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Chapter2
MNCtheoriesChapter2MNCtheoriesFDIOutflows
1982-19986-5Figure6.1FDIOutflows
1982-19986-5Figur跨国公司管理讲义GrowthofFDI,WorldTradeandWorldOutput6-6Figure6.2GrowthofFDI,WorldTradeandWhatshouldaMNCtheorytellus?MotivationPatternWhatshouldaMNCtheorytellOutlineCapitalarbitrageMonopolisticAdvantageOligopolisticreactionInternalizationTheoryEclectictheoryTheProductLifeCycleDiscussion:newdevelopmentandexplanation
OutlineCapitalarbitrageFDIvsPortfolioInvestment6-3FDIvsPortfolioInvestment6-3FlowvsStockofFDIFlow:AmountofFDIoveraperiodoftime(oneyear).Stock:Totalaccumulatedvalueofforeignownedassetsatagivenpointintime.6-4FlowvsStockofFDIFlow:AmouTwoFormsofFDIHorizontalDirectInvestmentinthesameindustryVerticalDirectInvestmentBackward&forward6-17TwoFormsofFDIHorizontalDir2-1CapitalarbitrageBackgroundProfitability/InterestrateCapital-abundant—capital-scarcecountriesLargefinancialMNCsPortfolioinvestmentandFDI—samedirectiondeficiency2-1CapitalarbitrageBackgrou2-2MonopolisticAdvantageStephenH.Hymer
《InternationalOperationsofNationalFirms:AStudyofDirectForeignInvestment》Background2-2MonopolisticAdvantageSte2-2MonopolisticAdvantageTechnologicalAdvantagemanagerialskillsInputAdvantageMarketAdvantage2-2MonopolisticAdvantageTec2-2MonopolisticAdvantageFDIvsPortfolioinvestment
Marketimperfection2-2MonopolisticAdvantageFDI2-2DeficiencyFDIlaunchedbydevelopingcountriesFDIvsexportorlicensingMorecompetitiveindustrieslocation2-2DeficiencyFDIlaunchedby2-3Oligopolisticreaction
F.T.Knichkerbocker1970’s2-3OligopolisticreactionF.2-4InternalizationTheory1937Coarse<TheNatureoftheFirms>GovernanceOpportunismTransaction-specificInvestmentSitespecificity,physicalassetspecificity,humanassetspecificity2-4InternalizationTheory1937MarketGIntermediateGHierarchicalGtransactioncostadministrationcostMarketGIntermediateGHiera2-4InternalizationTheoryPeter.J.BuckleyMark.C.Casson1976semifinishedproduct--informationnon-rivalrous,non-excludableconsumptionZeromarginalcostinformationparadoxunabletocodify2-4InternalizationTheoryPete2-4InternalizationTheoryOpportunism;informationproductAppraisaldiscussion2-4InternalizationTheoryOppo
2-5EclectictheoryJohnHarryDunning:LocationSpecificAdvantageOSA+IA+LSA--?OSA+IA--?OSA--?AppraisalDiscussion2-5EclectictheoryJohnHarr2-6TheProductLifeCycleRaymondVernon1966<InternationalInvestmentandInternationalTradeintheProductCycle>NewProductStageMaturePSStandardizedPSappraisaldeficiency2-6TheProductLifeCycleRay跨国公司管理讲义2-7OtherfactorsExchangerateEconomicgrowthInvestmentpolicy2-7OtherfactorsExchangerateADecisionFrameworkHowhigharetransportationcostsandtariffs?Isknow-howamenabletolicensing?Istightcontroloverforeignoperationrequired?Canknow-howbeprotectedbylicensingcontract?ThenlicenseExportFDIFDIFDINoHighYesYesLowNoYesNoADecisionFrameworkHowhighaGeneralimpressionGeneralimpressionnewdevelopmentnon-equitylinkageExternalizenotinternalizenewdevelopmentnon-equitylindiscussionChinagotthebiggestshareinworldFDIinflowin2002,why?developmenttrendofFDIdiscussionChinagotthebiggesp203HondainNorthAmericateamworkp203HondainNorthAmerica跨国公司管理讲义跨国公司管理讲义跨国公司管理讲义Chapter2
MNCtheoriesChapter2MNCtheoriesFDIOutflows
1982-19986-5Figure6.1FDIOutflows
1982-19986-5Figur跨国公司管理讲义GrowthofFDI,WorldTradeandWorldOutput6-6Figure6.2GrowthofFDI,WorldTradeandWhatshouldaMNCtheorytellus?MotivationPatternWhatshouldaMNCtheorytellOutlineCapitalarbitrageMonopolisticAdvantageOligopolisticreactionInternalizationTheoryEclectictheoryTheProductLifeCycleDiscussion:newdevelopmentandexplanation
OutlineCapitalarbitrageFDIvsPortfolioInvestment6-3FDIvsPortfolioInvestment6-3FlowvsStockofFDIFlow:AmountofFDIoveraperiodoftime(oneyear).Stock:Totalaccumulatedvalueofforeignownedassetsatagivenpointintime.6-4FlowvsStockofFDIFlow:AmouTwoFormsofFDIHorizontalDirectInvestmentinthesameindustryVerticalDirectInvestmentBackward&forward6-17TwoFormsofFDIHorizontalDir2-1CapitalarbitrageBackgroundProfitability/InterestrateCapital-abundant—capital-scarcecountriesLargefinancialMNCsPortfolioinvestmentandFDI—samedirectiondeficiency2-1CapitalarbitrageBackgrou2-2MonopolisticAdvantageStephenH.Hymer
《InternationalOperationsofNationalFirms:AStudyofDirectForeignInvestment》Background2-2MonopolisticAdvantageSte2-2MonopolisticAdvantageTechnologicalAdvantagemanagerialskillsInputAdvantageMarketAdvantage2-2MonopolisticAdvantageTec2-2MonopolisticAdvantageFDIvsPortfolioinvestment
Marketimperfection2-2MonopolisticAdvantageFDI2-2DeficiencyFDIlaunchedbydevelopingcountriesFDIvsexportorlicensingMorecompetitiveindustrieslocation2-2DeficiencyFDIlaunchedby2-3Oligopolisticreaction
F.T.Knichkerbocker1970’s2-3OligopolisticreactionF.2-4InternalizationTheory1937Coarse<TheNatureoftheFirms>GovernanceOpportunismTransaction-specificInvestmentSitespecificity,physicalassetspecificity,humanassetspecificity2-4InternalizationTheory1937MarketGIntermediateGHierarchicalGtransactioncostadministrationcostMarketGIntermediateGHiera2-4InternalizationTheoryPeter.J.BuckleyMark.C.Casson1976semifinishedproduct--informationnon-rivalrous,non-excludableconsumptionZeromarginalcostinformationparadoxunabletocodify2-4InternalizationTheoryPete2-4InternalizationTheoryOpportunism;informationproductAppraisaldiscussion2-4InternalizationTheoryOppo
2-5EclectictheoryJohnHarryDunning:LocationSpecificAdvantageOSA+IA+LSA--?OSA+IA--?OSA--?AppraisalDiscussion2-5EclectictheoryJohnHarr2-6TheProductLifeCycleRaymondVernon1966<InternationalInvestmentandInternationalTradeintheProductCycle>NewProductStageMaturePSStandardizedPSappraisaldeficiency2-6TheProductLifeCycleRay跨国公司管理讲义2-7OtherfactorsExchangerate
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