Multinational Firms and Technology Transfer

We construct an oligopoly model in which a multinational firm has a superior technology compared to local firms. Workers employed by the multinational acquire knowledge of its superior technology. The multinational may pay a wage premium to prevent local firms from hiring its workers and thus gaining access to their knowledge. In this setting, the host government has an incentive to attract FDI due to technology transfer to local firms or the wage premium earned by employees of the multinational firm. However, when FDI is particularly attractive to the multinational firm, the host government has an incentive to discourage FDI.
JEL classification : F 13; F 23; J 41; L 13; O 14; O 33; O 38     

Multinational Firms and Labor Market Pooling

In the presence of increasing specialization of workers it becomes more and more difficult for firms to find the most suitable workers. In such an environment a multinational enterprise (MNE) has an advantage because it can exchange workers between plants in different countries. Recruiting from the home and foreign plant leads to a larger labor market pool for an MNE, reducing the mismatch of its workforce. This paper analyzes the consequences of this advantage for production, employment, prices and wages. In line with recent empirical results, we find that the additional ability to recruit workers from the home and foreign labor market leads to lower mismatch, higher average productivity of workers, lower prices, higher output, and higher employment of a plant of an MNE as compared with a national firm, while the wage‐effects depend on firm productivity.     

发展中国家跨国公司的一体化战略研究

本文尝试以建立一个发展中国家跨国公司一体化战略选择的内生模型来研究差异化厂商基于国家间要素禀赋优势、贸易成本、市场容量以及自身技术水平等因素做出的一体化战略选择。并且通过比较静态分析方法,将此研究扩及到贸易自由化对差异化厂商均衡时的一体化战略、平均价格和生产规模,以及整体产业平均技术水平的影响。     

跨国公司子公司创业创新精神分析--内部化和网络化视角下的考察

内部化是解释跨国公司产生的一个重要条件,但却以一定程度上损害跨国公司的内部能力特别是促进企业发展的子公司创业创新精神为代价。跨国公司网络化的组织结构或者组织结构的网络化兼容了价格和指令两种交易方式,可以在一定程度上缓解内部化对子公司创业创新精神的伤害。     

Product Lifetime: A Determinant of Entry Decision by Multinational Firms

Existing literature on the role of intellectual property rights (IPR) protection has painted an ambiguous picture about the size of the effects of stronger IPR on the choice of the multinational firm’s mode of entry into foreign market. Some empirical studies suggest that improving IPR in recipient countries will have higher effect on licensing, while others found larger effect on foreign direct investment (FDI). The available indices of protection only measure country-wide characteristics and do not pick inter-industry variation, while the data show significant differences in losses of US multinationals by industry. In this paper, we introduce and empirically estimate a new dimension to multinational firm’s decision to enter a foreign market—a parameter that reflects the length of positive profits that the firm can earn in various industries. We dub the estimated parameter a perceived time of rent extraction. The introduction of the time parameter allows us to differentiate the effects of stronger IPR on the entry modes in different industries and reconcile the ambiguity results in the literature. Particularly, strengthening IPR has higher impact on FDI in industries with shorter rent extraction time, while licensing is affected more than FDI in industries with longer rent extraction time.     

The Role of Stocks and Shocks Concepts in the Debate Over Price Versus Quantity

Recent literature showed that the choice between a price or quantity control depends, in part, on the dynamic structure of cost uncertainty. Temporary shocks to abatement cost favors the use of a price control, while permanent shocks favor a quantity control. Unfortunately, the importance of this assumption to the optimal choice has not yet received wide attention among economists. We analyze the regulatory sproblem in an alternative setting and reproduce these results. Our contribution is the simplicity of the model and the accessibility of the results, which reinforce the critical role played by the assumed structure of uncertainty.     

Research on the Role of SCM in China Dairy Firms

In this paper, we investigate supply chain management （SCM） in China dairy industry. The result shows that it can make enterprises cut the expenses and raise the efficiency by implementing of SCM. However, compared with other enterprises which do not implement SCM, those companies which have implemented SCM have not received the anticipated benefit. The reason is that those companies usually implement vertical integration before SCM. This practice normally saves the information cost while increasing the operation cost. it is very difficult to implement SCM system among domestic enterprises that have only business relationship. It is a new subject that the industry faces to implement the SCM by combining each related enterprises of the business together, based on the analysis of vertical integration suiting to enterprise＇s own situation.     

跨国子公司战略角色演进机制及其启示

近年来,随着海外子公司在跨国公司整体发展中的作用日益重要,对海外子公司成长的研究成为新的研究重点.本文分析了跨国子公司角色演变的动因及选择机制,指出子公司战略地位的提升必然影响到跨国公司母子关系的演变;提出处于优势地位的跨国子公司完全有可能成为跨国公司竞争优势的来源,跨国公司应重新建立对海外子公司的控制管理机制,及时转变母公司的全球战略;并为中国跨国公司在海外的投资及战略选择提供些许参考.     

The Role of Multinational Corporations and National States in the Globalization of Innovatory Capacity: The European Perspective

The recent ability of multinational corporations (MNCs) to develop integrated technological networks, increasingly motivated within Europe by the further progress of economic integration, is argued to affect and be affected by national technological competitiveness. This paper examines the precise geographical dispersion of technological activity in Europe by the largest MNCs, and the potential impact of those MNCs on the level and structure of the technological capacity of European home and host countries, using data on patents granted to the world largest firms in the US. Since the late 1980s, the majority of the technological activity conducted in foreign-owned research facilities located in Europe, has taken place in affiliates of European-owned companies. This paper examines whether the much higher degree of internationalization of corporate technology in European MNCs than in their US or Japanese counterparts is attributable to cross-border activity within Europe, or extends to European-owned research facilities in the US and Japan. While intra-European activity matters more for Dutch, Belgian and Swedish MNCs (and in the electrical equipment and computing industries), whose strategies are substantially based on corporate European integration, investments in the US are of greater significance for French and Swiss companies, and of the greatest importance for German and British firms (and in the chemical and pharmaceutical industries), representing a more widely 'globalized' technological strategy.     

基于不同投资动机的跨国服务企业FDI学习效应研究

在跨国服务企业已成为FDI主体和FDI动机日益凸显的背景下,文章通过引入沟通成本因子在理论层面考察了不同投资动机的跨国服务企业的FDI学习效应,并利用美国跨国服务企业的样本数据,分别基于母国和东道国视角进行了动态面板GMM检验.研究表明:寻求效率的跨国服务企业存在显著的FDI学习效应,而市场寻求型FDI的学习效应不存在;企业自身及东道国较高的研发水平能够促进效率寻求型FDI的学习效应,但东道国的经济发展水平具有抑制作用;与制造业的比较发现,制造业跨国企业不存在FDI学习效应,但内外部因素对其FDI学习效应的现实影响与服务领域基本一致.文章结论对于我国政府今后支持服务企业“走出去”的战略选择以及提高国内服务业的发展水平和国际竞争力具有一定的启示.     

The Role of Multinational Corporations and National States in the Globalization of Innovatory Capacity: The European Perspective

The recent ability of multinational corporations (MNCs) to develop integrated technological networks, increasingly motivated within Europe by the further progress of economic integration, is argued to affect and be affected by national technological competitiveness. This paper examines the precise geographical dispersion of technological activity in Europe by the largest MNCs, and the potential impact of those MNCs on the level and structure of the technological capacity of European home and host countries, using data on patents granted to the world largest firms in the US. Since the late 1980s, the majority of the technological activity conducted in foreign-owned research facilities located in Europe, has taken place in affiliates of European-owned companies. This paper examines whether the much higher degree of internationalization of corporate technology in European MNCs than in their US or Japanese counterparts is attributable to cross-border activity within Europe, or extends to European-owned research facilities in the US and Japan. While intra-European activity matters more for Dutch, Belgian and Swedish MNCs (and in the electrical equipment and computing industries), whose strategies are substantially based on corporate European integration, investments in the US are of greater significance for French and Swiss companies, and of the greatest importance for German and British firms (and in the chemical and pharmaceutical industries), representing a more widely ‘globalized’ technological strategy.     

论政府在企业保值中的作用

企业的保值程度决定了其可持续发展的能力。企业保值包括资产保值和资本保值两个方面的内容。二不可域缺，并且资产保值是资本保值的基础。企业保值与否不仅受企业自身行为的影响，而且还受国家宏观经济政策的影响。由于我国政府与企业的特殊关系以及我国特殊的会计管理体制，财政政策在企业保值中一直在起着非常重要的作用；税收政策和信贷政策对企业保值的影响也不容忽视。研究这些宏观经济政策对企业保值的影响，不仅有助于认清我国企业目前保值不足的深层次原因，而且有助于根据这些原因，采取不同的、积极的宏观经济政策，为企业保值创造条件，从而推动国有企业的改革向纵纵探发展。     

The Role of Market Orientation and Entrepreneurial Orientation for New Product Development Performance in Manufacturing Firms

The overall purpose of this article is to examine the relationships between two strategic orientations and performance in new product development. The first orientation considered is market orientation; the second one considered is entrepreneurial orientation, which reflects a firm's propensity to innovate, to be proactive, as well as its willingness to take risks. Drawing upon a sample of 224 mid-sized manufacturing firms, multiple regressions with and without interaction terms were used for testing seven hypotheses. The results show that a market orientation and innovativeness were positively related to performance in new product development, while proactiveness and risk taking show no such relationship. The results also show that neither product characteristics nor environmental characteristics moderate these relationships. In terms of implications, our results suggest that contradictory and to some extent paradoxical capabilities are needed to increase performance in new product development, and that the different components of an entrepreneurial orientation do not impact new product development performance equally.     

论跨国公司的垂直专业化发展

垂直专业化是跨国公司推行全球化和本地化的一种典型战略演变。本文以跨国公司垂直专业化的实现模式,其在外部和内部引起的一系列变化及垂直专业化发生的理论依据进行了分析,对我国企业的战略反应做了有益的探索。     

跨国研发网络中研发单元的角色演变——以华为公司为例

采用1999—2015年华为公司PCT专利数据,运用社会网络分析方法构建分阶段的跨国研发网络模型,考察研发单元在网络中所扮演的角色,并着重探究守门人角色的演变路径。分析结果表明:华为公司跨国研发网络内的研发单元各自扮演着不同角色,但尚未明显地涌现外部导向型研发单元;除不活跃研发单元外,守门人与内部导向型研发单元构成了跨国研发网络中的主体;研发单元守门人角色的形成主要遵循"不活跃单元-内部导向型-守门人"的路径。通过识别华为公司跨国研发网络中研发单元角色的演变路径,可为企业在研发国际化实践中制定知识获取策略提供经验借鉴。     

相对估价法在上市公司价值评估中的应用研究

文章对相对估价法(比率估价法)在中国上市公司价值评估中的实用性与局限性进行了研究.首先,比率对流通市场的公司市值评估和对公司总市值评估结果不尽一致,其准确性有高有低;其次,对现金流及等价物的调整,增加了流通市场基于利润的比率定价的准确性,但对总市值的评估准确性没有更大的贡献;最后,采用预期收益要比当期收益会使市盈率定价更准确.     

企业债务重组相关问题探讨

本通过对企业债务重组现状的分析,指出了其存在四个方面的问题,并对这四个问题进行详细的论述,然后又针对所指出的问题,提出了具体的解决办法和配套措施－－合理确定债务重组的对象和范围;建立相应的中介机构,规范政府行为;关于债务重组中重组损益及所得税的会计处理等。通过对这些问题的探讨,使债务重组真正地发挥其积极折作用和效果,能够减轻企业负担,帮助国有企业脱困,促进整个国民经济的发展。