Chapter2MNCtheories(跨国公司管理-北外,董丽丽)

Chapter2MNCtheoriesFDIOutflows1982-1998010020030040050060070082-8687-91929394959697982$Billions6-5Figure6.1GrowthofFDI,WorldTradeandWorldOutput020040060080010001200848586878889909192939495969798FDIWorldOutputWorldTrade6-6Figure6.2WhatshouldaMNCtheorytellus?MotivationPatternOutlineCapitalarbitrageMonopolisticAdvantageOligopolisticreactionInternalizationTheoryEclectictheoryTheProductLifeCycleDiscussion:newdevelopmentandexplanationFDIvsPortfolioInvestment6-3FlowvsStockofFDIFlow:AmountofFDIoveraperiodoftime(oneyear).Stock:Totalaccumulatedvalueofforeignownedassetsatagivenpointintime.6-4TwoFormsofFDIHorizontalDirectInvestmentinthesameindustryVerticalDirectInvestmentBackward&forward6-172-1CapitalarbitrageBackgroundProfitability/InterestrateCapital-abundant—capital-scarcecountriesLargefinancialMNCsPortfolioinvestmentandFDI—samedirectiondeficiency2-2MonopolisticAdvantageStephenH.Hymer《InternationalOperationsofNationalFirms:AStudyofDirectForeignInvestment》Background2-2MonopolisticAdvantageTechnologicalAdvantagemanagerialskillsInputAdvantageMarketAdvantage2-2MonopolisticAdvantageFDIvsPortfolioinvestmentMarketimperfection2-2DeficiencyFDIlaunchedbydevelopingcountriesFDIvsexportorlicensingMorecompetitiveindustrieslocation2-3OligopolisticreactionF.T.Knichkerbocker1970’s2-4InternalizationTheory1937CoarseTheNatureoftheFirmsGovernanceOpportunismTransaction-specificInvestmentSitespecificity,physicalassetspecificity,humanassetspecificityMarketGIntermediateGHierarchicalGtransactioncostadministrationcost2-4InternalizationTheoryPeter.J.BuckleyMark.C.Casson1976semifinishedproduct--informationnon-rivalrous,non-excludableconsumptionZeromarginalcostinformationparadoxunabletocodify2-4InternalizationTheoryOpportunism;informationproductAppraisaldiscussion2-5EclectictheoryJohnHarryDunning:LocationSpecificAdvantageOSA+IA+LSA--？OSA+IA--？OSA--？AppraisalDiscussion2-6TheProductLifeCycleRaymondVernon1966InternationalInvestmentandInternationalTradeintheProductCycleNewProductStageMaturePSStandardizedPSappraisaldeficiency2-7OtherfactorsExchangerateEconomicgrowthInvestmentpolicyADecisionFrameworkHowhigharetransportationcostsandtariffs?Isknow-howamenabletolicensing?Istightcontroloverforeignoperationrequired?Canknow-howbeprotectedbylicensingcontract?ThenlicenseExportFDIFDIFDINoHighYesYesLowNoYesNoGeneralimpressionnewdevelopmentnon-equitylinkageExternalizenotinternalizediscussionChinagotthebiggestshareinworldFDIinflowin2002,why?developmenttrendofFDIp203HondainNorthAmericateamwork-2000200400600800100012001400160018001971197219731974197519761977197819791980198119821983198419851986198719881989199001000200030004000500060001991199219931994199519961997199819992000200120022003