跨国公司在华撤资的诱因与影响研究
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摘要
跨国公司的撤资行为是伴随着外商直接投资(FDI)的活动的扩大而出现的,随着外资引入规模的加大,越来越多的跨国公司进入了成熟期和营运期,伴随着跨国公司的发展,一些撤资现象也在中国不断地出现。本文以跨国公司在华撤资为主要研究对象,在对跨国公司FDI及撤资问题进行一般理论分析的基础上,综合运用对比分析、数据整理和案例分析等方法,从在华撤资的特征出发,分析归纳出跨国公司在华撤资的诱因及其影响。本文的研究不仅有利于推动国内关于跨国公司撤资行为的研究,更有助于完善我国防范撤资风险、合理有效地利用外资的政策选择。
本文主要从撤资的时间、撤资主体和撤资领域三方面全面地分析了我国跨国公司撤资的特征。研究发现,不同时期,不同投资主体以及不同投资行业,其撤资的主要诱因不同。我国跨国公司撤资的诱因从总体上分可以分为内因和外因。内因主要是跨国公司自身因素造成的,包括母公司和子公司的因素,这是跨国公司撤资的决定性因素,它直接决定着其经营效益和经营决策。外因主要是指东道国、母国以及其他一些竞争性国家的经济状况影响。外部因素的变化,间接影响跨国公司的经营效益和经营决策。不同类型的投资,其外商撤资诱因不同,进而对我国的影响也不同。劳动密集型产业的撤资对我国来讲是一种产业结构调整的必然结构。一些因为经营不善导致的撤资是我国市场竞争优胜劣汰的结构。这类撤资对我国的负面影响不是很大,相反优化了我国的资本结构。但是对于资本密集型和技术密集型的产业的撤资,我们要尽量避免,因为这对我国的负面影响很大。因此为了避免我国的撤资对我国的影响,我们应该重视引资的质量。投资的质量高低,往往决定了撤资。同时,我国对已有的投资需要加以监控,及时作出政策调整,避免出现大规模的资本撤出。本文还提出,随着我国基于廉价劳动力的比较优势减弱趋势的显现,我国必须要努力发掘新的比较优势,以保持外资流入的可持续性。
Divestment has emerged with the development of foreign direct investment. With larger scale of FDI in China, most transnational corporations have gone into mature stage and operation stage. So with the development of transnational corporations, more and more divestments have appeared in China. This article studies on the foreign divestment in China, on the basis of the analysis on different theories of foreign investment and divestment, and then uses many analysis methods, such as comparative analysis, data reduction, case study and so on ,to illustrate the divestment phenomena, at last conclude the inducement and the affect of divestment. The result of this article is helpful to perfect the research of the foreign divestment theory and help our country to avoid the risk of divestment, and also has practical significance on how to use FDI effectively and reasonably.
This article mainly analyses on the characters of divestment in our country from three aspects of the time, the subject of divestment and the area of divestment in china. All of these analyses are to find out the reason for multinational company divestment. The research finds that the key inducement of divestment is different in different period, for different investors and different industries. Generally the inducement of divestment in China could be divided into internal cause and external cause. The internal cause means the transnational company’s factor including the parent company and her subsidiaries. The external cause means the economic and political affections of the host county, the mother country and the competitors of FDI. The impact of divestment in our country is further investigated. Different kinds of investments have different main reasons for its divestment which have different affect on our country. Divestment in Labor incentive industries is the result of the improvement of our county industry. Divestments caused by management failure are the result of the survival of the fittest. Such kind of divestment doesn’t have negative effect on our country, but optimizes our industry structure. On the contrary, as the negative effect of the divestments in capital and technological incentive industries is huge, we have to avoid that kind of divestment. That’s why we have to pay attention on the investment quantity to avoid the negative effect of divestment, which decides the divestment. At the same time, we have to pay attention to the existing foreign investment and make the adjustment of the policy in order to avoid large scale of divestment. As the trend that our countries’cheap labor comparison advantage is disappearing is becoming apparent, it is essential to find our new comparison advantage to keep stability of the inflow of FDI.
本文主要从撤资的时间、撤资主体和撤资领域三方面全面地分析了我国跨国公司撤资的特征。研究发现,不同时期,不同投资主体以及不同投资行业,其撤资的主要诱因不同。我国跨国公司撤资的诱因从总体上分可以分为内因和外因。内因主要是跨国公司自身因素造成的,包括母公司和子公司的因素,这是跨国公司撤资的决定性因素,它直接决定着其经营效益和经营决策。外因主要是指东道国、母国以及其他一些竞争性国家的经济状况影响。外部因素的变化,间接影响跨国公司的经营效益和经营决策。不同类型的投资,其外商撤资诱因不同,进而对我国的影响也不同。劳动密集型产业的撤资对我国来讲是一种产业结构调整的必然结构。一些因为经营不善导致的撤资是我国市场竞争优胜劣汰的结构。这类撤资对我国的负面影响不是很大,相反优化了我国的资本结构。但是对于资本密集型和技术密集型的产业的撤资,我们要尽量避免,因为这对我国的负面影响很大。因此为了避免我国的撤资对我国的影响,我们应该重视引资的质量。投资的质量高低,往往决定了撤资。同时,我国对已有的投资需要加以监控,及时作出政策调整,避免出现大规模的资本撤出。本文还提出,随着我国基于廉价劳动力的比较优势减弱趋势的显现,我国必须要努力发掘新的比较优势,以保持外资流入的可持续性。
Divestment has emerged with the development of foreign direct investment. With larger scale of FDI in China, most transnational corporations have gone into mature stage and operation stage. So with the development of transnational corporations, more and more divestments have appeared in China. This article studies on the foreign divestment in China, on the basis of the analysis on different theories of foreign investment and divestment, and then uses many analysis methods, such as comparative analysis, data reduction, case study and so on ,to illustrate the divestment phenomena, at last conclude the inducement and the affect of divestment. The result of this article is helpful to perfect the research of the foreign divestment theory and help our country to avoid the risk of divestment, and also has practical significance on how to use FDI effectively and reasonably.
This article mainly analyses on the characters of divestment in our country from three aspects of the time, the subject of divestment and the area of divestment in china. All of these analyses are to find out the reason for multinational company divestment. The research finds that the key inducement of divestment is different in different period, for different investors and different industries. Generally the inducement of divestment in China could be divided into internal cause and external cause. The internal cause means the transnational company’s factor including the parent company and her subsidiaries. The external cause means the economic and political affections of the host county, the mother country and the competitors of FDI. The impact of divestment in our country is further investigated. Different kinds of investments have different main reasons for its divestment which have different affect on our country. Divestment in Labor incentive industries is the result of the improvement of our county industry. Divestments caused by management failure are the result of the survival of the fittest. Such kind of divestment doesn’t have negative effect on our country, but optimizes our industry structure. On the contrary, as the negative effect of the divestments in capital and technological incentive industries is huge, we have to avoid that kind of divestment. That’s why we have to pay attention on the investment quantity to avoid the negative effect of divestment, which decides the divestment. At the same time, we have to pay attention to the existing foreign investment and make the adjustment of the policy in order to avoid large scale of divestment. As the trend that our countries’cheap labor comparison advantage is disappearing is becoming apparent, it is essential to find our new comparison advantage to keep stability of the inflow of FDI.
引文
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[9]. HAYNES M S T and WRIGHT M. The determinants of corporate divestment: evidence from a panel of UK firms [J]. Journal of Economic Behavior and Organization, 2003(52): 147-166.
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[11]. HAYNES M, THOMSON S, MIKE W. The determinants of corporate divestment: evidence from a panel of UK firms. Journal of Economic Behvavior and Organization 2003(52): 147-166
[12]. PORTER M E. Please note the location of nearest exist: exist barriers and planning [J]. California Management Review, 1976(19): 21-33
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[2]. BENITO G R G. DIVESTMENT SEEN THROUGH THE LENS OF INTERNATIONAL BUSINESS STRATEGY [J]. 2003(9): 22-23
[3]. BODDEWYN J J. Foreign divestment: magnitude and factors [J]. Journal of International Business Studies, 1979(10): 21-27
[4]. BODDEWYN J J. Foreign and domestic divestment and investment decision: like or unlike? [J] Journal of International Business Studies, 1983(14): 23- 36
[5]. DAVIS J V. The strategic divestment decision [J]. Long Range Planning, 1974(7): 15-18
[6]. DUNNING J H. International Production and Multinational Enterprise [M]. London: George Allen and Unwin,1981:23-34
[7]. DUHAIME I M and GRANT, JOHN H. Factors influencing divestment decision-making: evidence from a field study [J]. Strategic Managements Journal, 1984(5): 301-318
[8]. HAYNES M S T and WRIGHT M. The impact of divestment on firm performance: empirical evidence from a panel of UK companies [J]. Journal of Industrial Economics, 2002 (2): 173-196.
[9]. HAYNES M S T and WRIGHT M. The determinants of corporate divestment: evidence from a panel of UK firms [J]. Journal of Economic Behavior and Organization, 2003(52): 147-166.
[10]. HAMILTON R T and CHOW Y K. Why managers divest-evidence from New Zealand’s largest companies [J]. Strategic Management Journal, 1993(14): 479-484
[11]. HAYNES M, THOMSON S, MIKE W. The determinants of corporate divestment: evidence from a panel of UK firms. Journal of Economic Behvavior and Organization 2003(52): 147-166
[12]. PORTER M E. Please note the location of nearest exist: exist barriers and planning [J]. California Management Review, 1976(19): 21-33
[13]. ROBERTS B and THOMPSON S. Entry and exit in a transition economy: the case of Poland [J]. Review of Industrial Organization, 2003(22): 225-243.
[14]. TORNEDEN R L. Foreign Divestment by US Multinational Corporations: With Eight Case Studies [M]. New York: Praeger Publishers, 1975
[15]. 弗雷德 R 戴维.战略管理[M].北京:经济科学出版社,1998
[16]. 弗雷德 J 威斯通. 接管、重组与公司治理[M].大连:东北财经大学出版社,2000
[17]. 曹晓蕾.我国外商直接投资中的撤资问题研究——以韩资为例[J].国际贸易问题,2007 年第 2 期:100-104
[18]. 候本旗.当代 FDI 与中国外资策略[J].中国财政经济出版社,1999 年:95-97
[19]. 国 际 收 支 平 衡 表 1995-2007, http://www.safe.gov.cn/model_safe/ index.html
[20]. 胡兴球.跨国公司在华撤资动因分析[J].亚太经济,2004 年第 6 期:32-34
[21]. 姜岩.理想看待跨国公司从中国撤资[J].中国外资.2004 年第 2 期:50-51
[22]. 金惠珍.韩国企业在中国的投资趋势及展望.经济参考研究[J].2004 年第 93期:12
[23]. 李优树.FDI 中的撤资问题探讨[J].当代财经,2003 年第 12 期:18
[24]. 刘阳春,毛蕴诗.跨国公司在华投资、撤资、再投资行为研究[J].学术研究,2006 年第 5 期:27-32
[25]. 罗相均.韩国企业和中国企业投资及其成功战略[A].中韩经验比较国际学术研讨会论文集[C] 2005 年 11 月 17 日:36
[26]. 鲁桐,郑俊圭.韩国企业在中国的投资与中韩经贸关系展望[J].世界经济与政治, 2005 年第 2 期: 26
[27]. 联合国贸易和发展会议,《2006 年世界投资报告—来自发展中经济体和转型期经济体的外国直接投资:对发展的影响》,表 6,11
[28]. 马全军.试论 FDI 中的撤资问题[J].外国经济与管理,1997 年(4):20
[29]. 毛蕴诗,蒋敦福.当代跨国公司撤资理论及其新发展[J].四川:四川大学学报(哲学社会科学版),2002 年第 2 期
[30]. 毛蕴诗,蒋敦福,曾国军.跨国公司在华撤资——行为、过程、动因与案例[M].北京:中国财政经济出版社,2005 年:110-200
[31]. 毛蕴诗.全球公司重构——案例研究与中国企业战略重组 [M].大连:东北财经大学出版社, 2004 年:180-206
[32]. 毛蕴诗.跨国公司战略经营与 FDI[M].广州:中山大学出版社, 2001年:26-110
[33]. 朴灵绪和金圣洙.韩国企业对中国投资失败的实况与原因[J].经贸论坛,2002 年第 10 期: 7
[34]. 潘幼芳.近年日本对华投资减少原因及其走向[J].国际商务研究.2001年第1期:23-25
[35]. 尚永珍.撤资理论与中国投资现状分析[J].市场周刊,2004 年第 5 期:3
[36]. 王水娟,许长新.国际资本外撤的模式选择及其政策含义[J].统计与决策,2006 年第 9 期:10
[37]. 王水娟,许长新.全球化背景下国际资本外撤影响因素探析[J].世界经济与政治论坛 2006 年第 1 期:39-43
[38]. 王水娟.不确定性因素对国际资本外撤的影响及对策[J].工业技术经济 2006年第 7 期: 152-153
[39]. 外经贸部跨国公司研究中心.2001 跨国公司在中国投资报告[M].北京:中国经济出版社,2001 年:45-60
[40]. 王志乐.2007 年跨国公司中国报告[M] . 北京:中国经济出版社 2007 第 2期:17-19
[41]. 薛敬孝.日资企业的再投资与撤资[J].太平洋学报,1997 年第 4 期:5
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