Firm Characteristics and the Pricing of Foreign Earnings of US Multinational Firms

Prior research finds a positive relation between current changes in foreign earnings of USmultinational firms and future stock returns. The cause of this relation is either (1) investors' mispricing of securities by underestimating the persistence of foreign earnings or (2) research design misspecifications (e.g., the researcher failing to control for cross‐sectional differences in risk). The purpose of this study is to determine which of these two competing explanations is more likely. If the anomalous results are due to market mispricing, then the anomalous results should be more pronounced for firms that are followed by fewer well‐informed, sophisticated investors and for firms that have foreign earnings that are more persistent than domestic earnings. If the anomaly is related to research design misspecification, then the existence of the anomaly is not expected to vary across these firm characteristics. The results are more consistent with the market mispricing hypothesis. Predicting the existence of the foreign earnings anomaly based on these firm‐specific characteristics increases our understanding of the true nature of the anomaly. In addition, relating the foreign earnings anomaly to firm‐specific characteristics provides relevant information to investors for firm valuation and helps to promote future academic research in the market's valuation of multinational firms' operations.     

Wealth Effects of International Investments and Agency Problems for Korean Multinational Firms

This paper recognizes the recent surge in cross‐border investments by MNCs from newly industrialized countries and investigates the wealth effects of FDI announcements by Korean firms, which are the leading FDI providers in Asia. The empirical results indicate that for Korean MNCs: 1) cross‐border investments increase shareholder wealth; and 2) they do not obtain the firm‐specific technological advantages over international competitors. The paper also presents evidence that cross‐border investments do not increase shareholder wealth for the 30 largest chaebol‐affiliates, and that shareholder wealth losses are greater when corporate ownership is concentrated, as suggested by Shleifer and Vishny (1997) and La Porta et al. (1998, 2000) .     

缺乏优势企业跨国化的理论依据

本文采用博弈模型分析了缺乏或根本没有优势企业国际化的理由和依据,指出缺乏优势企业的对外直接投资的根本目的在于“技术获得”以弥补自身优势的不足,而这样做的根本原因在于技术具有溢出效应和扩散效应。     

Entrepreneurial Versus Conservative Firms: A Comparison of Strategies and Performance

This article describes a study of the business strategies and performance levels of firms with entrepreneurial and conservative strategic postures. Data were collected from the senior executives of 111 small manufacturing firms. Results indicate that entrepreneurial firms differ from conservative firms in terms of their growth rates as well as several financial, operating, and marketing-related variables. the data suggest that the patterns of strategic behaviour associated with high performance are different for entrepreneurial and conservative firms.     

跨国公司在华溢出效应研究：人力资本的视角

在我国实施人才强国战略的背景下,本文基于三期（2000,2002,2004年）全国民营企业主抽样调查数据,从人力资本创造与流转的视角,实证研究了跨国公司在华溢出效应的存在性、影响因素和作用渠道。OLS回归和Treatment Effect非参数估计结果稳健地表明,民营企业主的跨国公司工作经历对其所创立企业的经营业绩有显著的正面影响,证实了跨国公司在华存在通过人力资本创造与流转机制的溢出效应。研究进一步显示,制度环境对有效收获人力资本溢出有重要影响。关于人力资本视角下溢出效应发挥作用的渠道,我们发现,民营企业主跨国公司工作经历有助于提高其国际视野和企业海外销售比例,这对中国企业“走出去”有所助益。同时,我们发现,有外企经历的民营企业主更注重知识产权保护和员工激励等公司治理因素。     

How Domestic and Foreign Firms Differ and Why Does it Matter?

Abstract.  This paper reviews and summarises the results of selected studies on performance gaps between multinational enterprises and their domestic counterparts. Performance gaps arise in such fields as productivity, technology, profitability, wages, skills and growth. While these gaps are often attributed to foreign ownership of the affiliates, the theory of the Multinational Enterprise argues that these gaps are due to being a Multinational rather than the nationality of the firm. Empirical evidence on the existence of performance gaps between foreign and domestic firms is supportive of this view: foreign ownership turns out to be a much less important explanatory factor than normally assumed. Firm‐specific assets and firm characteristics like industry, size, parent country and multinationality per se are more important. Such results are broadly consistent with those derived in the literatures on ownership change, on foreign entry and on spillovers. We conclude that there is little case for foreign direct investment promotion policies to discriminate between firms on the basis of ownership.     

Strategic R&D Location by Multinational Firms: Spillovers, Technology Sourcing, and Competition

This paper develops a model of strategic interaction in R&D internationalization decisions between two multinational firms, competing both abroad and in their home markets. It examines different incentives for foreign R&D faced by a technology leader and a technology laggard. The model takes into account the impact of local inter firm R&D spillovers, (noncostless) international intra firm transfer of knowledge, and the notion that internal R&D increases the effectiveness of incoming spillovers. Analytical results suggest that greater efficiency of intra firm transfers and greater R&D spillovers increase the attractiveness of domestic R&D for the technology leader if the technology gap with the laggard is large. The lagging firm, in contrast, increases the share of foreign R&D as foreign technology sourcing becomes more effective. Competition encourages the leading firm to engage in foreign R&D to capture a larger share of profits on the foreign market, whereas the laggard concentrates more R&D at home to defend its home market position.     

Assessment Lags and Property Tax Impacts

Abstract . A major administrative problem of the property tax is the difficulty of maintaining current assessments. If real estate is not reassessed as market values change, then the real tax rates on market value will diverge from the statutory rates. Within any taxing jurisdiction those properties with the highest rate of increase in market value will be taxed at the lowest real rate, while those with the lowest (including negative) rate of increase in market value will be taxed at the highest real rate. This investigation develops a straightforward method for calculating differentials in effective tax rates and describes the economic impacts of these differentials.     

外商直接投资与我国产业内技术二元结构——基于DEA方法的证据

本文应用数据包络分析方法,分析了我国工业行业中内外资企业技术水平及发展趋势。结果表明,在绝大多数外商直接投资较为显著的行业,都不同程度地存在技术二元结构:外商直接投资企业居于行业内技术领先地位是行业技术进步的主导力量,内资企业的技术则较为落后;我们同时也发现,内资部门的全要素生产率增长速度较快,因此这种格局在大多数行业呈逐渐弱化的趋势,但是在高技术领域,内资企业的技术赶超效应相对较弱,有的行业中内外资企业技术差距甚至进一步扩大,二元结构特征进一步强化。因此如何加快高科技行业内资部门的技术进步,是亟待解决的问题。     

政府财务报告主体的国际比较及思考

比较了美国、英国、法国和澳大利亚四国政府财务报告主体的现状,并结合国际公共部门会计准则委员会关于政府合并财务报表主体的最新动态,对于政府财务报告主体界定和实施中的具体问题进行了分析,针对我国政府会计与财务报告改革提出了相关政策建议。     

国外物流教育与我国物流教育的比较与思考

从国外物流教育课程设置、培养模式、师资队伍、实践环节等方面的分析与我国物流教育的对比分析,指出国内物流教育的差距,并提出改革我国物流教育的思考与建议.     

Extrinsic and Intrinsic Drivers of Corporate Social Performance: Evidence from Foreign and Domestic Firms in Mexico

The literature on corporate social performance (CSP) is largely split between approaches that consider CSP to be extrinsically driven and those that consider it to be intrinsically driven. While the management literature has paid attention to drivers of both types, the relationship between the two remains largely unstudied, particularly in the international setting. Meanwhile, the international business (IB) literature has addressed the international dimension of CSP more directly, but focuses largely on extrinsic pressures. Our paper links the management and IB literatures by addressing intrinsic drivers (management commitment to ethics) in conjunction with extrinsic (trade‐related) drivers for both foreign‐ and domestically‐owned firms in a single‐market setting. Using survey data from 121 auto parts suppliers in Mexico, we find that management commitment to ethics is a dominant driver of CSP among both foreign and domestic firms. More importantly, management commitment to ethics interacts positively with trade‐related pressures in raising CSP levels.     

国内焊接工艺评定标准的对比及差异

目前,我国用于焊接工程的常用材料,其焊接性已基本掌握,要确保焊接质量,施焊前应进行焊接工艺评定,以评定施焊单位是否有能力焊出符合相应规程、规范和产品技术条件所要求的焊接接头。然而,国内不同行业的产品对其焊接工艺评定规定却不太一致,本文通过对国内常用的焊接工艺评定标准的对比,发现其不同点,因而在实际中应用时根据不同的要求选用不同的焊接工艺评定标准。     

统筹国内外两个市场的天生国际化企业持续成长研究——基于奥马电器的案例分析

本文通过案例研究,探讨天生国际化企业在多变环境中基于国内外两个市场采取战略,实现快速和高效的持续成长的过程。分别针对国内外市场分析其在不同成长阶段的战略实施、资源能力构建和经营绩效的关系。研究发现：企业通过国外原始设计制造（ODM）实现国际化扩展,能有效促进其技术、制造与管理能力的提升与资源积累;而在国内市场则通过向自有品牌制造（OBM）发展、全产业链延伸、资本筹集获取持续成长的重要资源。提炼出天生国际化企业统筹国内外两个市场的持续成长的整合框架。并在此基础上进一步探讨天生国际化企业如何利用国内外两个市场的互动促进、协同发展,以及成长过程中的企业家精神等关键因素。     

中西方关系网络比较及对跨国企业的启示

关系网同时存在于中西方的社会实践并在商业活动中扮演重要角色,但迄今为止的研究较少针对性的探讨中西方关系网的差别及形成这些差别的本质原因。本文从社会架构和文化价值出发,分别分析了中国的guanxi与西方的networking,从四个方面分析得出了它们的差别及形成原因。在此基础上,本文进一步提出了对中外跨国企业如何善用所在国关系网络的启示。