外资进入方式对交易成本的影响:实证检验及政策建议

Impact of Entry Mode of Foreign-Invested Enterprises on Transaction Costs Empirical Test and Policy Suggestion

本文通过对南京地区2003—2007年2108家外资企业面板数据研究发现,独资企业比合资企业的交易成本大约平均低20%,表明独资企业的交易成本低于合资企业。同时,进入方式与交易成本的关系受经营时间的调节作用,早进入的独资企业比晚进入的独资企业交易成本高,说明进入时间越短的独资企业交易成本越低,这从企业层面证实了独资化降低了交易成本的假设,也验证了交易成本理论在跨国公司进入方式研究中的合理性。我们从市场导向、角色定位、资产专用性等方面解释了其原因,预期了可能的结果,并提出相应的政策建议。

This paper finds that transaction cost of wholly foreign-owned enterprises（WFOE） is lower than that of joint ventures（JV） from 2108 foreign-invested enterprises in Nanjing city from 2003 to 2007 about 20% on average,which means WFOE have lower transaction costs than JV.At the same time,operating time moderates the relationship between entry mode and transaction costs,and earlier entrants of WFOE are entailed with higher transaction costs than later entrants,which means later entrants have lower transaction costs.The results of this study support the hypothesis that multinational enterprises have reduced transaction costs by wholly foreign-owned entry mode in China at firm level,and verify that transaction cost theory is suitable for entry mode research of multinational enterprises.We interpret the reason from market focus,role assignment and assets specialization,anticipate the results and offer some suggestion.