發(fā)布時間：2018-07-04 11:05

  本文選題：FDI + 企業(yè)異質(zhì)性　； 參考：《浙江工商大學(xué)》2013年碩士論文

【摘要】：二戰(zhàn)后,隨著各國對外開放程度的提高和社會生產(chǎn)力的迅猛發(fā)展,跨國企業(yè)作為經(jīng)濟(jì)全球化的微觀主體得到了空前發(fā)展。各國跨國企業(yè)不斷進(jìn)行投資與兼并,推動著生產(chǎn)向全球一體化發(fā)展。隨著中國體制改革的不斷深化,中國跨國企業(yè)也逐漸在全球化生產(chǎn)中占有一席之地,為擴(kuò)大生產(chǎn)經(jīng)營和市場競爭空間,對外直接投資(FDI)成為越來越多中國企業(yè)的長期戰(zhàn)略。但中國企業(yè)對外直接投資活動還處于起步階段,在紛繁復(fù)雜的全球環(huán)境中,FDI進(jìn)入模式?jīng)Q策選擇的正確與否,不僅關(guān)系著企業(yè)對外投資活動的效率高低,對企業(yè)的發(fā)展更有著深遠(yuǎn)影響。因此,跨國企業(yè)FDI進(jìn)入模式的選擇一直以來都是國內(nèi)外學(xué)者對國際直接投資研究的一大焦點,研究企業(yè)對外直接投資模式的選擇,在全球經(jīng)濟(jì)逐漸趨于一體化的今天,對中國跨國企業(yè)尤其具有重要的現(xiàn)實指導(dǎo)意義。 2002年中國加入世界貿(mào)易組織之后,中國企業(yè)對外直接投資額呈現(xiàn)出強(qiáng)勁的增長速度,大量企業(yè)以對外直接投資的方式開拓國際市場。甚至在對外直接投資受金融危機(jī)沖擊的2009年,中國企業(yè)的對外直接投資額卻達(dá)到歷年最高。但許多中國跨國企業(yè)“走出去”的效果并不佳,眾多企業(yè)損失慘重,尤其是近年來進(jìn)行的海外并購,失敗的案例比比皆是。中國企業(yè)仍處于市場化進(jìn)程中,又要與國際市場相互競爭,難免存在信息缺失、跨國經(jīng)營經(jīng)驗不足、資金困難、人才匱乏等問題,眾多中國跨國企業(yè)淹沒于錯綜復(fù)雜的決定因素以及需要掌握的信息量中,對海外投資活動潛在風(fēng)險的估計失準(zhǔn)將導(dǎo)致企業(yè)戰(zhàn)略決策失誤,進(jìn)而造成投資活動以失敗告終。 本文在對FDI進(jìn)入模式選擇理論的充分回顧與評價基礎(chǔ)上,將企業(yè)異質(zhì)性引入企業(yè)FDI模式選擇的決策框架中,專注于分析企業(yè)的跨國并購和合資的行為選擇。本文基于理論分析的基礎(chǔ)之上,用實證分析來對其進(jìn)行進(jìn)一步驗證。首先,本文從異質(zhì)性企業(yè)具有的四大優(yōu)勢的角度,剖析企業(yè)微觀層面的異質(zhì)性特征與FDI進(jìn)入模式選擇關(guān)系的內(nèi)在邏輯,企業(yè)的異質(zhì)性特征越強(qiáng)時,企業(yè)越重視其自身擁有的核心異質(zhì)資源,企業(yè)擁有的宏觀調(diào)控能力更強(qiáng),不愿與當(dāng)?shù)仄髽I(yè)分享利潤,此時,企業(yè)會優(yōu)先選擇對異質(zhì)資源的保護(hù)及對目標(biāo)企業(yè)控制度更高的進(jìn)入模式,從而將企業(yè)的資源優(yōu)勢保持在其國際經(jīng)營體系內(nèi)部。而異質(zhì)性特征較弱的企業(yè)往往在其擁有的競爭性技術(shù),核心知識和能力等方面存在不足,跨國企業(yè)在東道國市場處于競爭劣勢,此時,與當(dāng)?shù)仄髽I(yè)合資可以很好地幫助企業(yè)獲取國際資源。接下來,本文以FDI進(jìn)入模式的二元選擇模型為基礎(chǔ),結(jié)合中國跨國企業(yè)對外直接投資的現(xiàn)實數(shù)據(jù),系統(tǒng)分析了中國跨國企業(yè)FDI進(jìn)入模式選擇的影響因素,并提出一系列假說,以戰(zhàn)略性資產(chǎn)、企業(yè)規(guī)模、國際化經(jīng)驗、經(jīng)營管理水平、營銷密度五個影響因素來量化企業(yè)的異質(zhì)性特征,結(jié)合東道國環(huán)境的相關(guān)因素(東道國治理品質(zhì)、經(jīng)濟(jì)自由化程度、東道國市場規(guī)模、地理距離)構(gòu)建指標(biāo)體系,并利用中國跨國企業(yè)在2002～2010年問完成的48個跨國并購和29個合資樣本數(shù)據(jù)進(jìn)行了實證檢驗,最后根據(jù)實證結(jié)果得出中國企業(yè)FDI進(jìn)入模式選擇的主要影響因素。本文的主要結(jié)論為：第一,企業(yè)的異質(zhì)性特征,如擁有的戰(zhàn)略性資產(chǎn)、企業(yè)規(guī)模和國際化經(jīng)驗對FDI進(jìn)入模式選擇都有顯著影響,而經(jīng)營管理水平和營銷密度對FDI進(jìn)入模式選擇的影響不大；第二,除了企業(yè)本身的異質(zhì)性特征對FDI進(jìn)入模式的選擇會造成影響外,東道國治理品質(zhì)、市場規(guī)模、地理距離也會對FDI進(jìn)入模式的選擇產(chǎn)生影響；第三,中國跨國企業(yè)在FDI進(jìn)入模式的選擇上存在較多的戰(zhàn)略決策失誤,尤其是在企業(yè)本應(yīng)選擇并購的進(jìn)入模式時,企業(yè)卻選擇合資的方式,降低了企業(yè)的經(jīng)營效率和盈利能力。最后,本文基于企業(yè)異質(zhì)性對FDI進(jìn)入模式選擇的影響機(jī)制,從企業(yè)與政府兩個主體層面提出加快中國企業(yè)FDI由“量”到“質(zhì)”轉(zhuǎn)變以及更科學(xué)地進(jìn)行FDI進(jìn)入模式選擇的政策建議,以促進(jìn)中國企業(yè)FDI的穩(wěn)定、健康發(fā)展。
[Abstract]:After World War II, with the improvement of the degree of opening to the outside world and the rapid development of social productivity, transnational enterprises have been developed as the microcosmic subject of economic globalization. In order to expand production management and market competition space, foreign direct investment (FDI) has become a long-term strategy for more and more Chinese enterprises to expand production and management and market competition. However, the foreign direct investment activities of Chinese enterprises are still in the initial stage. In the complicated and complex whole ball environment, the choice of FDI mode decision is correct or not, It is not only related to the efficiency of the enterprise's foreign investment activities, but also has a far-reaching influence on the development of the enterprise. Therefore, the choice of the FDI entry mode of the multinational enterprises has always been a major focus of the domestic and foreign scholars on the research of international direct investment, and the choice of the model of the foreign direct investment is gradually becoming integrated in the global economy. Today, it has important practical guiding significance for China's multinational enterprises.
After China joined the World Trade Organization in 2002, the foreign direct investment of Chinese enterprises showed a strong growth rate. A large number of enterprises opened up the international market in the way of foreign direct investment. Even in 2009 the foreign direct investment was hit by the financial crisis, the amount of foreign direct investment of Chinese Enterprises reached the highest in the past years. The effect of "going out" of multinational enterprises in China is not good, and many enterprises have lost heavy losses, especially in recent years, the cases of overseas mergers and acquisitions are everywhere. Chinese enterprises are still in the process of marketization and are competing with the international market. There are no information, lack of experience of transnational operation, financial difficulties and lack of talent. Many Chinese transnational enterprises are inundated by the complex determinants and the amount of information that needs to be mastered. The estimation of the potential risk of overseas investment activities will lead to the failure of the strategic decision of the enterprise and the failure of the investment activities.
On the basis of full review and evaluation of the theory of FDI entry mode selection, this paper introduces enterprise heterogeneity into the decision-making framework of enterprise FDI model selection and focuses on analyzing the behavior selection of transnational mergers and acquisitions and joint ventures. Based on the theoretical analysis, this paper uses empirical analysis to further verify it. First, this paper From the point of view of the four advantages of heterogeneous enterprises, the internal logic of the relationship between the heterogeneity of the enterprise's micro level and the choice of FDI into the model is analyzed. The stronger the heterogeneity of the enterprise, the more the enterprises pay more attention to their own core heterogeneous resources, and the enterprises have stronger macro-control ability, and they do not want to share the profits with the local enterprises. At this time, the enterprise will give priority to the protection of the heterogeneous resources and the higher control degree of the target enterprise, so as to keep the resource advantage of the enterprise within its international management system, and the enterprises with the weak heterogeneity are often lacking in the competitive technology, the core knowledge and ability, and the multinational enterprises are in the East. The road country market is at a competitive disadvantage. At this time, joint venture with local enterprises can help enterprises to obtain international resources. Next, this paper, based on the two element selection model of FDI entry mode, combined with the realistic data of foreign direct investment in China's transnational enterprises, systematically analyzes the influencing factors of the choice of FDI entry mode of Chinese transnational enterprises. And a series of hypotheses are put forward to quantify the heterogeneity of the enterprise with five factors, strategic assets, enterprise scale, international experience, management level and marketing density, and construct the index system with the related factors of host country environment (the quality of host country, the degree of economic liberalization, the size of host country market, and geographical distance). The empirical results of 48 transnational mergers and 29 joint venture sample data completed by Chinese transnational enterprises in 2002~2010 years have been tested. Finally, the main influencing factors of the selection of Chinese enterprise FDI entry mode are obtained according to the empirical results. The main conclusions of this paper are: first, the heterogeneity of the enterprise, such as the strategic assets owned and the scale of the enterprise And international experience has a significant impact on the choice of FDI entry mode, and management level and marketing density have little influence on the choice of FDI entry mode. Second, in addition to the influence of the heterogeneity of the enterprise itself on the choice of FDI entry mode, the governance quality of the host country, the market scale and the geographical distance will also enter the FDI model. Third, Chinese transnational enterprises have more strategic decision errors in the choice of FDI entry mode, especially when the enterprise should choose the entry mode of merger and acquisition, but the enterprise chooses the way of joint venture to reduce the business efficiency and profitability of the enterprise. Finally, this paper is based on the enterprise heterogeneity to the FDI entry mode. The choice of the influence mechanism, from the two main aspects of the enterprise and the government, proposed to speed up the transformation of Chinese enterprise FDI from "quantity" to "quality" and more scientific FDI entry mode choice, in order to promote the stable and healthy development of Chinese enterprise FDI.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.6;F279.2

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