基于权衡模型的跨国公司资本结构的决定因素分析

跨国公司资本结构问题是国际金融微观领域的研究热点 ,但目前国内研究对此鲜有涉及。本文着重研究了跨国公司资本结构决定的问题 ,在概述了权衡理论的基本思想并考虑了跨国公司经营环境与国内企业的差异后 ,提出基于权衡模型的跨国公司资本结构决定机制的分析框架 ,进而深入研究了跨国公司资本结构的决定因素 :负债节税价值、破产成本和代理成本。     

跨国公司对我国汽车合资企业控制分析

跨国汽车公司以国际直接投资(FDI)方式建立合资企业是我国汽车产业利用外资的主要形式.在实际运行中,股权比例的安排并不等于实际控制权的分配,合资企业对合资双方相关资源依赖性的强弱决定了合资双方的实际控制权.跨国汽车公司借助技术垄断优势,通过双方合资时的约定或日后实际运作中的设计安排,以非股权约束的方式来实现对合资企业的实际控制.     

从国际经济学理论视角看企业竞争优势——兼议国际经济学优势思想的演进

本文通过回顾和分析国际经济学中国际贸易理论和国际直接投资理论优势思想的发展和]进,说明了理论研究可以通过对各种市场结构的细分,把优势分析引入到企业内部,并通过对分工、市场结构与交易费用之间的矛盾关系的深入研究,探讨内生优势与外生优势之间的对立统一关系,而企业竞争优势的培育则是一个建立在企业自身独特能力基础上的、综合利用企业内外部各种比较优势的动态累积发展过程。     

Financial acumen, women speculators, and the Royal African company during the South Sea bubble

Price bubbles provide a unique opportunity to study the financial acumen of shareholders. We focus on the 1720 South Sea episode as experienced by the Royal African Company whose stock was more speculative than other joint stocks. During 1720 the company had a new large stock issue. This paper examines the financial acumen of those women who traded senior and engrafted stock across 1720. We find that depending on the pricing regime, these women at worst broke even on their activities or had positive speculative gains. Our findings are consistent with a growing literature on the positive link between gender, capital gains and financial markets.     

Understanding MNEs׳ decline in the adoption of locally developed technology standard in China: A positioning and cognitive perspective

Asian countries are becoming more and more active in participating technology standard development. In this paper we study the impact of this change on multinational enterprises (MNEs) using the case of TD-SCDMA, an international technology standard of 3G mobile communications. During the development of this technology standard, MNEs׳ market share dropped dramatically. A major contribution of this study is analyzing the underlying mechanism governing MNEs׳ interpreting TD-SCDMA as a threat rather than an opportunity by integrating two streams of literature. We also discuss the possible strategies for MNEs to maintain their market leadership position when local firms are able to lead international technology standard development.     

Location choice in low-income countries: Evidence from Japanese investments in East Asia

Unlike most existing studies, this paper examines the location choices of multinational enterprises (MNEs) in low-income countries. Specifically, we investigate the location choices of Japanese MNEs among East Asian developing countries by estimating a four-stage nested logit model and a mixed logit model at the province level. Our findings are as follows. First, Japanese MNEs consider Cambodia, Laos, Myanmar, and Vietnam to be host countries different from China and the forerunners of ASEAN. In other words, for Japanese investors, ASEAN forerunners are countries replaceable by China. Second, the mechanics of vertical FDI are more likely to appear in FDIs in low-income countries. For example, rather than the market size of the host country, tariff rates on products from investing countries are more crucial location elements.     

Wage Differentials among Ownership Groups and Worker Quality in Vietnamese Manufacturing

Wholly foreign multinational enterprises (WFs), joint-venture multinationals (JVs), state-owned enterprises (SOEs) pay higher wages than domestic private firms in Vietnamese manufacturing. In large samples of medium–large (20+ employees) firms, conditional differentials accounting for worker education and occupation, as well as capital intensity, size, and shares of female workers, were substantially smaller, but positive and significant. Wage levels and differentials varied substantially among industries. Conditional differentials remained positive and significant for WFs and JVs in most of the 11 industries examined, but estimates of SOE-private differentials were insignificant in most industries. Robustness checks using 2007 data yielded similar results.     

Corporate Multinationality and Acquirer Returns

This paper provides evidence on how corporate multinationality from the perspective of acquiring firms relates to M&A returns. Using multivariate regressions and a large dataset of over 6,000 M&As (both cross-border and domestic) by UK firms during 1987 to 2014, the paper finds multinationality to be associated with significantly higher short-run announcement returns and long-run operating performance. While the multinationality premium (higher M&A returns for multinationals) persists over time, it seems to be restricted to firms with superior resource/managerial capabilities and minimal agency problems. Finally, the multinationality premium appears to be driven by foreign acquisitions into advanced economies. The results are robust to correcting for sample selection bias and controlling for several firm and deal characteristics, as well as accounting for firm-, industry-, and year-fixed effects. Collectively, the findings imply that multinationality could be a source of value creation for acquiring firms, particularly in foreign acquisitions, which tend to be complex, and, thereby, require superior managerial capabilities to succeed.     

Intermediate units in multinational corporations: A resource dependency view on coordinative versus entrepreneurial roles

Due to the dispersion of headquarters’ activities across organizational and geographical boundaries, intermediate units (IUs) are emerging as a key actor of international business. IUs are intermediate structural layers between headquarters (HQ) and local subsidiaries with specific HQ responsibilities. Our study relies on original data of 67 IUs and, taking on a Resource Dependence approach, explores empirically the two HQ roles attributed to IUs: coordinative versus entrepreneurial. According to our results, the main differences between both roles relate to external network embeddedness, internal network position and autonomy. We argue that these differences arise from the dominant sources of power in each role. These findings have signi?cant relevance for theory development and managerial practice as we provide a starting point for understanding the dispersion of complex HQ systems as well as how those systems are discharged and add value.