企业所有权优势与国际市场进入模式选择研究  

Enterprise's Ownership Advantage and Foreign Entry Mode

作　　者：高振[1] 江若尘[2] GAO Zhen;JIANG Ruo-chen(School of Management,Shanghai Business School,Shanghai 201400,China;Top 500 Enterprises Research Center,Shanghai University of Finance and Economics,Shanghai 200433,China)

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：《天津商业大学学报》2016年第6期23-29,共7页Journal of Tianjin University of Commerce

基　　金：上海商学院"上商学者"科研课题(16-11051)

摘　　要：跨国公司在东道国市场往往遭遇外来者劣势,因此,企业所有权优势是跨国公司国际化成功的必要条件,也是决定其选择绿地投资还是跨国并购模式进入国际市场的关键因素。在由跨国公司和两个当地企业组成的三人动态博弈模型中,分析了东道国市场规模、跨国公司与东道国当地企业间成本差异、绿地投资模式市场进入固定成本等因素对跨国公司选择绿地投资还是跨国并购模式进入国际市场的影响效应,发现东道国市场规模越大,绿地投资固定成本越小,跨国公司技术优势越明显,选择绿地投资模式的概率越大。对23篇实证文献的随机效应元分析进一步验证了理论模型的结论,同时采用元回归方法检验了东道国、母国因素,以及数据和产业类型等因素对主效应的调节作用。Multinational enterprise usually has the liability of foreignness.Therefore,ownership advantage is a necessaryprerequisite for the internationalization of multinational enterprise and an important factor for multinational enterprise tochoose greenfield investment or cross-border merger and acquisition to enter international market.With a dynamic gamemodel of three players,i.e.,one multinational enterprise and two local firms in host country,the article analyzes the effectsof market size of host country,cost differences between multinational enterprise and local firms,and fixed entry costof greenfield investment on the choice of foreign entry modes.It finds that the more likely the multinational enterprise is tochoose the mode of greenfield investmet when the larger the market size of host country is,the smaller the fixed entry costof greenfield investment is,and the greater the technical advantage of multinational enterprise is.This proposition is furthersupported in the meta-analysis of23empirical studies.Meanwhile,it examines the moderating role of factors of hostcountry,home country,data and type of industry with the meta-regression analysis.

关 键 词：所有权优势 进入模式 绿地投资 跨国并购 元分析 

分 类 号：F740[经济管理—国际贸易]