The Location Choices of Multinational Firms: The Role of Internationalisation Experience and Group Affiliation

This paper investigates whether location choices of multinational firms depend on their past export, import or Foreign Direct Investment (FDI) experience on foreign markets or the experience of other affiliated firms. Regardless of locations' characteristics, we find that exporting in a given country, and to a smaller extent importing from it, significantly increases the probability of investing in that particular country the following year. This preliminary exporting phase appears more important for firsttime investors. Moreover, location choices not only depend on the investor's own international experience, but also on the international experience of other affiliated firms: firms tend to invest in countries where the group already exports or owns a local affiliate. These last findings suggest the existence of coordinated strategies and/or information sharing between affiliated firms.     

Attributes of Foreign Subsidiaries and the Location Strategy of Multinational Firms in Global Cities in Latin America

International business research has recently honed in on the subnational dimension of multinational enterprises (MNEs), particularly the city level. Through a binomial logistic regression of data from 254 foreign subsidiaries of 10 Latin American global cities between 2006 and 2012, we found that specific attributes of the firm related to the industrial sector, subsidiary control, and ownership level have a positive effect on the location choice in cities. In addition, we found that in the previous period and during the international financial crisis, MNEs exploited their internalization advantages more intensely by exerting greater control over their subsidiaries in global cities.     

Locational Choice,Performance and the Growth of British Multinational Firms

This paper examines the role played by Canadian chartered banks in the banking crises that occurred in the United States during the period from 1870 to 1914. The particular hypothesis investigated is whether Canadian chartered banks, through their US branch offices, increased their share of total US deposits during these crisis periods because they were perceived as being relatively safer than US banks. Strong empirical support is found to support the hypothesis. This finding may help to explain the large presence of Canadian chartered banks in US financial markets. The reputation for stability that these banks earned during this period undoubtedly facilitated their expansion into the US market.     

区位、贸易与空间经济学的发展

人类的经济活动,无不在特定的地理空间内发生和展开。一方面,企业对生产区位的选择和聚集,形成了经济的具体空间结构;另一方面,既定的空间结构影响和制约着企业对生产区位的选择。文章通过对空间经济学理论的梳理,比较分析了三个主要的空间经济模型。在此基础上,研究了企业聚集、贸易与经济增长之间的紧密联系。最后,文章提出了空间经济学中有待解决的问题,以及对这些问题应该持有的态度。     

Malaysian Multinational Firms and the Management of their Subsidiaries

There are limited studies on multinational enterprises from lesser developed and smaller Asian countries and even less attention given to the area of subsidiary management in Asian firms. This article contributes to this knowledge gap with empirical evidence from a study of nine case studies of firms from Malaysia, a rapidly developing country. Differences as well as commonalities in the management of their subsidiaries were found among sample firms. These findings are discussed in relation to the literature on management of subsidiaries in other Asian and developed countries’ firms. Implications for research and limitations of the study are covered.     

制度分割、产业集群与跨国公司区位

当前,产业集群快速发展,并已成为跨国公司的新区位,对文献的回顾也证明集聚经济已成为跨国公司新的优势来源。本文从经济组织角度研究了产业集群对于跨国公司区位的意义,特别注重制度分割对于产业集群的组织属性、效率边界及演进动力的作用,以及这种作用对于跨国公司区位的影响。最后提出发展中国家应以制度分割推进产业集群建设来制定引资战略的政策建议。     

Taxation of Foreign Profits with Heterogeneous Multinational Firms

This paper analyses optimal taxation of foreign profits using a model with heterogeneous multinational firms that serve a foreign market through exports or foreign direct investment (FDI). If a firm switches from exporting to FDI, domestic activity and tax payments may decrease, stay constant or even rise because of intra‐firm trade. It turns out that, in contrast to recent claims, in all three cases, the optimal tax system implies full taxation after deduction of foreign tax payments. If the country accounts for the effects of its policy on the foreign price level, the case for taxing foreign income becomes even stronger. However, the globally optimal tax system may require exemption of foreign income from tax.     

贸易自由化、产品组合与中国多产品出口企业

本文以Mayer et al.(2014)的理论模型为基础,将贸易自由化影响中国多产品企业的因子加入到模型中,首次分析了双边贸易自由化进程对中国多产品出口企业产品组合的影响。使用2000年到2006年间中国工业企业数据库和中国海关数据库配对数据进行实证研究,结果表明:国内和国外关税水平的下降加剧了企业产品组合的"倾斜效应",使得中国多产品出口企业更多地出口其更具竞争优势的产品。     

我国企业跨国经营的区位选择

随着我国加入WTO,我国企业的跨国投资已经进入了一个新的时期。现阶段,联系我国经济的 发展阶段,结合企业所处地位以及发展战略,对企业跨国经营区位选择的决定因素进行探讨,提出一些 有益于我国企业跨国经营的区位选择建议,无疑具有深刻的理论和实践意义。     

Firm R&D,Processing Trade and Input Trade Liberalisation: Evidence from Chinese Firms

This paper examines the impact of input trade liberalisation on firm R&D activity by taking China's accession to the WTO as a quasi‐natural experiment. Different from ordinary imports, processing imports in China enjoy zero tariffs and are not affected by input trade liberalisation due to the WTO accession. The paper uses disaggregated firm‐level production data and transaction‐level trade data to perform difference‐in‐difference analysis by taking processing import firms as a control group. An intensive empirical search shows that after China's accession to the WTO, input trade liberalisation fostered firm R&D significantly. The findings are robust to different measures and various empirical specifications.     

贸易成本、异质性企业与扩大内需:理论框架与中国经验

扩大内需是现阶段稳定我国经济增长的关键因素之一。在现有异质性企业模型的基础上,本文通过建立一个异质性企业选择模型阐述了贸易成本对内部需求的影响机制。该模型表明贸易成本是影响企业国内外市场选择行为的关键因素,政府可以通过调节企业的相对贸易成本来实现扩大内部需求的目标。同时利用我国工业企业层面的数据,对模型进行了实证检验,检验结果符合理论模型的基本预测。     

跨国投资与服务贸易比较优势

跨国投资与服务贸易之间的关系在发达国家和发展中国家表现迥然不同。由于发达国家具有服务业的比较优势,外国直接投资有很大比例流入服务业部门,增加了其服务业的资本,增强了其在服务业的比较优势;而发展中国家的服务业不具备优势,流入的外资大多投向其他部门,使其他部门的优势增强,增加了服务进口,降低了发展中国家在服务业的比较优势。通过建立一个计量回归方程,用12个发达国家和11个发展中国家的相关数据,检验了外国直接投资对服务贸易显示比较优势指数的作用,证实了跨国投资对服务贸易的影响在发达国家和发展中国家确实存在差异。对发展中国家来说,控制利用外资水平和正确引导外资投向是非常必要的。     

贸易自由化、产品转换与多产品出口企业

本文利用2000年到2006年中国制造业出口企业的数据对此期间中国制造业出口市场的产品转换状况进行了分析,并在中国加入WTO的背景下,分析了以最终产品关税以及中间投入品关税水平下降为主要形式的贸易自由化对企业进行产品转换行为的影响。结果表明:在中国制造业出口市场上,大量企业存在产品转换行为,以关税下降为主要特征的贸易自由化政策对企业的产品转换行为确实有促进作用。     

跨国公司内部贸易的几点思考

<正> 第二次世界大战以后,跨国公司发展十分迅速,据有关统计资料显示,全球目前约有6.3万多家跨国公司,其分支机构约有69万家,几乎遍布全球的每一个角落。跨国公司在经营过程中,实行全球战略和公司内部“一体化”,不仅促进了公司     

跨国公司内部贸易探析

当今1/3的国际贸易产生在跨国公司内部。本文从当代跨国公司内部贸易的地区、行业等现实状况分析出发,进一步分析和探讨国际生产一体化、全球投资自由化、跨国公司战略联盟等因素对跨国公司内部贸易发展的影响以及跨国公司内部贸易对东道国的经济影响。     

外贸企业如何规避金融风险

国际贸易和国际金融越来越成为重要的经济活动，国际间的汇率变化等金融因素，对于国际贸易的影响越来越大。因此，如何规避金融风险愈来愈成为以国际贸易为主的企业，尤其是中小型外贸企业关心的头等大事。     

跨国公司内部贸易的研究

目前跨国公司的内部贸易在世界贸易中的地位日益突出。跨国公司内部贸易将交易由外部市场实施转移到内部市场实施，实现了节约交易成本、调节成员间利益、实现资源配置。资产垄断、推动经济发展的功能，保证了跨国公司总体利益最大化。