外资银行贷款与中国企业国际化——基于我国上市公司的经验证据

本文检验了外资银行贷款与中国企业国际化程度之间的关系.利用2001-2013年我国A股上市公司数据,本文发现获得外资银行贷款企业的国际化程度更高,并且这一效应在金融市场化水平高的地区更强.本文还进一步考察了外资银行贷款影响企业国际化的作用路径,发现高声誉的外资银行更能提升企业的国际化程度,并促进中国企业在发达国家或地区开展国际化.本文的结论有助于理解外资银行进入后的作用体现及其机制,同时也将国际化进程理论引入到金融研究领域.     

New Firms and Regional Employment Change

This article analyzes the relationship between regional start-up activities and employment change in subsequent years for the West German planning regions. I find that the number of start-ups in a particular region is determined to a high degree by the prevalent sectoral structure. To eliminate this influence sectorially adjusted new-firm formation rates are calculated. These rates reflect a clear core-to-periphery decline. The relationship between the level of regional start-up activities and employment change comes out to be rather weak. In contrast to the common wisdom the coefficients for the impact of the entry rate on regional employment indicates a negative contribution of regional start-up acitivities.     

Origin of Foreign Direct Investment and Firm Performance: Evidence from Foreign Acquisitions of Chinese Domestic Firms

Using a newly created panel of domestic Chinese firms who receive foreign direct investment (FDI), this paper finds that Organisation of Economic Cooperation and Development (OECD)‐acquired firms outperform those acquired by investors from Hong Kong, Macao and Taiwan (HMT). To control for possible endogeneity of the FDI decision, I employ propensity score matching combined with a difference‐in‐differences approach. The results indicate that relative to HMT‐acquired firms, OECD‐acquired firms experience significantly higher productivity in the initial year of acquisition and this productivity differential persists in subsequent years, reaching 27.8 per cent by the third year. Further, OECD‐acquired firms exhibit higher profits, average wages and capital per worker compared to HMT‐acquired firms. These results suggest that the origin of the foreign investor differentially affects target firm performance.     

Foreign Investment in Accounting Firms

According to Catalogue for the Guidance of Foreign Investment Industries promulgated by the State in 2002, Sino-foreign cooperatives and partnerships in accounting and auditing firms are allowed while equity join venture and wholly foreign- owned accounting and auditing firms are not allowed.     

外资律师行中国风雨路

目前，中国律师业仍然采用或多或少限制准入及保护本土法律服务市场的管理政策。中国已经加入WTO，适时开放中国法律服务市场，兑现入世承诺，已成为国内监管层面临的重大课题，也是中国律师业健康发展的趋势和保障！     

Foreign Investment in Establishing Law Firms

1. A representative office of a foreign law firm in China and its representatives may engage in the legal services.
2. A representative office and its representatives shall engage in the following legal activities excluding Chinese legal affairs：     

Strategic Contracting in China for Foreign Firms

There is serious debate within the global business community regarding the value of the Chinese court system and written business contracts in China. One side asserts the validity of such contracts and that Chinese courts are good at enforcing them. The other side argues the contrary. Using data from several sources, we demonstrate that the legal system and well‐written contracts do, in fact, matter in China. This article also recommends how contracts can be structured and strategically used to make doing business in China and with Chinese firms more predictable and efficient. © 2015 Wiley Periodicals, Inc.     

Daimler-Chrysler China''s Sustained Growth Benefits Foreign Firms

China's focus on the sustainable development and efficient usage of natural resources echoes Daimler-Chrysler's idea of long-term growth, Li Jie, Vice-President of Daimler-Chrysler China Ltd. (DCCL), said recently in Beijing.     

Foreign Ownership and Performance: Evidence from Italian Firms

This paper studies the impact of foreign ownership on a firm’s economic performance. We use a unique panel data set to test the foreign ownership premium by comparing our sample of firms based in Italy and owned by a foreign subject to a sample of purely domestic firms that, in order to have a proper counterfactual, were selected using propensity score matching. Our difference-in-differences results show the existence of a premium for the size, profitability, and financial soundness of the foreign-owned companies. The premium increases with time, is concentrated in the service sector, and disappears if the foreign investor is based in a fiscal haven.     

Employment Growth Determinants in New Firms in Eastern Germany

The unification of both Germanies and the introduction of the market economy in eastern Germany came as a shock to existing firms and led to an enormous boom in the establishment of new firms. The first section of this paper shows that during the period under observation (January 1991--June 1995) the number of firms nearly doubled and in 1995, nearly 50% of all jobs were to be found in firms established after 1991. Shortly after unification, a kind of "start- window" existed during which the conditions for establishment, growth and survival of firms were extraordinarily good. The next section deals with the determinates of the growth of these newly founded firms. Most determinants have been selected on the basis of the most recent studies by Brüderl, Preisendörfer and Ziegler (1996), and Storey (1994). The analysis included not only establishment characteristics but also strategic factors such as the technological status of the establishment, the proportion of sales in interregional markets, and a corporate competitive strategy indicator. A comparison of these results with other studies shows that the determinants that affect employment growth in new firms in eastern German are apparently the same as in western Germany and Britain, albeit to different extents.     

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.     

中国对外经贸的就业效应分析

我国作为发展中国家 ,改革开放后的对外经贸得到蓬勃的发展 ,大大促进了国家经济的增长 ,同时也对我国的劳动就业产生了巨大的影响。本文依据统计资料对我国对外开放政策的就业效应进行分析 ,以期从中得到一些有益的启示。     

Internationalization of Chinese Entrepreneurial Firms

This article uses the resource‐based and internationalization theories to explain the export behavior of Chinese entrepreneurial firms. Based on multiyear data on Chinese firms from the Global Entrepreneurship Monitor (GEM), we show that contextualized resource‐based theory can adequately explain some of the variation in export behavior among young Chinese firms. Exports by small Chinese firms are driven by the social and intellectual capital of the entrepreneur and their entrepreneurial proclivity, and the innovativeness/uniqueness of the product/offering. © 2013 Wiley Periodicals, Inc.     

Foreign, Private Stake to Rise in Financial Firms

China will gradually boost overseas participation in its financial industry and move to more flexible systems of interest rates and foreign exchange in the next five years. The country is scheduled to raise the ratios of stakes foreign and private funds can invest in small- and medium-sized financial companies at a ＂proper＂ pace from 2006 to 2010, said Zhou Xiaochuan, China＇s central bank governor.     

Managerial and Organizational Learning in Chinese Firms

This investigation has thrown light on ways in which international joint ventures (IJVs) are addressing the issues of balance between the need to learn the knowledge and management practices introduced by the other partners and the need for the partners to maintain that level of control which enables them to secure appropriate returns from their equity investment. The results from the investigation of 67 IJVs show equity can be used as an appropriate indicator for examining both the process and the outcome of learning embedded in the organization. They also suggest that the control leveraged from a majority equity share can be used to safeguard knowledge and competencies whilst simultaneously responding to the necessity to incorporate the knowledge and management practices of its partner. Learning achieved in an IJV may not necessarily relate only to the control mechanisms exercised as there are many other variables that may have an impact including attitudes, cultural capital building, or even government policy. This study thus highlights the relationship between the impact derived from the ways of committing the resources onto an IJV and its contribution to the learning achieved in an IJV.     

外资并购中国上市企业的动因研究——基于目标企业的视角

文章以1998～2007年外资并购上市公司的事件为研究样本,从目标企业的视角分析了外资并购的动因。研究发现:外资并购通过内部资本市场的构建形成了财务协同效应,所以财务协同效应应该是外资并购的主要动因之一;外资并购并非持投机性的动机,而应该是以投资性并购为主要动因;作为投资性的外资并购,外资在快速进入东道主国市场后,具有雪藏目标企业品牌、推广自有品牌的动机。     

境内企业兼并重组的影响因素研究——基于外资并购股权结构的分析

本文从外资并购股权结构层面,分析所有制与市场化对我国境内企业兼并重组的影响。实证检验表明:第一,并购国有企业促使外商投资者降低并购股权水平;当外商投资者采取高标的并购股权水平时,这种负相关更显著。第二,市场化与外商投资者的并购股权水平存在非线性U型关系,但这种U型关系主要存在于并购非国有企业的情况,而并购国有企业时市场化与外商投资者的并购股权水平只存在线性负相关;当外商投资者采取高标的并购股权水平时,相应的U型关系与线性负相关比较显著。第三,来自港澳台与非港澳台的投资者在并购国有企业时都会降低并购股权水平,但这种行为对来自非港澳台的投资者更突出;市场化与并购股权水平的U型关系对来自港澳台的投资者而言显著存在,但这种U型关系对来自非港澳台的投资者而言只得到局部验证。