外资纵向所有权安排与本土企业产业链利润分配  

Vertical ownership arrangement of foreign capital and chain profit distribution of local enterprise

作　　者：赵伟光 李凯[1] ZHAO Weiguang;LI Kai(School of Business Administration,Northeastern University,Shenyang 110169,China)

机构地区：[1]东北大学工商管理学院

出　　处：《产业经济研究》2019年第4期37-48,共12页Industrial Economics Research

基　　金：国家自然基金面上项目(71873026)

摘　　要：近年来,外资通过股权投资、设立子公司的纵向所有权安排在中国逐渐形成包含核心零部件制造、最终产品组装的全产业链布局,这易于引致外资控股的上下游企业间策略协同并影响中资企业绩效。基于中国乘用车市场微观数据,通过构建核心零部件企业与整车制造企业间“纵向纳什讨价还价”模型,探析外资纵向所有权安排对中资企业产业链利润分配的影响。结论表明:一方面,外资通过控制上游核心部件可以有效提高零部件企业相对于下游企业的议价能力。这种“议价优势”使得外资掌控的核心部件价格高企,引发产业链利润向核心部件企业转移。另一方面,在这种特殊的纵向结构下,下游中资整车企业势力的增加以及相关反垄断处罚措施不能有效“抗衡”利润分配效应,本土企业自主研发能力的增强不仅有利于企业自身利润增长,也会促进产业链整体利润的提高。中国在向全球价值链高端跃升的过程中,可以实现中外资企业的互利共赢。In recent years,foreign capital has gradually formed a full industrial chain layout from core component manufacturing to final product assembly in China through equity investment and establishment of vertical ownership of subsidiaries.This is easy to lead to the strategic synergy between upstream and downstream companies controlled by foreign investors and affect the performance of Chinese-funded companies.Based on the micro data of Chinese passenger vehicle market,this paper analyzes the impact of the vertical ownership arrangement of foreign capital on the profit distribution of Chinese enterprises*industrial chain by constructing a"longitudinal Nash bargaining"model between core component companies and vehicle manufacturers.The study shows that:on one hand,foreign capital can effectively increase the bargaining power of the integrated components enterprises relative to the downstream enterprises through controlling upstream core components.This kind of bargaining advantage formed around the vertical ownership arrangement leads to high price of components and profit transfer from the industrial chain to the core component companies.On the other hand,under such a special vertical structure,the downstream Chinese-funded vehicle companies and related anti-monopoly penalties can't effectively offset the effect of profit distribution.The enhancement of R&D capabilities of local enterprises is not only conducive to the growth of the company's own profits,but also promotes the overall profit of the industry chain.China can achieve mutual benefit and win-win between Chinese and foreign companies in the process of jumping to the high end of the global value chain.

关 键 词：纵向所有权安排 议价能力 利润分配 新实证产业组织 乘用车市场 

分 类 号：F062.9[经济管理—政治经济学]