东道国制度质量如何影响跨国公司的全球价值链治理模式

How the Instiutional Quality of Host Countries Affect the Mode of Global Value Chain Govermance of the Mutinational Companies

东道国制度质量通过"固定成本效应"和“传统边界效应”影响跨国公司的全球价值链治理模式。一方面,制度质量提高能够降低企业对外直接投资的制度固定成本,促进企业对股权型治理模式的采用;另一方面,制度质量则会降低市场不完全所导致的内部化需求,减少股权型治理模式的采用。利用美国人口调查局关联方贸易数据进行经验研究发现,在跨国公司的东道国市场进入阶段,制度质量提高会降低制度固定成本,提高采用股权型治理模式的概率;但在公司边界选择阶段,由于传统边界效应的影响,制度质量提高对企业采用股权型治理模式的促进作用会减弱,且随着行业制度密集度的上升而进一步减弱。

The institutional quality of the host countries can afect the mode of global value chain governance of the.multinational companies through the"fixed cost effect"and the"traditional boundary effect"。On the one hand,the improvement of institutional quality can reduce the institution-al fixed costs of corporate foreign direct investment and promote the enterprises to adopt the mode of equity govermance.On the other hand,the institutional quality will reduce the intemalized demands re-sulted from market imperfections,and thus reduce the adoption of the equity govemance mode.The findings of an empirical study using the trade data of related parties from us Census Bureau show that,at the stage of entering the market of host countries,the improvement of institutional quality of multinational companies can reduce the institutional fixed costs and raise the probability of adopting cquily gUtlalle lude.HuweveI,al he slagl uf lursig wuipuatc lwuulaies,due w the inlueliwe of traditional boundary ffect,the impact of the improvement of institutional quality on corporate adoption of equity govemance mode will be weakened;and with the rise of industrial institutional in-tensiveness,it will be further weakened.