Empirical and theoretical Study on international acquisitions, mergers, joint ventures and wholly owned subsidiaries by Japanese firms

日本企业国际收购、兼并、合资及全资子公司的实证与理论研究

基本信息

批准号：
10630104
负责人：
HOSHINO Yasuo
金额：
$ 2.18万
依托单位：
University of Tsukuba
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
1998
资助国家：
日本
起止时间：
1998 至 2000
项目状态：
已结题

项目摘要

We investigate the firm-specific advantages and entry modes of international acquisitions, mergers, joint ventures and wholly-owned subsidiaries by Japanese firms, as decisive factors of business performance for Japanese subsidiaries in Thailand. By ANOVA, profitability for those subsidiaries of half ownership of shares is shown to be higher than cases of majority or minority or wholly ownerships. By multiple regression analysis, size of parent companies has negative, and numbers of subsidiaries and years of operations have positive effects on the profitability of subsidiaries with statistically significant differences. Further, the level of R ＆ D, total years of experiences of subsidiaries, and operating years have positive effects with significances.Secondly, non-parametric test showed that Japanese subsidiaries in the US (NY, NJ) and 13 Latin American countries have no relationship between entry modes and profitability. Firm-specific advantages and internalization advantages of parent companies have positive influences on the performance of subsidiaries with significancesThirdly, we analyze entry, divestment and stability of Japanese manufacturing firms in 4 ASEAN countries (Indonesia, Malaysia, Philippine and Thailand). Stability is defined as subsidiaries without divestment and relocation. Wholly-owned affiliates and related national joint ventures with networks are equally stable and they are more stable than other types of joint ventures with significance.

我们研究了日本企业在国际收购、兼并、合资和独资子公司方面的具体优势和进入模式，作为日本在泰国子公司经营业绩的决定性因素，通过方差分析，分析了日本企业半持股子公司的盈利能力。多元回归分析表明，母公司规模对子公司盈利能力具有正向影响，而子公司数量和经营年限对子公司盈利能力有显着影响。、研发水平、总年限其次，非参数检验表明，日本在美国（纽约州、新泽西州）和13个拉美国家的子公司的进入模式与企业特有优势和盈利能力之间不存在关系。母公司的内部化优势对子公司的绩效具有显着的积极影响。第三，我们分析了日本制造企业在东盟四个国家（印度尼西亚、马来西亚、菲律宾和泰国）的进入、撤资和稳定性。稳定性被定义为子公司。没有撤资和搬迁的全资子公司和有网络的相关全国合资企业同样稳定，并且比其他类型的具有重要意义的合资企业更加稳定。