异质性与跨国公司的战略选择

Heterogeneity and Multinationals' Strategic Choice

新新贸易理论将公司异质性引入到国际贸易理论中,从微观层面解释了公司国际化的战略选择。但它们通常假定两国是同质的,所以公司国际化的选择仅局限于出口贸易和水平型直接投资。本文构建了三国模型,考察了跨国公司的三种战略选择模式。理论研究表明,生产率最高的公司选择水平型直接投资,生产率较高的公司选择出口平台直接投资,生产率较低的公司选择出口贸易,生产率最低的公司只供应国内市场。发达国家的相对工人工资水平越高、发展中国家建厂成本越小,选择出口和水平型直接投资的公司会越少,而选择出口平台的直接投资公司会越多。

New new trade theory introduces heterogeneous firms into international trade theory, and explains strategies of multinationals for foreign market from micro level. However, they always presume that the two countries are homogenous, so multinationals can only choose export trade and horizontal investment. The model embodies three strategies of three countries. As a result, it predicts that firms with highest levels of pro- ductivity will choose horizontal foreign direct investment, that firms with higher levels of productivity willchoose export-platform foreign direct investment, that firms with lower levels of productivity will choose export trade, and that firms with lowest levels of productivity will only serve for domestic market. The higher relative wage of developed country and the smaller factory cost of developing country are, the fewer firms will choose export trade and horizontal foreign direct investment, and the more firms will choose export-platform foreign di- rect investment.