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

我们调查了日本企业的国际收购，合并，合资企业和全资子公司的企业特有的优势和进入模式，作为在泰国的日本子公司的经营业绩的决定性因素。通过方差分析，半股权的子公司的盈利能力高于多数股权或少数股权或全资子公司的情况。通过多元回归分析，母公司规模对子公司盈利能力有负向影响，子公司数量和经营年限对子公司盈利能力有正向影响，且差异具有统计学意义。其次，非参数检验表明，日本在美国（纽约州、新泽西州）和拉美13国的子公司的进入模式与盈利能力之间不存在相关关系。第三，分析了日本制造企业在东盟4国（印度尼西亚、马来西亚、菲律宾和泰国）的进入、撤资和稳定性。稳定性的定义是子公司没有撤资和搬迁。拥有网络的全资子公司和相关的全国性合资企业同样稳定，比其他类型的有意义的合资企业更稳定。

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.