东道国金融发展与中国对外直接投资模式选择

本文使用多值选择模型，考察了东道国金融发展对中国对外直接投资模式选择的影响。结果表明：第一，东道国金融发展水平越高，中国企业越倾向于以合资或并购的方式进行投资；对金融发展水平较低的经济体，中国企业倾向于绿地新建投资。第二，异质性分析表明，对金融市场发展水平越低的发达经济体，中国企业越倾向于选择并购和合资模式投资，反之则选择绿地新建模式投资；对金融发展水平越高的非发达经济体，中国企业越倾向于选择并购和合资模式投资。对金融发展水平、金融机构发展水平和金融市场发展水平越高的国家，收益越高的上市公司越倾向于并购的投资模式；相反，则越倾向于绿地新建模式。第三，互联网发展和制度质量对东道国金融发展水平影响中国对外直接投资有一定调节效应。为进一步推动中国企业“走出去”,中国企业在进行跨境投资时要密切关注东道国的金融发展情况；中国要进一步完善金融基础设施，包括加强金融监管、提升金融服务水平、推进金融创新等方面，以加强与东道国的金融合作，为中国企业对外投资提供金融支持；应根据东道国信息通信技术建设情况和制度发展水平，制定相应的投资政策。     

中国工业贸易利益分解研究——基于属权利益视角

全球价值链分工模式促进了中间品贸易的快速发展,各国及要素所有者获得的贸易利益不再是原有贸易利益按国别属性确定的属地利益,而是由中间品生产厂商的资本所有权决定的属权利益。本文在重新界定贸易利益的基础上,构建了贸易利益的所有权分解模型,并依据WIOD数据库测算了中国工业行业的属权贸易利益水平。结论表明,与属地贸易利益相比,我国工业行业属权贸易利益水平较高,并且逐年递增,一方面源于成本较低的中间品进口;另一方面源于专业化生产和中间品出口。其中可拆分的制造业属权贸易利益规模较大,源于FDI规模大于OFDI。而资源性行业属权贸易利益规模较小,间接表明跨国公司在华投资的动因属于资源导向型。     

技术特性与企业技术创新模式选择

为了应对日趋激烈的市场竞争,企业纷纷加大研发投入进行技术创新,以获取或维持竞争优势。而企业技术创新模式的选择作为企业重要的战略决策,对于技术创新的成败有重要影响。企业技术创新模式选择受多种因素的制约,基于此,本文从技术特性和创新模式的分类出发,分析了不同技术特性对企业创新模式选择的不同影响机理,指出对应于不同程度的技术复杂性、技术不确定性以及技术隐含性,企业创新模式的选择会有所差异。此外,本文通过理论分析,提出了相关的命题假设,构建了概念模型,认为技术复杂程度越高,企业采用合作创新的倾向越明显,而模仿创新和自主创新的可能性越小;技术隐含性越高,企业采用合作创新或自主创新的倾向越明显,而模仿创下了的倾向越低;技术不确定性越高,企业越倾向于选择合作创新。     

行业同质性与事务所行业专门化战略——来自中国审计市场的经验证据

本文考察了在中国审计市场环境下行业特征对事务所行业专门化战略的影响。研究发现,行业同质性越高,事务所在该行业的市场份额和组合份额也越高。该结论表明,行业内客户经营越相似,事务所越容易将行业专门化投资获得的行业知识和行业审计程序在行业内不同客户的审计过程中快速有效地分享,因此,事务所越倾向于在该行业进行专门化投资以获得低成本的竞争优势。本文的研究结论可以为事务所行业专门化投资决策提供经验证据,并为事务所通过行业专门化战略实现做大做强提供有益的途径。     

行业机会、政治关联与多元化并购

本文考察了我国转轨时期的制度背景,认为我国目前存在的行业机会,以及企业注重建立政治关联会促使企业多元化并购的发生。文章以我国上市公司2001—2006年间发生的399起多元化并购和768起相关并购事件为研究对象,用Probit模型进行分析,发现企业原先所处的行业竞争激烈、利润率越低,越倾向进行多元化并购;目标行业的利润率越高,越倾向进行多元化并购;另外,企业的政治关联越高,越倾向进行多元化并购进入到与主业无关的、高利润的行业中。     

并购中主并公司的可预测性——基于交易成本视角的研究

本文将交易成本划分为显性交易成本和隐性交易成本,认为主并公司进行并购的目的是为了节约显性和隐性交易成本。在此基础上,我们以2003年发生并购的上市公司为样本,采用因子分析法和Logistic回归建立了主并公司的预测模型,发现资产专用性越强,显性交易成本越高,公司发生并购的可能性越大;中间产品市场的不确定性越高,显性交易成本越高,公司发生并购的可能性越大;公司的成长能力越强,成长能力与盈利能力之间的不平衡程度越高,隐性交易成本越高,公司发生并购的可能性越大。     

公司特征、行业特征和产业转型类型的实证研究

选择强相关型转型和弱相关型转型的企业在转型之前,其公司特征和行业特征存在显著差异。公司业绩越好,国有股比例越高,公司规模越大,经营风险越小,实物资产、无形资产和外部资金越丰富,越倾向于进行强相关型产业转型;反之,则倾向于进行弱相关型产业转型。     

异质性、分割生产与国际贸易

在产品的生产链条可以任意分割的情况下,本文考察了不同生产率的公司供应国外市场模式的差异。生产率水平较低的公司选择出口方式;生产率水平较高的公司选择分割生产投资方式,其中,生产率水平越高的公司配置在国外的生产环节越多;生产率水平最高的那些公司选择水平型投资方式。在行业层面,一个行业的技术可分割性越强和行业内公司生产率的异质性越大时,行业的产品出口相对于直接投资的比例越小。     

上市公司财务柔性与股利分配政策研究——基于我国半强制分红的制度背景

本文以股利分配政策的代理理论为基础,通过引入经济学中的交易成本概念,将财务柔性与股利分配政策纳入同一研究框架,结合我国现行的半强制分红政策,从财务柔性的视角研究我国上市公司的股利分配政策。结果表明,财务柔性对股利分配政策具有显著影响,公司财务柔性越高越倾向于支付股利。半强制分红政策并没有改变财务柔性对股利分配政策的影响,公司财务柔性边际价值越高越不倾向于采用股利迎合策略。     

东道国文化环境对跨国公司对外投资行为的影响

东道国文化环境因素在跨国公司进行对外投资决策时的作用越来越大,尤其是对跨国公司的投资区位和投资进入模式选择产生了重大影响.东道国与跨国公司母国间的文化差距越小,跨国公司在当地投资的风险相对越小.中国企业在进行对外直接投资时同样必须对东道国的社会文化环境予以足够的重视.     

Market Size,Local Sourcing and Policy Competition for Foreign Direct Investment

This paper analyzes policy competition for a foreign‐owned monopolist firm between two asymmetric countries. In particular, one country has a larger economy than the other country. At the same time, the small country produces an intermediate good for the final good production, while the large country does not. We show that whether a country will win foreign direct investment (FDI) competition is determined by the interaction between relative transport costs of intermediate and final goods and the market size of the large country relative to that of the small country; and policy competition for FDI may Pareto weakly improve national welfare of the competing countries.     

MNE subsidiaries versus domestic enterprises: an analysis of their ownership and location-specific advantages

This paper compares the ownership advantages of multinational enterprises' (MNEs) subsidiaries and domestic enterprises (DMEs) in Greece. Previous studies have tested the hypothesis that ownership-specific advantages (Oa) are a major source of firm differences. This study analyses the processed food sector (SIC=20) - the leading industrial sector in Greece with the highest inward and outward internationalization degree - using a panel data set of 75 firms and 5 years. The findings of a probabilistic regression analysis indicate that there are significant differences between the two groups of firms in the degree of possession of observed ownership advantages. MNE subsidiaries have higher market shares, use multiplant operations and have higher advertising and R&D to sales ratios compared to DMEs. DMEs use their well-established position (knowledge of domestic and regional market conditions, and size economies) in order to compete effectively with MNE subsidiaries. It is inferred that pursuit of domestic market development is an important motivation in such subsidiaries, in an attempt to build on (rather than substitute for) the strong and distinctive established product base of Greek food industry companies. By assimilating Greek food knowledge alongside their own the MNEs developed export-orientation into their subsidiaries in Greece, which eventually have played a notable role in the regional market (Balkans).     

Symbiotic Production and Optimal Export Policy

This paper constructs a two‐country trade model to examine the optimal policies relating to the export of final and intermediate products under Cournot as well as Bertrand competition when firms engage in symbiotic production internationally. The paper shows that given linear demand for the final product, the optimal export policies are to tax the exports of both the final and intermediate goods under symbiotic production, regardless of whether firms engage in Cournot or Bertrand competition in the final good market, which is contrary to the conventional wisdom.     

Agglomeration in a vertically-related oligopoly

This paper examines the location of three vertically-linked firms. In a spatial economy composed of two regions, a monopolist firm supplies an input to two consumer goods firms that compete in quantities. It is concluded that agglomeration is more likely to occur when the ratio between the transport cost of the intermediate good and the transport cost of the final good is higher. If this proportion is low, the likelihood of an agglomeration decreases with transport costs. If the ratio has an intermediate value, a non-monotonic pattern is obtained that is different from Krugman and Venables (1995).Received: October 2004, Accepted: March 2005, JEL Classification: C68, F12, F15, R12, R13This paper had the support of the Research Unit on Complexity in Economics (UECE). The author wishes to thank Masahisa Fujita, Armando Pires and an anonymous referee for helpful comments. The usual disclaimer applies.     

Wake up and smell the ginseng: International trade and the rise of incremental innovation in low-wage countries

Increasingly, a small number of low-wage countries such as China and India are involved in incremental innovation. That is, they are responsible for resolving production-line bugs and suggesting product improvements. We provide evidence of this new phenomenon and develop a model in which there is a transition from old-style product-cycle trade to trade involving incremental innovation in low-wage countries. The model explains why levels of involvement in incremental innovation vary across low-wage countries and across firms within each low-wage country. We draw out implications for sectoral earnings, living standards, the capital account and, foremost, international trade in goods.     

Fragmentation and multinational production

This paper examines the consequences of falling transport costs for intermediate goods, and shows how this leads to the spatial fragmentation of production. As firms divide their production between countries they become either vertical multinationals (if upstream activities are labour intensive) or horizontal multinationals (if downstream activities are labour intensive). In the former case the volume of world trade increases, and in the latter it falls. Fragmentation need not narrow international factor price differences, which depend on the factor intensity of the activities that relocate.     

产业集聚与公司选址模型分析

本文主要讨论产业集聚中公司选址问题。首先以Pontes（2003）非对称区域中公司选址研究为基础，建立了一个考虑运输成本因素的两区位公司选址模型。在考虑产品运输成本的情况下，生产最终消费品的下游公司将在具有较大消费者市场的地点集聚，在考虑原材料运输成本的情况下，生产原材料的上游公司将会选择与下游公司集聚。文章最后阐述模型的实践意义和政策含义。     

OVERSEAS ASSEMBLY PRODUCTION CHOICES

This article examines the input choices for producers who assemble their goods abroad and imported them to the United States through the U.S. Overseas Assembly Provisions. Three findings emerge. First, firms reduce their use of foreign parts and assembly when foreign costs rise, but only with a lag. In contrast, recent foreign cost increases boost the foreign portion of final product value. Second, the effects of cost changes are more pronounced for U.S. outsourcing imports from developing countries. Finally, the degree of production responsiveness differs with industry capital intensity and is the greatest for low-capital intensity projects performed in non-Organization for Economic Cooperation and Development (OECD) locations.     

Vertical specialization in North–South trade: Industrial relocation,wage and welfare

This paper presents a North–South trade model with vertically linked industries and examines how declining costs of trade across stages of production encourage vertical specialization and affect wages and welfare. As trade costs fall below a threshold, the production of all final goods relocates to the South and vertical specialization emerges. In some industries, production of intermediate goods also relocates against comparative costs because of benefits of co‐location, and further declines in trade costs lead to reshoring. A country may temporarily lose from falling trade costs, but both countries can be better off after trade costs fall sufficiently.     

The welfare effects of entry: the role of the input market

In a successive Cournot oligopoly, we show the welfare effects of entry in the final goods market with no scale economies but with cost difference between the firms. If the input market is very concentrated, entry in the final goods market increases welfare. If the input market is not very concentrated, entry in the final goods market may reduce welfare if the entrant is moderately cost inefficient. Hence, entry in the final goods market is more desirable if (1) the input market is very concentrated or (2) the cost difference between the incumbents and the entrant is either very small or very large. It follows from our analysis that entry increases the profits of the incumbent final goods producers if their marginal costs are sufficiently lower than the entrant’s marginal cost.