得垄断带来的无谓损失减少了3334.70亿元;但FDI的反竞争效应使得相应行业垄断福利损失增加2407.45亿元。     

企业网络与企业边界理论

在对现有企业边界理论进程重新梳理之后，我们从管理理论中抽象出经济学意义上的企业网络概念。在此基础上，我们对企业的类型进行了重新分类，并界定了每种企业的边界以及相应的经济含义．希望对进一步理解企业和市场的关系提供新的研究视角和思路。     

How much does owner type matter for firm performance? Manufacturing firms in China 1998–2007

Who owns the firm (the state, private ownership, foreign investors) has long been an important topic for research on organizations. This paper estimates how much ownership contributes to firm performance, compared to other factors, including industry, region, firm size, year, and the firm itself. The data are on manufacturing firms in mainland China from 1998 to 2007. We find that the effect of owner type is significant and pervasive across regions and interacts with both geography and time, reflecting China's decentralized system and the strong trend in privatization. Copyright © 2014 John Wiley & Sons, Ltd.     

Does having women on boards create value? The impact of societal perceptions and corporate governance in emerging markets

Many governments seek to impose gender equality on boards, but the consequences of doing so are not clear and could harm firms and economies. We shed light on this topic by conceptualizing the relationships as firm‐ and board‐specific and embedded within specific contexts. The theory is developed with reference to emerging markets, and tested on Malaysian firms. We find that female directors create value for some firms and decrease it for others. The impact varies across different performance indicators, firms' ownership, and boards' structure. The findings call for nuanced responses in relation to women's nominations from both governments and firms. Copyright © 2014 John Wiley & Sons, Ltd.