何謂MNE

A multinational enterprise is a firm that controls and manages production establishments located in at least two countries.

跨國公司：在二個以上國家內，佈建子公司。

MNE的類型

類型

Horizontally integrated MNEs水平整合式

Vertically integrated MNEs垂直整合式

內容

Turning out essentially the same line of goods or services from each facility in several different locations.

在不同的地方，生產相同的服務與產品

Producing outputs in some facilities which serve as inputs into other facilities located across national boundaries.

資源投入與成品產出在不同的國家

實例 麥當勞、百事可樂 台塑

In a Coasian sense :

研究目的

類型 Locational Question Control issue

內容

Being explained by the standard theories of comparative costs

Can not be explained by standard theory

要解釋下述兩種現象：1. Why does production occur where it does ?　子公司地點選擇的問題2. Why do certain production activities occur under the control of foreign enterprises while others do not ?　母公司主權控制的議題

文獻探討 ( 一 )Arbitrage theory 對 MNE 的看法

年代 理論 內容

1970 年代 Arbitrage theory

View as simply an arbitrageur of capital.

視為套匯掮客

反對的看法

年代 學者 內容

1976 年 Stephen HymerThe MNEs overwhelmingly finance their host-country capital markets.

資金的掌控完全在於母公司

文獻探討 ( 二 )Robert Aliber 對 MNE 的看法

年代 學者 內容

1983 年 Robert Aliber

Corporate managers internalize the costs and risks of foreign exchange exposures at lower costs than portfolio investors.為了降低滙率風險。

反對的看法

年代 學者 內容

1985 年 David J. Teece Cites no evidence.

文獻探討 ( 三 )Stephen Hymer 對 MNE 的看法

年代 學者 內容

1976 年 Stephen Hymer

1.Movtivated by attempts to remove competition 避免國內競爭2.Increase the returns 增加國外獲利

反對的看法

年代 學者 內容

1985 年 David J. Teece

1.Should the special cost advantage be abandoned? 成本優勢也是原因之一2.Do not provide a workable framewok 沒有一個可以讓母公司遵循的架構

I. Monopoly vs. Efficiency Interpretations of the Multinational Enterprise

Vertically integrated MNEs

年代 學者 內容1975年 Oliver Williamson The efficient functioning of internal

production and distribution systems.生產及分配的效率目的在於節省成本

Less risk that it will be idled.將設備分設於上下游，避免空轉

1982年

K. MonteverdeDavid J. Teece

1977年

1983年

David J. Teece

Vertically integrated MNEs

※對 Stephen Hymer的批評

1. Worship at the altar of perfect competition2. Unaware of the organizational efficiencies which can be associated with vertical integration.

　因為理論建築在完全競爭市場，而使得無法解釋　垂直式的 MNEs 。

Horizontal integrated MNEs

年代 學者 內容

1977年 David J. Teece

兩種不同的方式：The firm possess a rent-yielding asset of some kind which warrants utilization in offshore production facilities→ 授權Market transactions are inferior to direct foreign investment as instruments for appropriating rents from the sale of the services of the asset in foreign markets→DFI

Horizontal integrated MNEs

年代 學者 內容

1976年 Stephen Hymer

水平整合之目的：Revenue enhancing and cost saving 利潤提昇以及成本節省

但 Hymer 著重於獨佔Monopoly problems pervade any discussion of international operations and direct investment

1977年 David J. Teece

II. Host-Country Controls

政府扮演的角色

※政府之於跨國企業1. The need for special governance over the MNE Depends in large measure on whether the host country provides transaction-specific assests to support the MNE.　基礎建設的支援2. The host country has incentives to develop investment safeguards.　對於撤資的處置

※跨國企業之於政府1. The MNE could be asked to post a bond.　發行公司債2. Engaging in the exchange of hostages.　扺押品的轉換

政府扮演的角色

III. Dynamic Considerations

※Dynamic considerations

　 The literature on the MNE, whether emphasizing 　　 　 market power or efficiency, suffers from a common 　 deficiency: underemphasis on dynamics.

　過於強調市佔率或效率，而忽略動態分析

動態分析

年代 學者 內容1983年 Steven Nicholas Contract→Unsatisfactory→Subsidiary

1966年 Yair Aharoni

1. The direct investment process is governed by more than just economic incentives.　海外投資的動機，不單只是經濟因素2. An initiating force, galvanizing the organization into action, is often needed.　但是最初的動機，則通常是需求

文獻探討

IV. Conclusion

結論

Considerable progress has been made in the last two decades in embellishing the theory and correcting the errors.

有關於 MNE 的理論，還是有許多錯誤必需要匡正