An Investigation of Market Entry Strategy Selection: Exporting vs Foreign Direct Investment Modes—A Home-host Country Scenario

A critical issue for firms considering conducting business overseas is the choice of market entry mode. The two most widely options are exporting and foreign direct investment. This study examined a number of factors which have been suggested in the literature as important determinants of the choice between these two entry modes. Key factors examined included international business experience, immigrant effect, service requirements, and market size. The study employed a logistic regression analysis method to examine the market entry mode decisions of 124 New Zealand firms operating in a single foreign market (Taiwan). Significant factors identified included product type and proxy experience (firms' experience with Japan), and an immigrant effect which impacted on the choice of FDI mode.     

Product diversification in international joint ventures: performance implications in an emerging market

This study extends product diversification research to a new organizational form (IJV) and a new environmental context (emerging market). It explores the extent to which product relatedness with both foreign and local parents affects IJV performance as perceived by venture managers. After controlling for relevant variables, analysis of the data containing 134 IJVs in China validates our major premise: the relatedness of an IJV's products with that of its foreign and local parents is positively associated with its performance. An IJV maintaining bilateral related diversification (i.e., with both parents) performs better than a venture maintaining a unilateral related linkage (i.e., with one parent), which in turn outperforms an IJV which is unrelated to either parent. When resource complementarity or goal congruity between parents is higher, there is a stronger positive relationship between product relatedness and IJV performance. When structural opportunities are fewer or institutional deterrence is higher, there is a weaker positive relationship between product relatedness and IJV performance. Copyright © 2002 John Wiley & Sons, Ltd.     

中国对波兰出口贸易绩效及其影响因素分析——基于累积Logit模型的实证研究

与波兰的经贸交往是中国与中东欧国家开展贸易投资合作的重点,波兰与中国在金融、经贸和文化等多个领域都有着良好的合作关系。为了准确分析影响中国对波兰出口贸易绩效的因素,为改善中国对波兰的出口贸易绩效提出相应的合理建议,利用1990-2014年的中国和波兰贸易往来的相关数据,选取科技创新、人力资本、中波人均收入水平差距、波兰加入欧盟、中国对波兰的直接投资和中波出口贸易结构相似度作为影响中国对波兰出口贸易绩效的因素,采用累积Logit模型进行回归分析,从而估算出这些变量对出口贸易绩效的影响方向。实证结果表明,科技创新、人力资本对出口贸易绩效有显著的促进作用,而中波人均收入水平差距、波兰加入欧盟、中国对波兰的直接投资和中波出口贸易结构相似度对出口贸易绩效具有一定的阻碍效应。基于模型分析结果,从加大科技和人力资本投入、缩小中波收入差距和调整对波产品出口竞争策略等方面出发,提出了改善中国对波兰出口贸易绩效的具体建议,为\"一带一路\"战略的顺利实施提供决策参考。     

2013年国际煤炭市场分析及2014年展望

从煤炭供给、煤炭需求、煤炭进出口、煤炭价格等多个方面,全面介绍和分析了国际煤炭市场运行情况;并对2014年国际煤炭市场进行了预测与展望。     

2014年8月国际煤炭市场分析

从煤炭供给、煤炭需求、煤炭进出口、煤炭价格等多个方面,全面介绍和分析了国际煤炭市场运行情况;并对2014年8月国际煤炭市场进行了预测与展望。     

Pace,rhythm, and scope: process dependence in building a profitable multinational corporation

Many potential benefits of foreign expansion have been identified in the literature, yet empirical support that multinational firms perform better than domestic firms is mixed. This paper takes a longitudinal perspective and argues that how much a firm benefits from having foreign subsidiaries depends on its process of internationalization. We argue that a firm's capacity to absorb expansion is subject to constraints: some expansion patterns increase profitability less than others, owing to diseconomies of time compression. We hypothesize that the speed of internationalization, the spread of the geographical and product markets entered, and the irregularity of the expansion pattern negatively moderate a firm's increase in profitability resulting from international expansion. Model estimations based on panel data raised strong support for these predictions. Copyright © 2002 John Wiley & Sons, Ltd.     

2014年1~2月国际煤炭市场分析

从煤炭供给、煤炭需求、煤炭进出口、煤炭价格等多个方面,全面介绍和分析了国际煤炭市场运行情况;并对2014年3月国际煤炭市场进行了预测与展望,由于国内宏观经济形势堪忧,钢铁、焦化产能严重过剩等不利因素影响,我国焦煤需求短期内难以改善。     

2013年前三季度国际煤炭市场分析

从煤炭供给、煤炭需求、煤炭进出口、煤炭价格等方面,全面介绍了国际煤炭市场运行情况;预测2013年四季度国际动力煤价格将出现上涨,国际炼焦煤价格将维持平稳运行态势。     

2014年9月国际煤炭市场分析

从煤炭供给、煤炭需求、煤炭进出口、煤炭价格等多个方面,全面介绍和分析了国际煤炭市场运行情况;并对2014年9月国际煤炭市场进行了预测与展望。     

2013年10月国际煤炭市场分析

从煤炭供给、煤炭需求、煤炭进出口、煤炭价格等多个方面,全面介绍了国际煤炭市场运行情况;预测2013年11~12月国际动力煤价格将出现上涨,国际炼焦煤价格将展开进一步调整。     

2014年1月国际煤炭市场分析

从煤炭供给、煤炭需求、煤炭进出口、煤炭价格等多个方面,全面介绍和分析了国际煤炭市场运行情况;并对2014年2月国际煤炭市场进行了预测与展望。     

2013年11月国际煤炭市场分析

从煤炭供给、煤炭需求、煤炭进出口、煤炭价格等多个方面,全面介绍了国际煤炭市场运行情况;预测2013年12月国际动力煤价格将出现上涨,而国际炼焦煤价格将展开进一步调整。     

出口集聚、企业相关生产能力与企业出口扩展

目前集聚效应对企业出口行为影响的研究中,集聚多是基于地理距离来刻画。本文试图将产品间的认知距离引入集聚的测度中,研究不同类型集聚对企业出口扩展边际的影响,并进一步讨论企业相关生产能力的异质性作用。本文发现,出口集聚效应和企业相关生产能力分别是企业出口多元化的外源动力和企业条件。具体来说,引入认知距离后,可以更好地区分集聚经济和集聚不经济的来源:同产品集聚和相关产品集聚均有利于促进企业出口扩展;而不相关产品集聚对企业出口扩展的影响则表现为竞争效应。进一步的研究发现,并不是所有企业都能在集聚的过程中“搭便车”,集聚发挥作用的方向和程度因企业储备的相关生产能力而异。在影响机制上,出口集聚效应通过专业劳动力共享和中间投入品共享等供给侧渠道以及目的国市场信息共享和已有出口经验等需求侧渠道来降低企业出口扩展的难度和风险。基于上述实证结果,本文认为地方政府应打造技术关联紧密、上下游产业相互依托、有核心竞争力的空间集聚形态,并创造良好的营商环境,以激发企业创新活力,提升中国对外贸易的核心竞争力。     

Foreign entry and survival: Effects of strategic choices on performance in international markets

This paper investigates effective strategies that can reduce the risk of failure in international expansion by examining the entry and survival of foreign subsidiaries in the U.S. computer and pharmaceutical industries over the 1974-89 period. Using a hazard rate model, we examine the effects of (1) diversification strategies, (2) entry strategies, and (3) organizational learning and experience on the survival probabilities of foreign subsidiaries. The results show a higher exit rate for foreign acquisitions and joint ventures than for subsidiaries established through greenfield investments. The results also indicate a higher exit rate for subsidiaries that diversify than for those that stay in the parent firm's main product areas. Finally, the results show that firms benefit from learning and experience in foreign operations, which improves the chances of success for subsequent foreign investments. These findings shed light on the dynamic process of international expansion and the evolution of the multinational corporation.     

国际零售商海外市场选择机理--基于市场邻近模型与心理距离视角的解释

市场邻近模型是以地理邻近与文化邻近为基点，并增加了经济、社会、零售结构与公共政策这几个标准，而构建起的市场邻近六角模型。国际零售商在海外市场选择时，尤其是在国际化初期，将偏好于向与母国市场具有邻近性的海外市场进行扩张。通过心理距离来对市场邻近程度进行衡量，更符合零售商海外扩张团队决策的实际。本文对心理距离的含义进行了界定，提出了心理距离的测量方法，并对心理距离悖论问题进行了分析。最后对市场邻近模型与心理距离之间的关系，以及两者在国际零售商海外市场选择中的作用进行了评述。     

International Diversification and Performance: Evidence from Singapore

This study focuses on how international diversification affects a firm in terms of multiple performance measures (accounting-based, market-based, and intangible value creation). The study is unique as it uses segment data made available only recently, which enables the examination of both product and international diversification with performance. The period studied coincided with Singapore firms performance during the Asian Financial Crisis. In contrast to previous studies on Singapore, our results show that product diversification is negatively correlated to all measures of performance, while international market diversification is positively correlated. We attribute the difference to the time period which covers both upswings and downturns of the economy, unlike previous studies which considered only the former. Other control measures were incorporated; firm size is highly significant in explaining all measures of performance but not so for firm age, leverage, risk and industry. For top managers, we suggest that regardless of economic climate, the dominant diversification strategy is to take a focused approach to product diversification, but a broad approach to international diversification.Dr. Er and Dr. Kwok are assistant professors in the Department of Finance & Accounting, National University of Singapore (NUS). Mr Lin recently graduated with a B.B.A. honours (1st class) degree from NUS.