马其顿共和国的外国直接投资合资企业的股权风险研究

发布时间：2018-04-04 12:39

本文选题：合资企业　切入点：政治风险　出处：《武汉理工大学》2012年博士论文

【摘要】：本文探讨马其顿共和国这样一个发展中国家的外商直接投资的性质和决定因素总的来说,本文有以下四项主要贡献。第一,我们分析了马其顿外国直接投资的性质,因为马其顿吸引外商投资的项目是快餐式的,本文重点论述了马其顿的这些重要工业。它也表明了其目前状况和招商引资的项目是由政府引导的。其次,我们遵循了以往理论指出的外直接投资的决定因素,并通过累积的材料分析了国家级别的外商投资者的特征。这些分析在一个更大的的范围内指出了影响外商投资项目数的因素,例如,规模,距离,经济自由度和以往的投资水平。第三,论文分析了国家政治风险对合资企业中外资股权的影响。结果表明,六月严重的风险实际上增加了外资股权,这得利于对所有制的控制。相反,那些有少数外国所有权的项目对风险表现得最为敏感。迄今为止不论是在独资还是在合资领域,外商直接投资的研究资料似乎都只关注了投资的引入模式,而以上这些研究结果将对这些研究资料具有补充价值。第四,我们将尝试建立一个定量模型,以便于在政治学和工商管理领域中的研究人员能够以一种跨学科方式来衡量关于外国直接投资的政治风险。本论文具有一些重要的贡献价值。文章分析了马其顿经济部的信息从而获得了国外投资项目的数据资料。这些数据资料是从来自不同国家的投资项目、个体投资者,以及总体投资情况这一层面来分析的,因此它能帮助我们更为深入的理解马其顿外国投资的性质。我们以其国外所有权制度的形成为基础,探讨了马其顿的合资企业以及他们对所拥有股权的分配情况。通过实例分析,以前的一些针对发达国家外商投资的研究让我们明确了一些影响股份的潜在因素和投资来源国的特征,文章用这些因素来检验马其顿的情况。这篇文章运用了例如普通最小二乘法、负二项式模型、计量模型,测定模型和赫克曼选择抽样模式这些技术。研究结果表明,面临较严重的风险时,企业往往会增加他们的入境股份,如果风险不太严重,他们往往会减少入境股份。由于这种对股份的反应情况低干大多数所有权,所以前者的反应支持了增加所有权是为了行使对公司的控制这一论点。研究结果似乎是与现有理论相对的,现有理论认为,公司将减少他们的股权来应付国家政治危机,但这只是独资导合资两种入境模式之间的选择。这里,我们认为,无论是独资还是合资企业的所有权选择入境模式的决定因素不同于合资企业中股权的情况。所以我们可以说,结果是其实是与现有理论一致的,并为它所支持。与先前所说的相关,作为合资企业这样一个入境模式,投资者必须要根据风险来调整它的股权。当然,我们已经表明,风险只是由相关条件评估出来的,表示的是数据资料的效益。当详细的资料能够被许多不同国家的投资商所共享利用时,去看看这一研究结果是否适用于不同的国家将会是非常有趣的。乐观地说,这项研究中调查外国直接投资的来源国决定因素的材料将会提供这一实例。
[Abstract]:This article examines the nature and determinants of foreign direct investment in a developing country such as the Republic of Macedonia. This article has the following four main contributions.
First, we analyze the nature of foreign direct investment in Macedonia, for Macedonia to attract foreign investment project is fast, this paper focuses on the important industry. It also shows that Macedonia, its current situation and investment of the project is guided by the government. Second, we decided to follow the previous theoretical factors pointed out foreign direct investment, and analyzed the characteristics of the national level of foreign investors through the accumulation of material. These analysis points out the factors affecting foreign investment, the number of items in a larger range for example, size, distance, economic freedom and the level of investment. Third, this paper analyzes the impact of national politics the risk of foreign joint ventures in equity. The results show that the risk of severe June actually increased foreign equity, it was beneficial to the control of ownership. On the contrary, those a few foreign The ownership of the project risk was most sensitive. So far whether in wholly or in the field of joint venture, data on foreign direct investment seems to focus on the introduction of investment mode, and these results will be the research data has added value. Fourth, we will try to establish a quantitative model. For in politics and in the field of business administration researchers to measure the political risk of foreign direct investment in an interdisciplinary way.
This paper has some important contribution value. This paper analyzes the Macedonian Ministry of economic information to obtain foreign investment data. These data are from different countries investment projects, individual investors, and the overall investment situation to the level of analysis, so it can help us more in-depth nature understand the Macedonian foreign investment. Based on our form of its foreign ownership system, discusses the Macedonian joint ventures and their distribution with equity.
Through the analysis of examples, some of the previous research on foreign investment in the developed countries and let us clear the influence of some shares of the underlying factors and source of investment characteristics, the use of these factors to test the Macedonian situation. This article uses such as ordinary least squares method, negative binomial model, econometric model, measurement model and Heckman sampling the mode of technology.
The results show that the risk of more serious, companies tend to increase their entry shares, if the risk is not too serious, they tend to reduce immigration shares. Because of this response to the share of low stem majority ownership, so the former reaction supports the increase of ownership is to exercise control of the company on this point.
The results seem to be relative with the existing theory, the existing theory is that the company will reduce their equity to cope with the country's political crisis, but this is only between two owned joint venture entry mode choice. Here, we think, whether it is owned or joint venture enterprises which have the right to choose the entry mode decision factors different from equity in the joint venture. So we can say that the result is consistent with the existing theory, and support for it. With the former, such as a joint venture entry mode, investors must adjust its equity according to the risk. Of course, we have shown that only by the relevant risk condition assessment, said the data is benefit. When detailed information can be many different countries shared by investors, to see the results of this study are not suitable for Different countries will be very interesting. Hopefully, this research will provide an example of the materials that will determine the determinants of FDI.

【学位授予单位】：武汉理工大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F224;F835.556

【共引文献】