从合作到独资的演变路径：苏州的证据

MNCs＇ Path Changing from Joint Ventures to Exclusive Investment： A Case from Suzhou

对跨国公司在苏州的合资企业独资化倾向的实证研究表明：合资企业的独资化倾向，是跨国公司为适应母公司战略调整与中国投资环境变化的相机结果：中国政府对外商投资市场准入领域的放宽、中方投资者资金供给困难以及中国投资环境的改善，其真正的决定性因素是跨国公司在华投资战略的转变：合资企业中方母体与跨国公司追求目标的不同，以及投资双方文化背景、经营哲学的差异，使得合资企业只是在特定的制度背景、特定的市场环境下存在的一种主导组织方式。政府引进外资政策应由依靠政策优惠为主向依靠增强本土企业实力为主转变。

This article makes an empirical study on the exclusive investing of MNCs＇ joint ventures in Suzhou, which is in the background of the tendency of exclusive investment of MNCs in China. It argues that the exclusive investing conduct of MNCs is the discretional response to the strategy adjustment of parent companies and the improvement of China＇s investment environment. Although more markets open to the foreign companies, the fund supply difficulties of Chinese investment and the improvement of China＇s investment environment are the reasons MNCs tend to invest exclusively, the real determinant factor is the changing strategy of MNCs＇ investment. The different management objectives of Chinese side with MNC, the different cultural backgrounds and the different philosophies of management had made the joint ventures as a main organization form in the specific institutional background and market environment. It suggests that the foreign investment policy should be turned to support local enterprises instead of focusing on preferential policies.