美国国内市场需求下降对美国跨国公司对外直接投资的影响

发布时间：2018-04-21 06:14

本文选题：母国市场需求 + 对外直接投资　；参考：《复旦大学》2013年硕士论文

【摘要】：本文以美国为例,从跨国公司对外直接投资的动机切入,研究当一个国家的国内市场需求下降时,该国对外直接投资会受到怎样的影响。跨国公司的在母国的市场需求受到宏观经济的影响,也受到行业因素的影响。经济危机、行业波动都会使跨国公司在母国的产品需求下降。本文发现,美国国内市场需求下降,会使美国对外直接投资减少。对于水平型跨国公司,美国市场需求下降会增加美国跨国公司的预防性资金持有需求,从而减少对外直接投资的内部融资能力。同时根据资金持有的需要,跨国公司母公司要能够实现跨期资金持有量的稳定,从而形成对外直接投资的内部融资约束。美国市场需求下降会增加这种约束,使对外直接投资进一步减少。对于垂直型跨国公司,当美国面临需求冲击时,最终产品在美国市场需求下降,意味着企业需要调整最终产品的产量,从而减少对中间产品的需求。根据比较优势动机,跨国公司会减少对生产中间产品的海外分支机构的直接投资。本文采用美国食品、化工、初级金属及金属制品、机械、电子计算机、电器设备、运输设备7个行业的面板数据进行实证分析,证实了美国市场需求下降对对外直接投资的影响机制。据此,本文针对一个国家需求下降时如何推进本国企业对外直接投资、如何减少外商直接投资受母国市场需求下降的影响这两个问题提出了相应的政策建议。
[Abstract]:This paper, taking the United States as an example, explores how the country's foreign direct investment will be affected when the domestic market demand of a country falls, from the motivation of the multinational direct investment.
The market demand of MNCs in the home country is affected by the macro-economy and also influenced by the industry factors. The economic crisis and the industry fluctuation will reduce the demand for the products of the MNCs in the home country. In order to reduce the internal financing capacity of foreign direct investment, the decline will increase the internal financing capacity of the foreign direct investment. Meanwhile, according to the needs of the capital, the parent company of the multinational company will be able to achieve the stability of the inter term capital holdings, thus forming the internal financing constraints of direct investment. When the United States faces demand shocks, the demand for final products falls in the US market, which means that enterprises need to adjust the output of the final products to reduce the demand for intermediate products. The direct investment of the overseas branch of the product.
This paper empirically analyses the panel data of 7 industries, such as American food, chemical, primary metal and metal products, machinery, electronic computer, electrical equipment and transportation equipment, and confirms the impact mechanism of the decline in demand on foreign direct investment in the United States. Direct investment, how to reduce the impact of foreign direct investment on the decline of market demand in the home country, put forward corresponding policy recommendations.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.7;F837.12

【共引文献】