生产率差异与企业对外直接投资进入模式选择
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摘要
基于企业异质性视角,借鉴演化博弈理论探究企业通过OFDI"走出去"时的跨国并购方和标的方在全要素生产率上的差异对企业OFDI进入策略选择的影响机制。利用Hotelling模型构造资本密集型企业与劳动密集型企业OFDI进入策略选择博弈模型,讨论两类企业OFDI进入方式决策在并购双方生产率差异变化之下的变迁机理。研究发现:当并购方和被并购方生产率差异较小时,市场达到两类企业都倾向于跨国并购策略的演化稳定状态;当并购双方生产率差异较大时,企业的生产要素密集度及其结构对其OFDI进入模式决策具有重要的作用,知识或技术密集度较高的资本密集型企业与综合实力强势的部分劳动密集型企业采取跨国并购战略,而另一部分劳动密集型企业选择绿地新建方式进入国际市场。即企业OFDI进入策略选择因其所属的行业生产要素密集度及其结构不同而具有差异性。研究结论在一定程度上弥补了现有研究的不足,为以后的研究工作提供一定的理论参考。
Based on the evolutionary game theory, this paper investigates, from the perspective of firm heterogeneity, the influence mechanism of the difference in total factor productivity between the two parties of cross-border M&A on the enterprises' OFDI entry strategy selection, when they go global through OFDI. The Hotelling model is used to construct the OFDI entry strategy game model of capital-intensive enterprises and labor-intensive enterprises, and discuss the variation process of enterprises' OFDI entry mode decision under the change of productivity difference between the two parties of M&A. Our results show that when the productivity difference between the two parties of cross-border M&A is small, the market reaches an evolutionary stable state: both types of enterprises tend to choose the cross-border M&A strategy; When the productivity difference between the two parties becomes larger, the density and structure of enterprises' production factor play an important role in the decision-making of their OFDI entry mode choices, and the capital-intensive enterprises with higher knowledge or technology intensity and some labor-intensive enterprises with strong competitiveness still prefer cross-border M&A strategy, while the rest of labor-intensive enterprises choose green-field investment mode to enter the international market. This implicates that the enterprises' OFDI entry strategy choices differ due to the different density and structure of production factors in the industry which they belong to. To some extent, our findings contribute to the existing related literature, and provide a certain theoretical reference for the future research on this topic.
Based on the evolutionary game theory, this paper investigates, from the perspective of firm heterogeneity, the influence mechanism of the difference in total factor productivity between the two parties of cross-border M&A on the enterprises' OFDI entry strategy selection, when they go global through OFDI. The Hotelling model is used to construct the OFDI entry strategy game model of capital-intensive enterprises and labor-intensive enterprises, and discuss the variation process of enterprises' OFDI entry mode decision under the change of productivity difference between the two parties of M&A. Our results show that when the productivity difference between the two parties of cross-border M&A is small, the market reaches an evolutionary stable state: both types of enterprises tend to choose the cross-border M&A strategy; When the productivity difference between the two parties becomes larger, the density and structure of enterprises' production factor play an important role in the decision-making of their OFDI entry mode choices, and the capital-intensive enterprises with higher knowledge or technology intensity and some labor-intensive enterprises with strong competitiveness still prefer cross-border M&A strategy, while the rest of labor-intensive enterprises choose green-field investment mode to enter the international market. This implicates that the enterprises' OFDI entry strategy choices differ due to the different density and structure of production factors in the industry which they belong to. To some extent, our findings contribute to the existing related literature, and provide a certain theoretical reference for the future research on this topic.
引文
[1] 蒋冠宏.中国企业对《一带一路》沿线国家市场的进入策略[J].中国工业经济,2017,(9):119-136.
[2] 周茂,陆毅,陈丽丽.企业生产率与企业对外直接投资进入模式选择——来自中国企业的证据[J].管理世界,2015,(11):70- 86.
[3] 杜晓君,齐朝顺,杨勃.政策风险与中国跨国企业海外市场进入模式选择[J].管理科学,2017,30(4):111-123.
[4] Brouthers K D,Brouthers L E.Acquisition or greenfield start-up?institutional,cultural and transaction cost influences[J].Strategic Management Journal,2000,(21):89-97.
[5] Pan Y,Tse D K.The hierarchical model of market entry modes[J].Journal of International Business Studies,2000,(31):535-554.
[6] Anand J,Delios A.Absolute and relative resources as determinants of international acquisitions[J].Strategic Management Journal,2002,(23):119-134.
[7] Nocke V,Yeaple S.Cross—border mergers and acquisitions vs greenfield foreign direct investment:the role of firm heterogeneity[J].Journal of International Economics,2007,(72):336-365.
[8] Wilson B D.The propensity of multinational companies to expand through acquisitions[J].Journal of International Business Studies,1980,(11):59- 65.
[9] Capron L,Dussauge P,Mitchell W.Resource redeployment following horizontal acquisitions in europe and north america,1988～1992[J].Strategic Management Journal,1998,(19):631- 661.
[10] Liu Y L,Yu Y.Institutions,firm resources and the foreign establishment mode choices of Chinese firms:the moderating role of home regional institutional development[J].Journal of Business Research,2018,(93):111-121.
[11] Yoshida M.Japanese direct manufacturing investment in the united states[M].New York:Praeger Publishers,1987.
[12] Hymer S H.The international operations of national firms:a study of direct foreign investment[D].Massachusetts:The MIT Press,1960.
[13] Buckley P J,Casson M.The future of the multinational enterprise[M].London:Macmillan,1976.
[14] Dunning J H.Trade,location of economic activity and the MNE:a search for an eclectic approach[A].Ohlin B,Hesselborn P O,Wijkman M.The International Allocation of Economic Activity[C].London:Macmillan,1977.395- 418.
[15] Melitz M J.The impact of trade on intra industry reallocations and aggregate industry productivity[J].Econometrica,2003,71:1695-1725.
[16] Helpman E,Melitz M J and Yeaple S R.Export versus FDI with heterogeneous firms[J].American Economic Review,2004,94:300-316.
[17] Damijan J P,Polanec S,Prasnikar J.Outward FDI and productivity:micro-evidence from slovenia[J].The World Economy,2007,(30):135-155.
[18] 田巍,余淼杰.企业生产率和企业“走出去”对外直接投资:基于企业层面数据的实证研究[J].经济学(季刊),2012,11(2):383- 408.
[19] Grossman G M,Helpman E,Szeidl A.Optimal integration strategies for the multinational firm[J].Journal of International Economics,2006,70(1):216-238.
[20] Aw B Y,Lee Y.Firm heterogeneity and location choice of taiwanese multinationals[J].Journal of International Economics,2008,75(1):167-179.
[21] Chen M X,Moore M O.Location decision of heterogeneous multinational firms[J].Journal of International Economics,2010,80(2):188-199.
[22] 刘莉亚,何彦林,杨金强.生产率与企业并购:基于中国宏观层面的分析[J].经济研究,2016,(3):123-136.
[23] Liu Muratova.Domestic acquisition experience and the internationalization of chinese firms:the Role of institutional heterogeneity[J].Management and Organization Review,2018,14(4):693-714.
[24] 皮建才,李童,陈旭阳.中国民营企业如何“走出去”:逆向并购还是绿地投资[J].国际贸易问题,2016,(5):142-152.
[25] Werner S.Real options,international entry mode choice and performance[J].Journal of Management Studies,2009,45(5):936-960.
[26] Luo Y,Tung R L.International expansion of emerging market enterprises:a springboard perspective[J].Journal of International Business Studies,2007,38(4):481- 498.
[27] Maksimovic V,Phillips G.The market for corporate assets:who engages in mergers and asset sales and are there efficiency gains?[J].Journal of Finance,2001,56(6):2019-2065.
[28] Liu Y.The real determinants of asset sales[J].Journal of Finance,2008,63(5):2231-2262.
[29] Arnold J M,Javorcik B S.Gifted kids or pushy parents?foreign direct investment and plant productivity in indonesia[J].Journal of International Economics,2009,79(1):42-53.
[30] Maria G,Kuzmina O,Thomas C.Innovation and foreign ownership[J].American Economic Review,2012,102(7):3594-3627.
[31] Li X Y.Productivity,Restructuring,and the gains from takeovers[J].Journal of Financial Economics,2013,(109):250-271.
[32] Maksimovic V,Phillips G,Yang L.Private and public merger waves[J].Journal of Finance,2013,68(5):2177-2217.
[33] 杨英,任荣明.促进我国企业对外直接投资的政策制定导向研究[J].上海管理科学,2015,37(5):81- 84.
[34] Johanson J,Vahlne J E.The internationalization process of the firm—a model of knowledge development and increasing foreign market commitments[J].Journal of International Business Studies,1977,8(1):23-32.
[35] 黄凯南.演化博弈与演化经济学[J].经济研究,2009,(2):132-145.
[36] 王娟,孔玉生,江心英.中国企业海外投资的演化博弈分析[J].工业工程,2013,(5):96-107.
[37] 范黎波,周英超,杨震宁.“中国式婚姻”:成长型企业的“赘婿式”并购与跨国公司的“教练型”治理[J].管理世界,2014,(12):152-166.
[38] Friedman Daniel.Evolutionary games in economics[J].Econometrica,1991,59(3):637- 666.
[39] Friedman Daniel.One economic applications of evolutionary game theory[J].Journal of Evolutionary Economics,1998,(8):15- 43.
[40] 张幼文.从廉价劳动力优势到稀缺要素优势——论“新开放观”的理论基础[J].南开学报(哲学社会科学版),2005,(6):1- 8.
[41] 马飒.生产要素国际流动:规律、动因与影响[J].世界经济研究,2014,(1):3-9.
[42] Hennart J F,Reddy S.The choice between mergers/acquisitions and joint ventures:the case of japanese investors in the united states[J].Strategic Management Journal,1997,(18):1-12.
[43] 梅新育.TCL在越南:一个相对成功的中国企业海外投资案例[J].中国市场,2010,(46):53- 68.
[44] 苏立峰,张子龙.TCL的跨国并购:为国际化而国际化?[J].经济与管理,2007,21(9):38- 43.
[45] 刘鹏.TCL国际化失败给中国企业的启示[J].黄山学院学报,2007,9(6):98-100.
[46] 刘文纲,汪林生,孙永波.跨国并购中的无形资源优势转移分析——以TCL集团和万向集团跨国并购实践为例[J].中国工业经济,2007,(3):120-128.
[47] 彭琼仪.中国企业跨国并购的经济绩效分析——联想、TCL、上汽的跨国并购案例研究[J].财会通讯,2011,(2):76-78.
[48] 林莎,雷井生,杨航.中国企业绿地投资与跨国并购的差异性研究——来自223家国内企业的经验分析[J].管理评论,2014,26(9):139-148.
[2] 周茂,陆毅,陈丽丽.企业生产率与企业对外直接投资进入模式选择——来自中国企业的证据[J].管理世界,2015,(11):70- 86.
[3] 杜晓君,齐朝顺,杨勃.政策风险与中国跨国企业海外市场进入模式选择[J].管理科学,2017,30(4):111-123.
[4] Brouthers K D,Brouthers L E.Acquisition or greenfield start-up?institutional,cultural and transaction cost influences[J].Strategic Management Journal,2000,(21):89-97.
[5] Pan Y,Tse D K.The hierarchical model of market entry modes[J].Journal of International Business Studies,2000,(31):535-554.
[6] Anand J,Delios A.Absolute and relative resources as determinants of international acquisitions[J].Strategic Management Journal,2002,(23):119-134.
[7] Nocke V,Yeaple S.Cross—border mergers and acquisitions vs greenfield foreign direct investment:the role of firm heterogeneity[J].Journal of International Economics,2007,(72):336-365.
[8] Wilson B D.The propensity of multinational companies to expand through acquisitions[J].Journal of International Business Studies,1980,(11):59- 65.
[9] Capron L,Dussauge P,Mitchell W.Resource redeployment following horizontal acquisitions in europe and north america,1988～1992[J].Strategic Management Journal,1998,(19):631- 661.
[10] Liu Y L,Yu Y.Institutions,firm resources and the foreign establishment mode choices of Chinese firms:the moderating role of home regional institutional development[J].Journal of Business Research,2018,(93):111-121.
[11] Yoshida M.Japanese direct manufacturing investment in the united states[M].New York:Praeger Publishers,1987.
[12] Hymer S H.The international operations of national firms:a study of direct foreign investment[D].Massachusetts:The MIT Press,1960.
[13] Buckley P J,Casson M.The future of the multinational enterprise[M].London:Macmillan,1976.
[14] Dunning J H.Trade,location of economic activity and the MNE:a search for an eclectic approach[A].Ohlin B,Hesselborn P O,Wijkman M.The International Allocation of Economic Activity[C].London:Macmillan,1977.395- 418.
[15] Melitz M J.The impact of trade on intra industry reallocations and aggregate industry productivity[J].Econometrica,2003,71:1695-1725.
[16] Helpman E,Melitz M J and Yeaple S R.Export versus FDI with heterogeneous firms[J].American Economic Review,2004,94:300-316.
[17] Damijan J P,Polanec S,Prasnikar J.Outward FDI and productivity:micro-evidence from slovenia[J].The World Economy,2007,(30):135-155.
[18] 田巍,余淼杰.企业生产率和企业“走出去”对外直接投资:基于企业层面数据的实证研究[J].经济学(季刊),2012,11(2):383- 408.
[19] Grossman G M,Helpman E,Szeidl A.Optimal integration strategies for the multinational firm[J].Journal of International Economics,2006,70(1):216-238.
[20] Aw B Y,Lee Y.Firm heterogeneity and location choice of taiwanese multinationals[J].Journal of International Economics,2008,75(1):167-179.
[21] Chen M X,Moore M O.Location decision of heterogeneous multinational firms[J].Journal of International Economics,2010,80(2):188-199.
[22] 刘莉亚,何彦林,杨金强.生产率与企业并购:基于中国宏观层面的分析[J].经济研究,2016,(3):123-136.
[23] Liu Muratova.Domestic acquisition experience and the internationalization of chinese firms:the Role of institutional heterogeneity[J].Management and Organization Review,2018,14(4):693-714.
[24] 皮建才,李童,陈旭阳.中国民营企业如何“走出去”:逆向并购还是绿地投资[J].国际贸易问题,2016,(5):142-152.
[25] Werner S.Real options,international entry mode choice and performance[J].Journal of Management Studies,2009,45(5):936-960.
[26] Luo Y,Tung R L.International expansion of emerging market enterprises:a springboard perspective[J].Journal of International Business Studies,2007,38(4):481- 498.
[27] Maksimovic V,Phillips G.The market for corporate assets:who engages in mergers and asset sales and are there efficiency gains?[J].Journal of Finance,2001,56(6):2019-2065.
[28] Liu Y.The real determinants of asset sales[J].Journal of Finance,2008,63(5):2231-2262.
[29] Arnold J M,Javorcik B S.Gifted kids or pushy parents?foreign direct investment and plant productivity in indonesia[J].Journal of International Economics,2009,79(1):42-53.
[30] Maria G,Kuzmina O,Thomas C.Innovation and foreign ownership[J].American Economic Review,2012,102(7):3594-3627.
[31] Li X Y.Productivity,Restructuring,and the gains from takeovers[J].Journal of Financial Economics,2013,(109):250-271.
[32] Maksimovic V,Phillips G,Yang L.Private and public merger waves[J].Journal of Finance,2013,68(5):2177-2217.
[33] 杨英,任荣明.促进我国企业对外直接投资的政策制定导向研究[J].上海管理科学,2015,37(5):81- 84.
[34] Johanson J,Vahlne J E.The internationalization process of the firm—a model of knowledge development and increasing foreign market commitments[J].Journal of International Business Studies,1977,8(1):23-32.
[35] 黄凯南.演化博弈与演化经济学[J].经济研究,2009,(2):132-145.
[36] 王娟,孔玉生,江心英.中国企业海外投资的演化博弈分析[J].工业工程,2013,(5):96-107.
[37] 范黎波,周英超,杨震宁.“中国式婚姻”:成长型企业的“赘婿式”并购与跨国公司的“教练型”治理[J].管理世界,2014,(12):152-166.
[38] Friedman Daniel.Evolutionary games in economics[J].Econometrica,1991,59(3):637- 666.
[39] Friedman Daniel.One economic applications of evolutionary game theory[J].Journal of Evolutionary Economics,1998,(8):15- 43.
[40] 张幼文.从廉价劳动力优势到稀缺要素优势——论“新开放观”的理论基础[J].南开学报(哲学社会科学版),2005,(6):1- 8.
[41] 马飒.生产要素国际流动:规律、动因与影响[J].世界经济研究,2014,(1):3-9.
[42] Hennart J F,Reddy S.The choice between mergers/acquisitions and joint ventures:the case of japanese investors in the united states[J].Strategic Management Journal,1997,(18):1-12.
[43] 梅新育.TCL在越南:一个相对成功的中国企业海外投资案例[J].中国市场,2010,(46):53- 68.
[44] 苏立峰,张子龙.TCL的跨国并购:为国际化而国际化?[J].经济与管理,2007,21(9):38- 43.
[45] 刘鹏.TCL国际化失败给中国企业的启示[J].黄山学院学报,2007,9(6):98-100.
[46] 刘文纲,汪林生,孙永波.跨国并购中的无形资源优势转移分析——以TCL集团和万向集团跨国并购实践为例[J].中国工业经济,2007,(3):120-128.
[47] 彭琼仪.中国企业跨国并购的经济绩效分析——联想、TCL、上汽的跨国并购案例研究[J].财会通讯,2011,(2):76-78.
[48] 林莎,雷井生,杨航.中国企业绿地投资与跨国并购的差异性研究——来自223家国内企业的经验分析[J].管理评论,2014,26(9):139-148.