Exchange rates and ownership structure of Japanese multinational firms

This paper investigates the determinants of Japanese multinationals’ ownership structures. Unlike most previous studies that neglect the impact of financial constraints on ownership, we add the exchange rate as a measure of wealth and test whether exchange rates affect the ownership share of foreign direct investment projects. After controlling for other variables that affect ownership, we find that exchange rates have a significant effect on the likelihood of wholly owned subsidiaries. We also discuss several other explanations for the link between exchange rates and foreign direct investment and provide evidence that the link stems from capital-market imperfections.     

Capital Account Liberalisation by China and the Effects on Global FDI and Trade

We model the partial liberalisation of the capital account by China using a dynamic computable general equilibrium model of the world economy. Our results indicate that a reduced capital controls on foreign direct investment (FDI) would lead to a significant increase in FDI capital in China and a significant reduction in the cost of capital in China relative to the rest of the world. Furthermore, we observe an increase in capital stocks in most regions, which benefits most regions in terms of GDP and GNP. The Chinese economy grows by 3.3% driven by a significant fall in the rental price of capital that, in turn, lowers domestic costs, causes a real depreciation of the exchange rate and thus increased exports relative to other regions. We also observe an across-the-board increase in the saving rate driven by the rise in the price of consumption relative to investment (saving) in all regions.     

我国企业跨国经营的优劣势分析

就一般规律而言,跨国经营是一个国家加入WTO后经济发展的必然趋势,因此,适应经济全球化和加入WTO的形势,我国企业应实施跨国经营战略,在更大范围、更广领域和更高层次上参与国际经济技术合作和竞争,充分利用国际国内两个市场,优化资源配置,拓展发展空间。本文希望通过对跨国经营企业的竞争优势和劣势的分析,为企业制定跨国经营战略提供思路。     

试论跨国采购风险管理与企业社会责任

众多跨国公司越来越重视研究跨国采购的风险管理。而企业社会责任风险这种近年来日益明显的风险,正在成为跨国采购风险管理中越来越重要的组成部分。本文将主要分析如何识别和管理跨国采购的一般风险,尤其是如何判断和防范社会责任风险。同时跨国采购中的社会责任风险管理也正在极大地影响着我国的跨国采购供应商,本文也将分析我国供应商如何应对跨国公司的这类采购风险管理。     

Separation of ownership and control for Chinese listed firms: Effect on the cost of debt and the moderating role of bank competition

This research investigates the effect of the separation between firm ownership and control on the cost of debt, with attention to the moderating role of state ownership and bank competition. We make use of a sample of 1744 Chinese A-share firms for the years 2011–2017. We find that separation between ownership and control is positively associated with the cost of debt. This is consistent with the view that separation of control from ownership allows controlling shareholders to engage in tunneling and other behaviors that increase the risk of default. State ownership weakens this positive link because government debt guarantees mitigate the risk of default. Greater competition in the banking industry generally reduces the cost of debt for non-state enterprises while having no effect for state enterprises. At the same time, greater bank competition amplifies the positive effect of ownership and control separation on debt cost for non-state enterprises as banks must still cover the higher default risk. Finally, the global financial crisis raised the cost of debt for non-state enterprises but had no effect for state enterprises.     

跨国公司在粤设立地区总部的现状及对策研究

跨国公司在东道国设立的地区总部对当地的总部经济发展具有重要的意义。本研究通过访谈调查和问卷调查研究发现,跨国公司在粤设立的地区总部存在数量少、母国属地中发达国家少等问题,而影响跨国公司总部选址的主要因素则有政策导向、人才与研发、基础设施与专业服务配套、区位优势与国际化平台,本文在以上研究的基础上提出了若干吸引跨国公司来粤设立地区总部的对策建议。     

Foreign production and international hedging in a multinational firm

This paper presents a model of a risk-averse multinational firm under exchange rate risk. The firm, which owns and controls assets in two countries, is engaged in foreign production, sales, and foreign currency forward contracting. The implications of the existence of forward markets in global market decisions are discussed. It is shown that a separation theorem holds. The optimal hedging behavior is also discussed.     

城市大气中烟尘污染的防治研究进展

城市大气烟尘污染日益严重。防治烟尘污染成为控制大气污染工作的一项重要举措。从城市大气烟尘污染的特征,危害,大气烟尘污染源和污染物,烟尘污染的类型和模式进行阐述,为大气烟尘污染控制提供依据。     

Factors affecting trust between Korean IT firms and their Chinese counterparts

Trust is important in that it facilitates relational exchanges by permitting partners to transcend short-run inequities or risks to concentrate on long-term profits or gains. This study investigates what factors affect the trust between distribution-channel members, principally those between Korean IT firms and their exporting partners in China. We suggest that factors affecting trust include reputation, size, expertise, length of the relationship, communication, and satisfaction with previous outcomes of conflict episodes. Data were collected through a survey of 128 Korean IT firms, which have export-transaction relationships with Chinese buyers. The data strongly support the research hypotheses. As hypothesized, the results of data analysis show that reputation, communication, and satisfaction with previous outcomes tend to enhance trust. Additionally, we noticed that trust seems to decrease as the experience of conflict episodes increases.     

公司创业投资与企业控制权配置： 基于技术契合视角

控制权配置是创业企业治理的核心问题,公司创业投资母公司与被投资企业间的技术契合水平是影响创业企业控制权配置的重要因素。基于不完全契约理论,文章构建公司创业投资者与企业家不同控制权收益影响下创业企业控制权配置数理模型,分析技术契合水平对创业企业两类控制权配置的作用机理,并提出研究假设。文章运用公司创业投资支持的97 家上市企业3 年非 平衡面板数据,通过随机效应模型检验我国公司创业投资母公司与被投资企业间技术契合水平对创业企业两类控制权配置的影响。结果表明,当公司创业投资者战略收益较小、创业企业家私人收益较大时,双方技术契合度与公司创业投资者获得的剩余控制权呈非线性倒U 型关系;当公司创业投资者战略收益较大,创业企业家私人收益较小时,双方技术契合度与公司创业投资者获得的剩余控制权呈非线性U 型关系;公司创业投资者获得的特定控制权与双方技术契合度正相关。     

One country, two systems: Foreign-invested enterprises and domestic firms in China

This paper shows that there is a dualist legal regime in China in that different bodies of laws and regulations apply to foreign-invested enterprises (FIEs) from those that apply to domestic firms. In general, the legal and regulatory treatments of FIEs are superior to those that pertain to domestic firms, especially domestic private firms. The dualist nature of China's legal regime is designed to insulate the economy from full effects of foreign direct investment (FDI) as well as to protect socialism.     

黑龙江省畜禽排泄物污染现状分析及对策

重视畜禽排泄物污染问题是黑龙江省实现畜牧业可持续发展的前提。随着养殖规模的不断扩大，畜禽排泄物的量将大大增加，相应地给水源和土地带来的压力也会越来越大。因此，为了促进畜牧业与环境协调发展，文章在分析黑龙江省畜禽排泄物污染现状的基础上，提出必须从实际出发，运用行政手段、法律手段、经济手段、技术手段等对畜禽排泄物污染加以控制，以实现畜牧业又快又好地发展。     

排污权交易制度理论问题研究

排污权交易是一种以市场为基础保护环境的手段,相对于传统的行政控制手段,其既能促进经济发展,又能实现环境和资源保护之目的。本文简要介绍排污权的基本内容、核心价值和理论基础,阐述了排污权交易制度在中国构建的必要性及其条件。     

Towards a welfare model of trade and multinational firms with oligopolistic competition

This paper constructs a general equilibrium model in a world with two-symmetric countries. It explains welfare gains from international trade and horizontal Foreign Direct Investment (FDI) in the economy with firm heterogeneity and variable markups stemming from oligopolistic competition. My model shows that the pro-competitive effects of trade and horizontal FDI happen because trade openness induces an increase in product market competition that reduces markups and toughens selection, increasing aggregate productivity. The most significant contribution of the paper is that multinational firms, via horizontal FDI, produce the most significant welfare gains through the toughest selection and lowest markups.     

Foreign Multinationals and Local Firms in Vietnam's Economic Transition*

This paper compares the economic performance of foreign multinational corporations (MNC) and local firms in Vietnam, distinguishing between two distinct types of local firms: state‐owned enterprises (SOE) and non‐SOE. Between the mid‐1990s and 2000, foreign MNC in Vietnam's economy grew very rapidly, but their growth has been much slower thereafter. Consistent with the theoretical suggestion that MNC possess relatively large amounts of firm‐specific assets related to production technology, marketing networks and management know‐how, these comparisons suggest that foreign MNC were generally larger and had higher labor productivity, capital intensity, wage levels, investment propensities and trade propensities than non‐MNC. On the other hand, foreign MNC tended to have relatively low capital productivity and wage shares of value added, while results regarding profitability were mixed. In general, these differentials tended to be relatively small between foreign MNC and SOE, and SOE tended to be larger than foreign MNC in terms of employment. Correspondingly, comparisons of foreign MNC with non‐MNC generally revealed more consistent differences, largely because the local private sector is still very underdeveloped in Vietnam.     

重庆企业跨国投资与资本运营研究

重庆企业积极实施“走出去”战略,对于推动重庆市开放型经济建设,使重庆市企业有效利用国外自然资源和科技资源,贴近国外市场,带动重庆出口,在全球分工格局中占据有利地位;并可推进重庆市工业结构调整和产业升级,使重庆市企业和经济都上一个新台阶具有重要的理论意义和实践意义。     

黑龙江省畜禽排泄物污染现状分析及对策

重视畜禽排泄物污染问题是黑龙江省实现畜牧业可持续发展的前提.随着养殖规模的不断扩大,畜禽排泄物的量将大大增加,相应地给水源和土地带来的压力也会越来越大.因此,为了促进畜牧业与环境协调发展,文章在分析黑龙江省畜禽排泄物污染现状的基础上,提出必须从实际出发,运用行政手段、法律手段、经济手段、技术手段等对畜禽排泄物污染加以控制,以实现畜牧业又快又好地发展.     

Budget Structure and Pollution Control： A Cross-country Analysis and Implications for China

In the published literature, the differences in environmental performance across countries are typically explained using the Environmental Kuznets Curve. The Environmental Kuznets Curve states that pollution initially increases with economic growth. Once GDP per capita reaches a certain level, the relationship reverses. In the present paper, we provide an alternative hypothesis, where budget structure plays an important role in explaining the variations in pollution across the world.＂ the lower the business-related taxes as a share of total tax revenue, the higher the property tax in total tax revenue and the higher the ratio of public health expenditure in total expenditure, then the stronger the incentive of pollution control and the lower the pollution level. Our empirical findings reveal that the budget structure does have an important impact on pollution control. The policy implication of this research is that effective control of environmental pollution requires changes in tax structure and expenditure assignment. This research has important policy implications for China ＂s tax system reform and pollution control efforts.