国际企业5对外直接投资课件

1、第六章：对外直接投资Learning objectivesUnderstand the vocabulary associated with foreign direct investment (FDI)Use the resource- and institution-based views to explain why FDI takes placeUnderstand how FDI results in ownership, location, and internalization (OLI) advantagesIdentify different political views

2、on FDI based on an understanding of FDIs benefits and costs to host and home countriesParticipate in two leading debates on FDI draw implication for action学习目标理解对外直接投资的相关术语利用基于资源和基于制度的观点来解释为什么会出现对外直接投资理解如何通过对外直接投资实现所有权、区位和内部化优势通过了解对外直接投资给东道国和母国带来的利益和成本来识别关于对外直接投资的不同政治观点参与有关对外直接投资的两个主要讨论了解对企业的实践意义章首案

3、例德国公司的对外直接投资Understanding the FDI vocabularyWe will try to reduce this complexity by setting the terms straight. Specifically, we will discuss 1 the key word in FDI, 2 horizontal versus vertical FDI, 3 FDI flow and stock, and 4 MNE versus non-MNE.对外直接投资的复杂性一定程度上体现在了这个词汇本身。为了便于理解，我们直接说明其含义。具体而言，我们将讨论

4、：1 FDI中的关键词；2 水平和垂直的对外直接投资 3对外直接投资的流量和存量 4 跨国企业与非跨国企业The key word is DThere are two main primary kinds of international investments: FDI and Foreign portofolio investment (FPI). FPI refers to investment in a portfolio of foreign securities such as stocks and bonds that do not entail the active manag

5、ement of foreign assets. In contrast, the key word in FDI is D (direct)-namely, the direct hands-on management of foreign assets.For statistical purposes, FDI is defined by the United Nations as involving an equity stake of 10% or more in a foreign-based enterprise. Without a sufficiently large equi

6、ty, it is difficult to exercise management control rights-namely, the rights to appoint key managers and establish control mechanisms.关键词是D国际投资有两种基本的方式：对外直接投资（FDI)和对外组合性证券投资。对外组合型证券投资是指投资一组外国证券，如股票和债券，而不需要对海外资产进行实际的管理。相比之下，对外直接投资强调的是直接，即直接、亲自管理海外资产。从统计上讲，联合国将FDI定义为拥有海外企业10%或以上股份股权。没有足够大的股权 就很难实施管理控制

7、权，即任命主要管理者并建立控制系统的权利。许多进行对外直接投资的企业，其目的就是管理海外运作，为了实现这一目的，它们需要拥有很多的股权，有时高达100%。Horizontal and Vertical FDIThere are two main types of FDI: horizontal and vertical. When a firm duplicates its home country-based activities at the same value chain stage in a host country through FDI, which we call this h

8、orizontal FDI. Overall, horizontal FDI refers to producing the same products or offering the same services in a host country as firms do at homeIf a firm through FDI moves upstream or downstream in different value chain stages in a host country, we label this vertical FDI.水平和垂直的对外直接投资对外直接投资分为两种：水平的对

9、外直接投资和垂直的对外直接投资。当企业通过对外直接投资将其在本国的价值链活动复制到东道国时，我们称之为水平的对外直接投资如果一个企业在东道国，通过对外直接投资在不同的价值链阶段向上游或则下游活动，我们称之为垂直对外直接投资，又可以具体分为上游垂直对外直接投资和下游垂直对外直接投资FDI flow and stock FDI flow is the amount of FDI moving in a given period (usually a year) in a certain direction. FDI inflow usually refers to inbound FDI movi

10、ng into a country in a year. FDI outflow typically refers to outbound FDI moving out of a country in a yearFDI stock is the total accumulation of inbound FDI in a country or outbound FDI from a country.Essentially, flow is a snapshot of a given point in time, and stock represents an evolving history

11、 of cumulating volume.对外直接投资的流量和存量另外两个常用的术语是流量和存量。对外直接投资流量是指在一定时期内（通常是一年）对外直接投资在特定方向上的数量。对外直接投资的存量是指流入某国的对外直接投资或者流出某国的对外直接投资的总值。本质上讲，流量反映了一个特定的时间点上的情况；而存量则反映了一定时间内累计的总量。MNE versus non-MNEAn MNE, by definition, is a firm that engages in FDI when doing business abroad.Non-MNE firms can also do busines

12、s abroad by 1 exporting and importing 2 licensing and franchising 3 outsourcing 4 engaging in FPI, or other means. What sets MNEs apart from non-MNEs is FDI. An exporter has to undertake FDI to become an MNE.In postwar decades, MNEs have experienced significant growth. In 1970, there were approximat

13、ely 7000 MNEs worldwide. In 1990, there were 37,000 MNEs, with 170,000 foreign affiliates. By 2006, more than 77,000 MNEs controlled 690,000 foreign affiliates.跨国企业与非跨国企业跨国企业是指在海外从事商务活动时，涉及对外直接投资的企业。而非跨国企业同样也可以在海外从事商务活动，其方式包括：1出口与进口 2许可与特许经营；3 外包；4 从事对外证券投资等，跨国企业和非跨国企业的本质区别就是对外直接投资。一个出口商进行了对外直接投资之后才

14、会成为跨国企业。在战后的几十年里，跨国企业迅速发展。20世界70年代，世界上大约有7000家跨国企业。到了1990年，跨国企业大约有37000家，海外分支机构170000家。到了2006年，全世界跨国企业大约有77000家，控制了690000家海外分支机构。Why do firms become MNEs by engage in FDI?Why do so many firms become MNEs by engaging in FDI？Without getting into details, we can safely say that there must be economic g

15、ains from FDI. More important, given the tremendous complexities, such gains must significantly outweigh the costs. The answer, boils down to firms quest for ownership (O) advantage, Location (L) advantages, and internalization (I) advantages-collectively known as OLI advantages as suggested by Brit

16、ish scholar John Dunning.为什么这么多企业要通过对外直接投资而成为跨国企业呢？显然是因为对外直接投资所带来的经济利益，更为重要的是，鉴于跨国企业的复杂性，所带来的收益必然远远大于成本。这些收益来自何处？答案可以归结为企业所追求的的所有权（O)优势，区位（L)优势和内部化（I）优势，被英国学者约翰邓宁统称为折衷范式。OwnershipIn the context of FDI, ownership refers to MNEs possession and leveraging of certain valuable, rare, hard-to-imitate, and

17、 organizationally embedded (VRIO) assets overseas.在对外直接投资的条件下，所有权优势是指跨国企业拥有和使用这些有价值的、稀缺的、难以模仿的并嵌入组织中的海外资产。Location Location refers to advantages enjoyed by firms operating in certain areas. From a resource-based view, the pursuit of ownership and location advantages can be regarded as MNEs resources

18、 and capabilities flexing their muscles in global competition区位优势是指企业在特定地区运作所享有的优势。从基于资源的观点来看，追求所有权优势和区位优势可以被认为是跨国企业在全球竞争中利用它们的资源和能力。InternalizationInternalization refers to the replacement of cross-border markets (such as exporting and importing) with one firm (the MNE) locating in two or more coun

19、tries. In other words, external market transactions are replaced by internalization.From an institution-based view, such internalization is a response to the imperfect rules governing international transactions-known as market imperfections (or market failure)内部化优势是指用一个位于两个或多个国家的跨国企业来代替跨境市场，换言之，内部化取

20、代了外部市场交易。有基于制度的观点可知，这种内部化是对不完善的国际交易规则的一种反应也称为市场的不完善或市场失灵。Ownership advantagesThe benefits of ownership lie in the combination of equity ownership rights and management control rights. Specifically, it is significant ownership rights that provide much needed management control rights.FDI versus licen

21、sing: FDI reduces dissemination risksSuccessful exporting may provoke protectionist responses from host countriesThree reasons may compel firms to prefer FDI to licensingFirst, FDI affords a high degree of direct management control that reduces the risk of firm-specific resources and capabilities be

22、ing opportunistically taken advantage of. One of the leading risks abroad is dissemination risks, defined as the risks associated with unauthorized diffusion of firm specific know-how. Owning and managing proprietary assets through FDI do not completely shield firms from dissemination risks, but FDI

23、 than licensing that provides no such management control. Understandably, FDI is extensively used in knowledge-intensive, high-tech industries, such as automobiles, electronics, chemicals, and IT， example: Pizza Hut对外直接投资可以降低传播风险成功的出口可能会引发东道国的保护主义抗议，因此迫使公司只能选择专利使用权转让或者对外直接投资。第一，对外直接投资可以使企业高度、直接地管理和控

24、制海外生产经营活动，降低了公司特定资源和能力被机会主义行为侵害的风险。海外经营的风险之一就是扩散风险，即公司专有诀窍被非正式传播的风险，j尽管通过对外直接投资来获得和管理私有财产无法完全规避泄露风险，但是对外直接投资比无法提供这些管理控制的专利使用权转让方式要好。不言而喻，对外直接投资在知识密集型、高技术产业，如汽车、电子、化工和信息技术产业广泛采用。FDI provides tight control over foreign operationsSecond, FDI provides more direct and tighter control over foreign operati

25、ons. Even when licensees harbor no opportunistic intension to take away “secrets”, they may not follow the wishes of the foreign firm that provides the know-how. Without FDI, the foreign firm cannot order or control its licensee to move ahead. Example: Starbucks in South Korea第二、对外直接投资允许企业更为直接和严格控制海

26、外的生产运作。即使当地企业没有窃取公司诀窍的机会主义行为企图，他们也可能不会按照提供诀窍的外国公司的意愿做事。没有对外直接投资，海外公司无法命令或控制当地企业的运作。案例：星巴克在韩国FDI facilitates the transfer of tacit knowledge through “learning by doing”Finally, certain knowledge calls for FDI as opposed to licensing. Even if there is no opportunism on the part of licensees and if the

27、y are willing to follow the wishes of the foreign firm, certain know-how may be too difficult to transfer to licensees without FDI. Knowledge has two basic categories:1 explicit and 2 tacit. Explicit knowledge is codifiable, tacit knowledge, on the other hand, is noncodifiable, and its acquisition a

28、nd transfer require hands-on practice. Tacit knowledge is evidently more important and harder to transfer and learn; it can only be acquired through learning by doingFirms own such crucial tacit knowledge, and it has no incentive to give it away to licensee without having some management control ove

29、r how such tacit knowledge is used. Therefore, properly transferring and controlling tacit knowledge calls for FDI. Location advantagesCertain locations possess geographic features that are difficult for others to match. Beyond natural geographic advantages, location advantages also arise from the c

30、lustering of economic activities in certain locations-refers to as agglomeration: 1. knowledge spillovers among closely located firms that attempt to hire individuals from competitors; 2. industry demand that creates a skilled labor force whose members may work for different firms without having to

31、move out of the region; 3. industry demand that facilitates a pool of specialized suppliers and buyers also located in the regionBeyond the quest for geographic and agglomeration advantages, some firms undertake FDI in search of markets.区位优势某些地区拥有其他地区难以比拟的地理特点除了天然的地理优势之外，区域优势也可能来自某些地区经济活动的聚集被称为集聚效应，

32、集聚效应的优势主要来自于：1.两个相距很近的企业通过雇佣竞争对手的员工而实现知识溢出（knowledge spillover)(知识从一个公司传播到另外一个公司）2.行业需求创造了一大群有技能的劳动力，而他们无须离开此地就可以为不同的企业工作；3. 行业需求促进了专业的供应商和采购商在同一地区的集聚。案例：威其托的航空产业除了追求地理和积聚优势之外，一些企业为了获得市场而进行对外直接投资。案例：空中客车在中国的投资；海尔在美国的投资Acquiring and neutralizing location advantagesNote that from a resource-based view

33、, location advantages do not entirely overlap with country-level advantages such as factor endowments.Location advantages refer to the advantages one firm obtains when operating in one location due to its firm-specific capabilities.Firms do not operate in a vacuum. When on firm enters a foreign coun

34、try through FDI, its rivals are likely to follow by undertaking additional FDI in a host country to 1. acquire location advantages themselves or 2 at least neutralize the first movers location advantages. These actions to imitate and follow competitors are specially likely in industries characterize

35、d by oligopoly-industries populated by a small number of players.获取和抵消区位优势 由基于基于资源的观点可知，区位优势并不完全等同于国家优势，区位优势是指一家企业由于其特有能力，而在特定地区开展业务时而获得的优势。企业并不是在真空中运行的。当一家公司通过对外直接投资进入其他国家时候，其竞争对手往往也会通过对该国的对外直接投资跟随而来，其目的在于：1 获取区位优势 2至少抵消先行者的区位优势。这些模仿和跟随竞争对手的行为在寡头垄断行业中最有可能发生。 Internalization advantagesKnown as inter

36、nalization, another set of great advantages associated with FDI is the ability to replace the external market relationship with one firm (MNE) owning, controlling, and managing activities in two or more countries. This is important because of significant imperfections in international market transac

37、tions.High transaction costs can result in market failure-the imperfections of the market mechanisms that make transactions prohibitively costly and sometimes prevent transactions from taking place.内部化优势对外直接投资的另外一些巨大优势来自于内部化，它是指通过一家企业（跨国公司）在两个或多个国家拥有、控制和管理活动来取代外部市场联系。由于国际市场交易显著的不完善性，因此这显得非常重要。与国内交易成

38、本相比，国际交易成本往往很高，高额的交易成本会导致市场的不完善市场机制的不完善会导致交易成本极高，甚至有时会阻碍交易的发生。因此，跨国企业通过对外直接投资来克服和应对这些市场缺陷。Overcoming market failure through FDIBy replacing an external market relationship with a single organization spanning both countries (a process called internalization, transforming the external market with in-h

39、ouse links), the MNE thus reduces cross-border transaction costs and increase efficiencies. FDI essentially transforms the international trade between two independent firms in two countries to intrafirm trade between two subsidiaries in two countries controlled by the same MNE. The MNE is thus able

40、to coordinate cross-border activities better. Such advantage is called internalization advantage.Based on resource and institution-based views, we can view FDI as a reflection of 1. firms motivation to extend firm-specific capabilities abroad and 2. their responses to overcome market imperfections a

41、nd failures.通过对外直接投资克服市场缺陷通过一个跨越两个国家的组织取代外部市场关系（称为内部化过程，将外部市场转化为内部联系），跨国企业可以降低跨境交易成本并提高效率。对外直接投资本质上将位于两个国家的两个独立公司之间的国际贸易转变为一家跨国企业内部位于两个国家的两家子公司之间的内部交易（intra-firm trade).因此，跨国企业可以更好地协调跨境活动。这种优势被称为内部化优势总之，从事对外直接投资的原因十分复杂。企业追求所有权优势、区位优势和内部化优势之间的差别尽管在理论上可以说的清楚，但在现实中却往往会有重叠。从基于资源的观点和基于制度的观点出发，我们可以将对外直接投资

42、视为：1一种企业试图将其特定能力延伸至海外的动机的反映；2 企业对市场不完善和失灵的反应Political views on FDIThere are three primary political views. First, the radical view is hostile to FDI, tracing its roots to Marxism, the radical view treats FDI as an instrument of imperialism and as a vehicle for exploitation of domestic resources, ind

43、ustries, and people by foreign capitalists and firms. Governments embracing radical view often nationalize MNE assets or simply ban inbound MNEs.On the other hand, the free market view suggests that FDI, unrestricted by government intervention, will enable countries to tap into their absolute or com

44、parative advantages by specializing in the production of certain goods and services, lead to win-win situation for both home and host countries.Most countries practice pragmatic nationalism-viewing FDI as having both pros and cons and only approving FDI when its benefits outweigh costs.对外直接投资的政治观点关于

45、对外直接投资存在三种主要的政治观点。第一、关于对外直接投资的激进观点。这种观点起源于马克思主义，它将对外直接投资视为资本主义的一种工具，是资本家和企业用来剥削国内资源、产业和工人的一种手段。支持这种观点的政府常常将跨国企业用来剥削国内资源、产业和工人的一种手段关于对外直接投资的自由市场观点，认为不受政府干预的对外直接投资，可以使一个国家通过专注于生产某些产品和服务而利用其绝对优势或相对优势，基于自由市场的对外直接投资将给东道国和投资国带来双赢的效果。大多数国家都采取了实用民族主义政策，这种政策把对外直接投资视为一把有利有弊的双刃剑，只有在利大于弊的情况下才同意对外直接投资Benefits of

46、 FDI to host countriescapital inflow can help improve a host countrys balance of payments.Technology, especially more advanced technology from abroad, can create technology spillover that benefit domestic firms and industries.Advanced management know-how may be highly valuedFinally, FDI creates jobs

47、 both directly and indirectly.对外直接投资对东道国的利益资本流入可以改善东道国的国际收支平衡表技术，特别是来自海外的先进技术，可以产生技术溢出（外国技术在本地扩散），从而有益于国内企业和产业的发展。先进的管理诀窍颇受重视。如果没有对外直接投资，一般本土形成的管理诀窍很难到达世界一流水平最后，对外直接投资可以直接和间接地创造就业机会。Costs of FDI to host countries Loss of sovereignty, loss of some (but not all) economic sovereignty associated with FD

48、I.A second concern is associated with negative effects on local competition, it is possible that MNEs may drive some domestic firms out of business.A third concern is associated with capital outflow, when MNEs make profits in host countries and repatriate such earnings to headquarters in home countr

49、ies, host countries experience a net outflow in the capital account in their balance of payments.对外直接投资对东道国的代价第一个担心是对外直接投资会导致东道国丧失一部分（不是全部）的经济主权。第二个担心是对外直接投资给本地竞争带来负面影响，虽然跨国企业对于本地竞争有正面影响，但是跨国企业也有可能会将本土企业驱逐出市场第三个担心是资本外流，当跨国企业在东道国赚取利润并将这些利润汇回母国本部时，东道国的国际收支平衡表上会出现资金的净外流。Benefits of FDI to home countrie

50、sRepatriated earnings from profits from FDIIncreased exports of components and services to host countriesLearning via FDI from operations abroadHome countries naturally suffer from some capital outflowThe second concern is now more prominent: job loss: many MNEs simultaneously invest abroad by adding employment overseas and curtail domestic production by laying off employees.How MNEs and host government s bargainMENs react to various policies by bargaining with host governments. The outcome of the MNE-host government relationship, namely, the scale and scope of FDI in a host country, is a f