技术-环境壁垒与企业的最佳投资模式选择——绿地投资还是跨国并购

Technical-environmental Barrier and the Choice of the Entreprise's Optimal Investment Mode

本文把技术-环境壁垒区分为创新性壁垒和差异性壁垒。在此基础上,利用Hotelling的线性双寡头模型分析了跨国企业为跨越进口国的差异性壁垒和对外直接投资的最佳进入模式选择。本文还把绿地投资的固定成本、东道国企业与跨国企业的技术差异、东道国的市场规模以及市场竞争强度等作为影响企业选择最佳投资模式的主要因素。研究结果表明,当绿地投资的固定成本比较低时,并购将成为企业的最佳投资模式;跨国企业较之东道国企业拥有更明显的技术优势,跨国企业更愿意选择绿地投资方式;当东道国的市场规模比较大,并且绿地投资对跨国企业来说是可行的,并购将成为跨国企业的最佳选择;市场竞争强度与进入方式选择之间并不呈现单调关系。

This paper devided technical-environmental barrier into innovative barrier and differentiated barrier. On the basis of this, it analyazed the optimal entry mode of MNC ＇ s engaging in FDI for escaping import countey＇ s different barrier employing Hotelling＇ s linear duopoly model. It regarded fixed cost of greenfield investment, technology difference between host corporation and transnational corporation, market size in host country and competition intensity as key determinants influencing entrepdse ＇ s optimum investment mode,The results indicated that M＆A would be the MNC＇s optimal entry mode when the fixed cost of greenfield investment was low; When the MNC possessed more remark- able technology advantage than the host finn, it prefered to choosing greenfield investment; When the market size in host country was large and greenfield investment was feasible for the MNC, M＆A would be the optimal choice; The relationship of competition intensity and entry mode wasn＇t monotonical.