跨国公司进入方式规制的理论与政策研究

Regulation Analysis of Multinational Enterprises Entering Modes and Policy Tropism

跨国公司采取直接投资进入东道国有两种方式:跨国并购和新建投资。在进入方式的选择上,在不同的约束条件下跨国公司和东道国具有不同的收益和成本,但现有的跨国公司直接投资规制的理论研究和政策分析没有区分这两种进入方式。文章认为,东道国政府在制定跨国公司直接投资的规制政策时,要综合权衡各种进入方式的积极效应和负面影响,制定适宜的规制政策,从而在引资过程中获得最大利益。文章还对跨国公司在华直接投资规制的实践进行了回顾,并提出了进一步的政策取向的建议。

Multinational enterprises entering modes mainly consist of cross-border mergers and acquisitions and greenfield investment. Different multinational enterprises and different host governments will have different costs and incomes when facing the selecting of entering modes. However, the existing theory and policy analysis about multinational enterprises and direct investment do not distinguish these two entering modes. Therefore, this paper argues that the host country governments should balance the positive effects and negative effects when it establishes its policies to regulate the direct investment of multinational enterprises. Finally, it analyzes the foreign direct investment of multinational enterprises that happens in China and puts forward the policy tropism.