跳到主要內容

臺灣博碩士論文加值系統

(35.172.136.29) 您好!臺灣時間:2021/08/02 05:12
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

: 
twitterline
研究生:李丹
研究生(外文):Tan Lee
論文名稱:資產特性對國際合資所有權結構的影響
論文名稱(外文):Asset Characteristics and Ownership Structure of International Joint Ventures
指導教授:洪茂蔚洪茂蔚引用關係胡星陽胡星陽引用關係
指導教授(外文):Mao-Wei HungShing-Yang Hu
學位類別:博士
校院名稱:國立臺灣大學
系所名稱:國際企業學研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2000
畢業學年度:88
語文別:英文
論文頁數:65
中文關鍵詞:資產特性國際合資納許談判解所有權結構實質選擇權技術授權
外文關鍵詞:Asset CharacteristicsInternational Joint VenturesNash Bargaining SolutionOwnership StructureReal OptionsTechnology Licensing
相關次數:
  • 被引用被引用:2
  • 點閱點閱:204
  • 評分評分:
  • 下載下載:51
  • 收藏至我的研究室書目清單書目收藏:6
國際合資的所有權結構為國企理論重要議題之一。雖然國際合資牽涉到廠房興建及機器設備購買等投資行為,然而,既有文獻均忽略「資產特性」如何影響國際合資所有權結構。本文則應用「實質選擇權」法,探討下列四項「資產特性」的影響效果:第一,由於土地及天然資源有限,或供給短缺,導致合資延後進行,成本卻可能增加;第二,由於政府管制、資產專屬性、或所謂的「檸檬車」問題,導致合資成本可能無法完全回收;第三,合資未來的收益不確定。最後,國際合資廠商對於何時投(增)資及撤(減)資擁有選擇權。
本文考慮一個來自已開發或新興工業化國家的多國籍廠商,擬以直接投資方式進入地主國市場。然而,受限於地主國政府的規定,只能選擇和當地廠商共同設立「國際合資」企業。在國際合資雙方以「納許談判」方式在投資同時決定股權結構的假設下,本文將在第二及第三章探討該合資廠商的所有權、投資及減(撤)資決策。第二及第三章尚有數項假設不同。首先,第二章假設多國籍廠商收取和規模相關之費用,以授權其專屬技術予合資企業;相反地,在第三章此多國籍廠商僅較地主國廠商具成本優勢。其次,第二章假設地主國的市場結構為獨佔,而在第三章則假設為完全競爭。最後,在第二章國際合資廠商面臨一項兩期的連續投資計畫:國際合資雙方先在第一期同時決定股權結構和啟始規模,而當第二期不確定性實現後,可調整規模。在第三章該合資廠商面臨一項兩階段連續時間的固定規模投資計畫:國際合資雙方在第一階段同時決定股權及進入市場的時機,而當市況低迷導致產品價格價低於其營運成本時,則合資廠商可在第二階段決定退出市場時機。
第二章獲致四項主要結論。第一,多國籍廠商的持股應低於50%。第二,當延後投資成本提高,會促使合資企業選取較大啟始規模,並降低多國籍廠商持股意願。第三,當立即投資沈沒成本降低,會促使合資企業選取較大啟始規模,但可能提高、降低、或不影響多國籍廠商持股意願。第四,當多國籍廠商可收取較高的技術移轉價格時,會降低其持股意願,但並不影響合資企業的啟始規模。
第三章則獲致三項主要結論。首先,多國籍廠商的持股應超過50%。其次,當投資不可回復程度下降,則合資廠商投資及撤資誘因均提高,但對股權結構影響則不確定。最後,雖然合資廠商可選擇撤資,然而,當撤資成本相當高時,該選擇權即無價值。在此情況下,當延後投資成本下降,或合資未來收益變異性增加,則合資廠商投資誘因會下降,且多國籍廠商會減少其持股比例。
One central topic on international business is to examine the determinants of the ownership structure of international joint ventures (henceforth IJVs). Nevertheless, capital asset characteristics are typically ignored in the past studies even though an IJV firm must purchase materials and machinery and build plants in order to produce and sell outputs. In my dissertation, I will investigate how capital asset characteristics emphasized by real options literature affect the ownership structure of an IJV firm. These characteristics include: first, the limitations on an IJV firm''s ability to recover its investment costs because of asset specificity, the “lemons” problem, or governmental regulations. Second, the IJV firm may incur higher costs to later invest because of limited land, natural resource reserves, or the need for a permit that is in short supply. Finally, the future rewards from IJVs may be stochastic because future demand and/or cost conditions are usually unpredictable.
I consider a multinational corporation which comes from a developed or newly industrialized country and wants to penetrate the market of a less developing country. This corporation must form an IJV firm with a local partner rather than set up a wholly owned subsidiary due to restrictions by the host government. Based on the assumption that both parties of the IJV firm decide their respective share via Nash bargaining upon investing, I will investigate this IJV firm''s ownership structure, investment, and disinvestment decisions in both chapters 2 and 3. There are several different assumptions between these two chapters. First, in chapter 2 the multinational corporation receives royalties from licensing its specific technology to the IJV firm. In contrast, in chapter 3 the multinational corporation exhibits a cost advantage over its local partner. Second, the local market is of a monopoly type in chapter 2 while it is of a competitive type in chapter 3. Finally, in chapter 2, the investment project facing the IJV firm is a two-period continuous one, i. e., both parties of the IJV firm simultaneously decide their respective share and the optimal capacity in period 1. The IJV firm can then expand, contract, or remain inactive after uncertainty is realized in period 2. In chapter 3, the investment project facing the IJV firm is a two-stage continuous-time fixed scale one: both parties simultaneously decide their respective share and the time to exercise the investment project in stage 1. The IJV firm can then decide whether to exit the market should any adverse situation arise.
Four main conclusions of chapter 2 are in order. First, the multinational corporation will demand a minority share. Second, as the cost to purchase capital in period 2 becomes lower, the multinational corporation will hold a larger share of the IJV firm. The IJV firm, however, will install a smaller capacity in period 1. Third, as the revenue from reselling the installed capital stock becomes lower in period 2, the joint venture firm will install a smaller capacity in period 1, yet its share distribution will be ambiguously affected. Finally, as the royalty rate is higher, the multinational corporation will hold a smaller share of the IJV firm. The incentive to install capacity in period 1 of this IJV firm, however, will be unchanged.
Three main conclusions of chapter 3 are in order. First, the multinational firm will demand a majority share. Second, as capital investment becomes more costly to reverse, the IJV firm will have lower incentives to both enter and exit the market, but its share distribution will be ambiguously affected. Finally, suppose that the exit costs are high enough such that the option value to later exit the market becomes worthless. The IJV firm will then be more hesitant to enter the market and its share held by the multinational corporation will also be lower as the IJV firm either yields a return from capital investment that is more volatile or incurs a lower cost to purchase capital later.
Cover
論文摘要
Contents
Abstract of the Dissertation
I. Introduction
1.1 Motivation and The Purpose of This Dissertation
1.2 Theoretical Literature On Share Detrmination: Review and Comparison
1.3 Descriptive or Empirical Share Determination Literature
1.4 Real Options Literature: Review and Comparison
1.5 Research Methodology and Procedure
II. Technology Licensing, Asset Characteristics and Ownership Structure of International Joint Ventures -- A Discrete Time, Continuous Investment Project Model
2.1 The Model
2.2 Ownership Structure and Investment Decisions in Period 1
2.3 Strategic implications
2.4 Conclusions
III. Asset Characteristics and Ownership Structure of International Joint Ventures -- a Continuous Time, Discrete Investment Project Model
3.1 The Model
3.2 The value of an active firm and the decision to exit
3.3 Ownership structure and Entry decisions
3.4 The case where the option value to exit the market is worthless
3.5 Strategic Implications
3.6 Simulations
3.7 Conclusions
IV. Conclusions
1. Abel, A. B., Dixit, A. K., Eberly, J. C., and R. S. Pindyck, 1996, “Options, the Value of Capital, and Investment,” Quarterly Journal of Economics 111: 753-777.
2. Al-Saadon, Y. and P. Das, 1996, “Host Country Policy, Transfer Pricing and Ownership Distribution in International Joint Ventures: A Theoretical Analysis,” International Journal of Industrial Organization 14: 345-364.
3. Aswicahyono, H. H. and H. Hill, 1995, "Determinants of Foreign Ownership in LDC Manufacturing," Journal of International Business Studies 26(1): 139-158.
4. Austin, J. E., 1990, Managing in Developing Countries, New York: Free Press.
5. Baldursson, F. M., 1998, “Investment Under Uncertainty in Oligopoly,” Journal of Economic Dynamics and Control 22: 627-644.
6. Beamish, P. W., 1985, “The Characteristics of Joint Ventures in developed and developing countries,” Columbia Journal of World Business, Fall: 13-19.
7. Bentolila, S. and G. Bertola, 1990, “Firing Costs and Labor Demand: How Bad is Eurosclerosis?” Review of Economic Studies 57(July): 381-402.
8. Bertola, G. and R. J. Caballero, 1994, “Irreversibility and Aggregate Investment, ” Review of Economic Studies 61: 223-246.
9. Binmore, K., Osborne, M. J. and A. Rubinstein, “Noncooperative Models of Bargaining,” in Aumann R. J. and S. Hart (eds.), Handbook of Game Theory: Volume 1, 179-225.
10. Blodgett, L. L., 1991, “Partner Contributions as Predictors of Equity Share in International Joint Ventures,” Journal of International Business Studies 20(1): 63-78.
11. ______, 1992, “Research Notes and Communications Factors in the Instability of International Joint Ventures: An Event History Analysis,” Strategic Management Journal 13: 475-481.
12. Bollen, 1998, "Real Options and Product Life Cycles," Management Science, 1-32.
13. Brennan, M. J. and E. S. Schwartz, 1984, “Valuation of Corporate Claims,” Journal of Finance 39: 593-607.
14. ______, 1985, “Evaluating Natural Resource Investments,” Journal of Business 58: 135-157.
15. Buckley, P. J. and M. Casson, 1996, “An Economic Model of International Joint Venture Strategy,” Journal of International Business Studies 27: 849-877.
16. Chi, T. and D. J. McGuire, 1996, “Collaborative Ventures and Value of Learning: Integrating the Transaction Cost and Strategic Option Perspectives on the Choice of Market Entry Modes,” Journal of International Business Studies 27(2): 285-307.
17. Chowdhury, J., 1992, “Performance of International Joint Ventures and Wholly Owned Foreign Subsidiaries: A Comparative Perspective,” Management International Review 32: 115-133.
18. Desai, M. A. and R. Hines Jr., 1999, “Basket Cases: Tax Incentives and International Joint Venture Participation by American Multinational Firms,” Journal of Public Economics 71: 379-402.
19. Dixit, A. K., 1989a, “Entry and Exit Decisions under Uncertainty,” Journal of Political Economy 97: 620-638.
20. ______, 1989b, “Hysteresis, Import Penetration, and Exchange Rate Pass-Through,” Quarterly Journal of Economics 104: 205-228.
21. ______, 1992, “Investment and Hysteresis,” Journal of Economic Perspectives 6(winter): 107-132.
22. ______, 1993, The Art of Smooth Pasting, Amsterdam, Netherlands: Harwood Academic Publishers.
23. ______, and R. S. Pindyck, 1994, Investment under Uncertainty, Princeton, New Jersey: Princeton University Press.
24. ______, 1998, “Expandability, Reversibility, and Optimal Capacity Choice,” NBER Working Paper 6373.
25. Dumas, B., 1992, “Dynamic Equilibrium and the Real Exchange Rate in a Spatially Separated World, ” Review of Financial Studies, 5(2): 153-180.
26. Dunning, J. H., 1981, International Production and the Multinational Enterprise, London: George Allen and Unwin.
27. ______, 1988, “The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions,” Journal of International Business Studies 19(1): 1-31.
28. Encarnation, D. J. and S. Vachani, 1993, “Foreign Ownership: When Host Change the Rules,” in Aliber, R. Z. and R. W. Click (eds.), Readings in International Business: A Decision Approach, London: the MIT Press.
29. Franko, L. G., 1989, “Use of Minority and 50-50 Joint Ventures by United States Multinationals During the 1970s: The Interaction of Host Country Policies and Corporate Strategies, ” Journal of International Business Studies: 19-40.
30. Fries, S., Miller, M. and W. Perraudin, 1997, “Debt in Industry Equilibrium,” Review of Financial Studies 10: 39-67.
31. Gaudet, G., Lasserre, P. and N. V. Long, (1998), “Real Investment Decisions Under Adjustment Costs and Asymmetric Information,” Journal of Economic Dynamics and control, 23, 71-95.
32. Gomes-Cassers, B., 1989, “Ownership Structures of Foreign Subsidiaries: Theory and Evidence,” Journal of Economic Behavior and Organization 11: 1-25.
33. Harrigan, K. R., 1988, “Joint Ventures and Competitive Strategy,” Strategic Management Journal 9: 141-158.
34. Harsanyi, J. C. and R. Selten, 1972, “A General Nash Solution for Two-Person Bargaining Games with Incomplete Information,” Management Science 18: 80-106.
35. Hennart, J. F., 1991, “The Transaction Costs Theory of Joint Ventures: An Empirical Study of Japanese Subsidiaries in The United States,” Management Science 37(4): 483-497.
36. Inkpen, A. C., 1992, Learning and Collaboration: An Examination of North America-Japanese Joint Ventures, Unpublished Ph. D. Dissertation, University of Western Ontario.
37. Kamien, M., 1992, “Patent Licensing,” in Aumann, R. J., and S., Hart, (eds.), Handbook of Game Theory: Volume 1, Chapter 11.
38. ______ and N. Schwartz, 1982, Market Structure and Innovation, Cambridge University Press.
39. Kim, W. C. and P. Hwang, 1992, “Global Strategy and Multinationals'' Entry Mode Choice,” Journal of International Business Studies 23(1): 29-53.
40. Kogut, B., 1988, “Joint Ventures: Theoretical and Empirical Perspectives,” Strategic Management Journal 9: 319-332.
41. ______, 1991, “Joint Ventures and the Option to Expand and Acquire,” Management Science 37: 19-33.
42. ______, and N. Kulatilaka, 1994a, “Operating Flexibility, Global Manufacturing, and the Option Value of a Multinational Network,” Management Science 40(1): 123-139.
43. ______, 1994b, “Options Thinking and Platform Investments: Investing in Opportunity,” California Management Review winter: 52-71.
44. Kongsted, H. C., 1996, “Entry and Exit Decisions Under Uncertainty: The Limiting Deterministic Case,” Economics Letters 51: 77-82.
45. Kulatilaka, N. and B. Kogut, 1996, “Direct Investment, Hysterisis, and Real Exchange Rate Volatility,” Journal of the Japanese and International Economies 10: 12-36.
46. Kvint, V. L., 1998, “Nature of International Venture and Their Role in Global Business,” in Ben Daniel, D. J. and A. H. Rosenbloom (eds.), International M&A, Joint Ventures, and Beyond: Doing the Deal, New York: John Wiley & Sons, Inc.
47. Leahy, J., 1997, “Investment in Competitive Equilibrium: the Optimality of Myopic Behavior,” Quarterly Journal of Economics 108, 1105-1133.
48. Lecraw, D. J., 1984, “Bargaining Power, Ownership, and Profitability of Transnational Corporations in Developing Countries,” Journal of International Business Studies, Spring-Summer, 27-43.
49. Lee, C., and P. W. Beamish 1995, “The characteristics and Performance of Korean Joint Ventures in LDCs,” Journal of International Business Studies 26(3): 637-654.
50. Leung, W.-F., 1998, “A Model of Coexistence of International Joint Ventures and Foreign Wholly-Owned Subsidiaries,” Japan and the World Economy 10: 233-252.
51. Lint, O. and E. Pennings (1999). "The option approach to the new product development process," 3rd annual international conference on real options: theory meet practice, June 6-8, 1999, Wassenaar/Leiden, The Netherlands.
52. Luo, Y., 1997, “Partner Selection and Venturing Success: The Case of Joint Ventures with Firm in the People''s Republic of China,” Organization Science 8(6): 648-662.
53. Makino, S. and W. Beamish, 1998, “Performance and Survival of Joint Ventures with Non-Conventional Ownership Structures,” Journal of International Business Studies 29(4): 797-818.
54. Mauer, D. C. and S. H. Ott, “Agency Costs, Investment Policy and Optimal Capital Structure: The Effect of Growth Options,” forthcoming in Grennan, M. J. and L. Trigeorgis (eds.), Innovation, Infrastructure and Strategic Options, London: Oxford University Press.
55. McDonald, R. and D. Siegel, 1985, “Investment and the Valuation of Firms When There Is an Option to Shut Down,” International Economic Review 26(June): 331-349.
56. Mello, A. S. and J. E. Parsons, 1992, “The Agency Costs of Debt,” Journal of Finance 47: 1887-1904.
57. Mello, A. S., Parsons, J. E. and A. J. Triantis, 1995, “An Integrated Model of Multinational Flexibility and Financial Hedging,” Journal of International Economics 39(1): 27-51.
58. Muralidhar, A., 1992, Volatility, Flexibility and the Multinational Enterprise, Unpublished Ph. D. Dissertation, Sloan School of Management, MIT.
59. Nakamura, M. and B. Yeung, 1994, “On the Determinants of Foreign Ownership Shares: Evidence from US Firms'' Joint Ventures in Japan,” Managerial and Decision Economics 15: 155-162.
60. Nakamura, M. and J. Xie, 1998, “Nonverifiability, Noncontractibility and Ownership Determination Models on Foreign Direct Investment, with An Application to Foreign Operations in Japan,” International Journal of Industrial Organization 16: 571-599.
61. Nash, J. F., 1950, “The Bargaining Problem,” Econometrica 13: 166-162.
62. ______, 1953, “Two-person Cooperative Games,” Econometrica, 21: 128-140.
63. Parkhe, A., 1991, “Interfirm Diversity, Organizational Learning, and Longevity in Global Strategic Alliances,” Journal of International Business Studies 22: 579-601.
64. _____, 1993, “Messy Research, Methodological Predispositions, and Theory Development in International Joint Ventures,” Academy of Management Review 18(2): 227-268.
65. Tang, M.-J. and C.-M. J. Yu, 1990, “Foreign Market Entry: Production-Related Strategies,” Management Science 36(4): 476-489.
66. Thomson, W., 1994, “Cooperative Models of Bargaining,” in R.J. Aumann and S. Hart (eds.), Handbook of Game Theory: Volume 2, 1237-1284.
67. Trigeorgis, L. (eds.), 1996, Real Options, Managerial Flexibility and Strategy in Resource Allocation, Cambridge, Massachusetts, London and England: The MIT Press.
68. Varian, H. R. (eds.), 1992, Microeconomics, New York: W. W. Norton & Company, Inc.
69. Wang, X.-H., 1998, “Fee versus Royalty Licensing in a Cournot Duopoly Model,” Economics Letters 60, 55-62.
70. Weeds, H. (1999a). ''Reverse hysteresis'': R & D investment with stochastic innovation, 3rd annual international conference on real options: theory meet practice, June 6-8, 1999, Wassenaar/Leiden, The Netherlands.
71. Weeds, H. (1999b). "Strategic delay in a real options model of R & D competition," 3rd annual international conference on real options: theory meet practice, June 6-8, 1999, Wassenaar/Leiden, The Netherlands.
72. Williamson, O. E., 1985, The Economic Institutions of Capitalism, The Free Press.
73. ______, 1986, Economic Organization: Firms, Markets and Policy Control, Great Britain: Wheatsheaf Books Ltd.
74. Yan, A. and B. Gray, 1994, “Bargaining Power, Management Control, and Performance in United States-China Joint Ventures: A Comparative Case Study,” Academy of Management Journal 37: 1478-1517.
75. Yi, S.-S., 1999, “Entry, licensing and research joint ventures,” International Journal of Industrial Organization 17, 1-24.
76. Yu, C.-M. J. and M.-J. Tang, 1992, “International Joint Ventures: Theoretical Considerations,” Managerial and Decision Economics 13: 331-342.
77. Pang, C.-M. (潘治民) and H. Huang, (黃鴻), 1986, 「一階段與二階段方法求解均衡值之異同」, 經濟論文叢刊 14: 213-223.
78. Chu, C.-Y. (朱敬一), 1986, 「對「一階解與二階解均衡值異同」爭議之評斷」, 經濟論文叢刊 15(1):123-130.
79. Kao et al., (高長, 季聲國, 吳世英), 台商與外商在大陸投資經驗之調查研究-以製造業為例(中華經濟研究院, 第一年計劃1994年4月, 第二年計劃1995年3月).
80. Huang, H.-C. (黃恆獎) and S.-J. Wang (王仕茹), 1997, 「中外合資事業不穩定性之研究-事件歷史分析法的應用」, 中山管理評論 5(1): 99-120.
81. Wu, C.-C. (吳忠吉) and B.-C. Cheng, (陳博志), 「評「一階段與二階段方法求解均衡值之異同」,」 經濟論文叢刊 14: 225-232.
82. Wu, C.-S. (吳青松), 1996, 「中國大陸國際合資事業經營管理問題之研究」, 行政院國家科學委員會專題研究計畫成果報告: 1-75.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top