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

当代财经 ›› 2021, Vol. 0 ›› Issue (3): 100-111.

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

杨珍增, 杨宏

天津财经大学经济学院,天津 300222

收稿日期:2020-11-11 修回日期:2021-02-20 出版日期:2021-03-15 发布日期:2021-03-16
通讯作者: 杨珍增,天津财经大学副教授,西南财经大学博士后流动站博士后,国家发展和改革委员会国际合作中心咨询研究员,主要从事国际直接投资和跨国公司研究,联系方式：zhz_yang@126.com。
作者简介:杨宏,天津财经大学讲师,博士,主要从事区域经济一体化与经济增长研究。
基金资助:
教育部人文社会科学研究青年基金项目“融资约束视角下的跨国公司国际生产分割机理研究”（16YJC790122)

How the Institutional Quality of Host Countries Affect the Mode of Global Value Chain Governance of the Multinational Companies

YANG Zhen-zeng, YANG Hong

Tianjin University of Finance and Economics, Tianjin 300222, China

Received:2020-11-11 Revised:2021-02-20 Online:2021-03-15 Published:2021-03-16

摘要/Abstract

摘要： 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。

关键词: 制度质量, 契约环境质量, 知识产权保护, 全球价值链, 治理模式

Abstract: The institutional quality of the host countries can affect 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 institutional fixed costs of corporate foreign direct investment and promote the enterprises to adopt the mode of equity governance. On the other hand, the institutional quality will reduce the internalized demands resulted from market imperfections, and thus reduce the adoption of the equity governance 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 equity governance mode. However, at the stage of choosing corporate boundaries, due to the influence of traditional boundary effect, the impact of the improvement of institutional quality on corporate adoption of equity governance mode will be weakened; and with the rise of industrial institutional intensiveness, it will be further weakened.

Key words: zombie companies, bank credit, commercial credit, negative externality

中图分类号:

F276.7

杨珍增, 杨宏. 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[J]. 当代财经, 2021, 0(3): 100-111.

YANG Zhen-zeng, YANG Hong. How the Institutional Quality of Host Countries Affect the Mode of Global Value Chain Governance of the Multinational Companies[J]. Contemporary Finance & Economics, 2021, 0(3): 100-111.

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