Labor Flexibility,Ownership and Firm Performance in China

Developed and developing countries alike areprivatizing or corporatizing state owned enterprises(SOEs), often citing the flexibility to hire and shedlabor as an advantage. However, there is littleempirical evidence on the extent to which thisimproves firm performance. This paper investigates thelinkage between labor flexibility, ownership and firmperformance using China as a case study. We find thatSOEs are much less able to adjust quickly to demandshocks than are other ownership forms and that thedegree of worker input into hiring and firingdecisions slows the ability of firms to adapt,negatively affecting firm performance.     

A Taxonomy of Sourcing Strategic Types for MNCs Operating in China

This paper presents a taxonomic study of sourcing strategy types and their relationships to subsidiary profitability. Using the taxonomic approach, this study identifies five sourcing strategy types based on the decision rules of direction and volume of sourcing activities, namely market access, offshore platform, offshore manufacturing, local sourcing, and complex sourcing. We validated these sourcing types by linking them to a set of business and investment strategic factors. Based on a sample of 319 foreign subsidiaries in China, the results confirm the taxonomy of sourcing types indicating that sourcing strategy types indeed vary along the strategic factors including wage rates, R&D intensity, subsidiary size, capital commitment, ownership control and partner type.     

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.     

我国外商投资梯度转移问题研究

改革开放以来，我国吸引的外商直接投资绝大部分分布于东部沿海地区，但近年来外商在华投资区域分布变化非常明显。通过调研，本文分析了“北上”是外商投资区域间转移的主要特征及原因，而“西进”不是目前外资进行区域间转移的主要方向，但中部地区吸引外资相对较好，并指出其原因；同时，调研中还发现，沿海地区外资向所在省较落后地区转移的现象明显。最后，本文提出进一步促进外商投资梯度转移的政策建议。     

Locational Determinants of Japanese Foreign Direct Investment in China

This study examines 2,933 cases of Japanese investment in 27 provinces and regions in China to identify the role that policy determinants had in influencing the sub-national location decision of Japanese firms in China. The empirical results show that the Special Economic Zones (SEZs) and Opening Coastal Cities (OCCs) were a successful policy instrument initially, as SEZs and OCCs had a strong influence on Japanese foreign investment during the early years of China's liberalized foreign investment environment. Since the mid-1990s SEZs and OCCs have attracted proportionally less foreign investment as competition from other special investment zones has intensified in China. From these observations, we discuss the periodic influence of SEZs and OCCs and introduce and review the influence of newly emerging investment zones. We also draw inferences to the location choice literature in terms of understanding the variable influence of policy factors and traditional locational indicators as driven by temporal changes in investor motivations and preferences in a country.     

外商直接投资、政府支出对中国技术进步效应的经验分析

本文将外商直接投资和政府支出结合起来,主要通过建立时变参数模型,利用我国2000～2014 年的数据,对比分析外商直接投资、政府支出对我国技术进步的影响。根据分析结果提出对 策建议,加快我国技术进步的速度必须依靠政府的力量,增加教育投入,调整政府科技投入 结构和加强对科技资金的管理以及提高利用外商直接投资的质量。     

中国15个省市 FDI 技术外溢潜力的比较研究

本文在对 FDI 技术外溢效应相关文献分析的基础上,构建了 FDI 技术外溢潜力指标,并利用2007～2011年的面板数据测度了中国15个省市的 FDI 技术外溢潜力,结果表明：各个省市 FDI 技术外溢潜力存在着较大差异。其中,北京、广东、江苏、福建、浙江发生 FDI 技术外溢的潜力较大,而贵州、山西、湖南、安徽较小,其他省市居中。因此,具有较高潜力的省份应该给予外商投资企业更高的投资激励吸引外资企业以获取技术外溢,潜力较小的省份应该采取提高本地企业技术水平、改善投资环境等措施来与外资企业接轨。     

Foreign Direct Investment,Imports and Innovations in the Service Industry

The paper analyses for the first time empirically the impact of foreign competition due to inward foreign direct investment and imports on the innovation activities using data of German service firms. Based on the hypothesis that foreign competition has a disciplining effect on domestic markets derived from the manufacturing sector, a positive impact can be expected on innovation in the service sector, while other theoretical considerations do not absolutely support this optimistic view. In the empirical analysis, variants of two probit models are estimated for a sample of 2,019 service firms to explain their product and process innovation activities. The results show that both foreign direct investment and imports have highly significant positive effects on product and process innovations. Vice versa, the export and foreign production activities of domestic firms support innovations, too.     

Ownership strategy of Japanese firms: transactional,institutional, and experience influences

We compare the effects of transactional, institutional, and experience influences on the ownership strategies of Japanese investors. Our theoretical development suggests that the equity position of a foreign investor should increase as the specificity of the assets transferred to the foreign affiliate increases, but a lower equity position should be assumed when the foreign investor requires complementary assets to establish a foreign entry. International experience and a strong institutional environment also should lead to increases in the equity position of the foreign investor. These relationships were tested with data on more than 1000 Japanese investments in nine countries of East and South‐East Asia. The results demonstrate that experience and institutional factors were the most important influences on the ownership position taken in the foreign investment, while transactional factors had a much less important and a more ambiguous role. Copyright © 1999 John Wiley & Sons, Ltd.     

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。     

我国服务业FDI结构、技术进步与经济增长

服务业外商直接投资可分为生产性服务业外商直接投资和消费性服务业外商直接投资,二者对国家经济增长有着不同的影响。本文从技术进步的角度,利用面板模型,研究了我国不同类型服务业外商直接投资对经济增长的影响,并分别讨论了东西部地区服务业外商直接投资对技术进步和经济增长的差异性影响。研究结果表明生产性服务业外商直接投资对经济增长和服务业技术进步均有明显促进作用,消费性服务业外商直接投资对经济增长有促进作用,但对服务业技术进步有阻碍作用,且这一趋势在我国东西部地区之间存在显著差异。     

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。     

Financial performance and survival of multinational corporations in China

This study investigates the impact of entry timing, mode of entry, market focus, and location advantages on the financial performance and survival of multinational corporations (MNCs) in China. Three major results were found. First, MNCs that entered China in an earlier year had a higher level of profit than those that entered in a later year. Second, equity joint ventures (EJVs) had a higher profit level than cooperative operations or wholly foreign‐owned subsidiaries. Third, MNCs that utilized well the location advantages in China had a higher profit. We also found that EJVs were more likely to survive compared to cooperative operations, while wholly owned subsidiaries did not differ from EJVs. The findings are based on a 2‐year study of about 1000 MNC operations in China. Copyright © 1999 John Wiley & Sons, Ltd.     

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.     

长江三角洲地区外商直接投资与地区经济发展

本文从实证的角度，用计量分析的方法测算长江三角洲地区改革开放20年代以来外商直接投资与地区经济增长，产业结构调整和产业积聚之间 的相互关系及相互影响的方向及程度，并提出了本地区未来外资政策的战略定位的构想。     

专用性投资、持股安排与激励效率--企业集团内部所有权纽带的理论模型分析

本文提供了垂直供应商—购买商专用性投资关系背景下的集团内成员间部分所有权安排的理论解释。通过将专用性投资程度参数、相对议价能力参数、外部机会价值参数及平均溢价 (折价 )系数纳入同一模型框架下 ,获得了最优部分所有权与这些参数之间关系的重要结论。最后 ,讨论并分析了最优部分所有权与专用性投资效率的相关关系 ,指出在技术参数相同的条件下 ,经理经营制上游企业情形下的投资效率损失较业主制上游企业情形下更大。     

Not Featherbedding,but Feathering the Nest: Human Resource Management and Investments in Information Technology

This study draws on employment relations and management theory, claiming that certain innovative employment practices and work structures pave the way for organizational innovation, namely investments in information technology (IT). It then finds support for the theory in a cross‐section of UK workplaces. The findings suggest that firms slow to adopt IT realize that their conventional employment model hinders their ability to make optimal use of new technologies. Therefore, the paper advances the literature beyond studies of unionization's impact on business investment to a broader set of issues on the employment relations features that make organizations ripe for innovation.     

跨国公司在华R&D机构的问卷调研——动机、职能与技术外溢渠道

本研究针对47家跨国公司在华R&D机构实施调研,运用7点Likert量表问卷获取第一手数据,通过因子分析、信度分析、聚类分析和Scheffe多重比较分析等统计方法,部分证实了“跨国公司R&D机构职能定位因R&D投资动机不同而存在差异”、“跨国公司R&D技术外溢渠道因R&D机构职能定位不同而存在差异”等两项研究假设。揭示出“全球技术型”R&D机构倾向于与本土机构开展研发合作,“技术转移型”R&D机构开展技术交流的意愿较低,“市场导向型”R&D机构对研发成本不敏感等检验结论,并在实证研究的基础上提出了相应的政策建议。     

Local Ownership Restrictions, Entry Mode Choice, and FDI Performance: Japanese Overseas Subsidiaries in Asia

This study examines the moderating effects of a host government's local ownership restrictions on the linkage between the choice of foreign entry mode and its performance, using a sample of 917 Japanese foreign subsidiaries in Asia. The study focuses on two foreign entry modes, joint ventures (JVs) and wholly-owned subsidiaries (WOS), and two performance measures, financial performance and termination rate. The results suggest that the extent of local ownership restrictions is negatively and significantly associated with the financial performance of WOS, whereas it does not directly influence that of JVs. There is no clear association between the extent of local ownership restrictions and the termination rate for the JV and WOS samples.     

Diversification, Concentration and Economic Performance: Korean Business Groups

The purpose of this paper is to analyze empirically some of therelationships involving corporate diversification, concentration and economic performance for agroup of 25 of the largest Korean chaebols or business groups over the period 1985–1995. UsingHerfindahl–Hirschman indices of inter-industry diversification and intra-group member firm concentration,our results indicate that increased conglomerate diversification does not affect chaebol profitswhereas changes in internal member firm concentration do. Of particular interest with respect to bothdiversification and concentration are our findings that a quadratic relationship exists between groupprofits and the number of member firms, with both smaller and larger chaebols having higher profitsthan intermediate size chaebols. A similar relationship also exists with respect to group size measuredin terms of total assets. Since the number of member firms is included as an explanatory variable, ourresults imply that profitable chaebols expand primarily within their existing industries ratherthan by adding firms in new markets.