基于霍特林模型的跨国公司国际市场进入模式决策研究  

The Foreign Entry Mode Decisions of MNEs:a Hotelling Modeling Approach

作　　者：高振[1] 江若尘[2] 

机构地区：[1]上海商学院管理学院,上海201400 [2]上海财经大学500强企业研究中心,上海200433

出　　处：《财经理论研究》2017年第3期92-100,共9页Journal of Finance and Economics Theory

基　　金：上海商学院"上商学者"科研基金(16-11051)

摘　　要：跨国公司国际市场进入模式决策涉及到国家、产业以及跨国公司本身等多个方面因素影响,且必须考虑跨国公司在海外市场的竞争优势与外来者劣势。首先,在霍特林空间竞争模型基础上建立跨国公司与东道国企业之间的三阶段动态博弈模型,第一阶段选择市场进入模式,第二阶段选择产品定位,第三阶段进行价格竞争。模型还对跨国公司的成本优势和外来者劣势进行了分析,最后,根据模型推导得出四个推论,即东道国市场规模越大、进入成本越小、竞争程度越大,选择跨国并购模式的概率越小,同时,跨国公司自身的边际生产成本越大选择并购模式的概率越小。The determinants of foreign entry mode decisions of MNEs are multilevel factors, including national, industry, firm and affiliates. In the three - stage dynamic games, based on the Hotelling , sspatial model, MNEs firstly choose the foreign entry mode , then choose the market positions, and finally compete for pricing with domes-tic firms in host country. There are two main elements of modeling MNEs, activity abroad, the first one is liability of foreignness （ LOF ） , represented by the incumbent firms positioning the middle point of market in spatial model, and secondly MNEs must hold some monopolistic advantage to overcome the L O F . Four hypothesis are proposed from the theoretical model ： the more the market size, and the least the competition in host country, the least inves-ting scale, the more the MNEs’ size, the more the probability of Greenfield FDI is selected.

关 键 词：霍特林模型 进入模式 跨国并购 绿地投资 

分 类 号：F740[经济管理—国际贸易]