实物期权视角下的跨国企业从华撤资“迟滞”研究——来自日本跨国企业从华撤资的证据

发布时间：2018-01-07 03:14

本文关键词：实物期权视角下的跨国企业从华撤资“迟滞”研究——来自日本跨国企业从华撤资的证据　出处：《财经研究》2015年11期 　论文类型：期刊论文

【摘要】：随着中国投资环境的变化,近年来跨国企业从华撤资的现象时有发生;然而,这些撤资却存在"迟滞"现象。文章从实物期权的视角,以日本的跨国企业为样本,利用Cox比例风险模型,对影响跨国企业从华撤资"迟滞"的因素进行了实证检验。研究表明:(1)所在行业的需求不确定性与投资不可逆性影响了日本跨国企业的从华撤资决策,投资不可逆性越高与需求不确定性越大,日本跨国企业从华撤资时越有可能发生"迟滞";(2)跨国企业的投资不可逆性和多元化程度对不确定性影响撤资"迟滞"具有调节作用,投资不可逆性强化了不确定性对撤资"迟滞"的正向影响,而日本跨国企业在华的多元化程度则弱化了这种影响;(3)分支机构的冗余性和灵活性对跨国企业从华撤资"迟滞"都具有正向影响,即日本跨国企业在华分支机构的冗余性和灵活性都提高了分支机构被撤出的风险。文章的研究结论不仅有助于跨国企业理性地对待东道国市场的不确定性,避免盲目地撤出东道国,而且有助于跨国企业选择合理的撤出对象,优化在东道国的分支机构组合。
[Abstract]:With the change of Chinese investment environment in recent years, multinational companies from the divestment have occurred; however, there is lag the withdrawals from real options. In this perspective, Japanese multinational enterprises as samples, using Cox proportional hazards model, influencing factors of transnational enterprises from divestment "sluggish" the empirical test. The results show that: (1) the industry demand uncertainty and irreversibility affect the Japanese multinational companies from the divestment decision, investment irreversibility and higher demand uncertainty, the Japanese multinational corporations from divestment when more likely ("hysteresis"; 2) "divestment of multinational investment irreversibility and diversification of uncertainty sluggish" play a role in the regulation of investment irreversibility, uncertainty and strengthen the positive influence on the "hysteresis" divestment of multinational companies in China and Japan, diversification The degree of weakening this effect; (3) branch of the redundancy and flexibility has a positive impact on the divestment of multinational enterprises from "hysteresis" branches, namely the Japanese multinational companies in China are redundant and flexibility to increase the risk of branches withdrawn. This conclusion not only help multinational companies rationally treat the host market uncertainty, to avoid blindly from the host country, and help enterprises to choose the reasonable withdrawal object, optimization in the host country branches.

【作者单位】：上海财经大学国际工商管理学院;河南师范大学商学院;
【基金】：国家自然科学基金项目(71272015) 上海市哲学社会科学规划课题(2014BGL007)
【分类号】：F276.7
【正文快照】： 一、引言海外撤资指跨国企业出售或关闭在东道国内的分支机构(Benito,2005)。1从跨国企业的海外撤资历史来看,当东道国经济条件不利时,跨国企业并不一定会立即从东道国撤资,甚至会推迟从东道国内撤出绩效差的分支机构,因此存在撤资“迟滞”现象(Berry,2013;Song,2014)。随着中

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