跨国公司在华独资倾向成因分析:基于股权结构战略的视角

An Analysis of the Causes of the Tendency to Transnational Corporations' Solely-funded Constituent Companies in China:A Point of View from the Strategy of Stock Ownership Structure

经过20多年的对外开放 ,跨国公司在华企业得到了长足的发展。考察20多年来跨国公司在华企业的股权结构变动趋势 ,可以清晰地发现 ,其独资倾向日益明显。本文在借鉴国内外学者关于跨国公司股权结构战略的研究成果基础上 ,在东道国为新兴市场经济国家前提下 ,提出了一个跨国公司股权结构战略两阶段演进模型 ,揭示了跨国公司在华独资倾向增强的深层原因 ,是追求股权结构战略改进的预期收益。

In the past more than 20 years since China adopted the policy of opening to world outside, transnational corporations' constituent companies in China (TCCCIC) have achieved remarkable development. By a probe into the trend of change in the structure of stock ownership by TCCCIC, it can be distinctly seen that the tendency for the companies mentioned above to become solely foreign funded has been displayed increasingly clearly. Based on the use for reference of the result of study, made by scholars both home and abroad, of the strategy of transnational corporations' stock ownership structure (SOTCSOS) we in this article, have constructed, on the premise that host countries are newly risen market economies, a two-stage model of the SOTCSOS, bringing to light the fact that the deep-layer causes of enforcement of the trend toward TCCCIC being solely funded by transnational corporations themselves are none but their hunting for the expected yield from the improvement of strategy of stock ownership structure.