Empricel Study on Managerial Performance of International Acquisition, Merger, Joint Ventvres and Wholly Owned Investment

国际收购、兼并、合资和独资投资管理绩效的 Empricel 研究

• 批准号: 13630133
• 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: 2001
• 资助国家: 日本
• 起止时间: 2001 至 2003
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-13630133/
• 关键词: Foreign Subsidiary; Joint Venture; Parent Company; Entry Mode; Performance; Wholly Ownership; International Acquisition; Merger; 子会社; 合弁企業; 製造業; 欧州; NAFTA; M ＆ A; 外資系企業; サービス業; 米国; 参入形態; 合併効果; 経営指標; 超過収益率

Firstly, by using Japanese manufacturing and service subsidiaries in U.S., and Latin America, there are differences of managerial characteristics between area and industry, end firm specific advantages and internalization advantages of parent companies have positive influence on performance of subsidiaries but no direct relationship between entry mode and performanceSecondly, by using data of Japanese manufacturing subsidiaries in NAFTA, Europe and NIEs in 1998, negative relationship between entry mode and performance are shown in NAFTA but both Europe and NIEs show no direct relationship. By overall comparison, joint ventures show better performance than wholly ownershipThirdly, by suing 1992-2000 data of Japanese manufacturing subsidiaries in Europe, parent companies take form of joint venture than wholly ownership when their size is larger and when they operate longer experience. Moreover, when subsidiaries deal same product with parent companies, they take more form of wholly ownership

首先，通过日本在美国和拉丁美洲的制造和服务子公司的数据，地区和行业之间存在管理特征的差异，最终公司的特定优势和母公司的内部化优势对子公司的绩效有正向影响，但进入模式与绩效之间没有直接关系。其次，通过使用1998年北美自由贸易区、欧洲和新兴工业化国家的日本制造子公司的数据，在北美自由贸易区中，进入模式与绩效呈负相关，而在欧洲和新兴工业化国家中，进入模式与绩效呈负相关。 表明没有直接关系。总体比较，合资企业的表现优于独资企业。第三，通过起诉日本在欧洲的制造子公司1992-2000年的数据，母公司在规模较大、经营经验较长的情况下，采用合资企业的形式优于独资企业。此外，当子公司与母公司经营相同的产品时，它们更多地采取全资所有权的形式

项目成果

Yasuo Hoshino, Cristian Vega-Cespedes: "Effects of Ownership and Internalization Advantages on Performance : The Case of Japanese Subsidiaries in the United States and Latin America"Review of Pacific Basin Financial Market and Policies. 4. 69-94 (2001)

Yasuo Hoshino、Cristian Vega-Cespedes：“所有权和内部化优势对绩效的影响：以日本在美国和拉丁美洲子公司的案例”太平洋盆地金融市场和政策回顾。

Yasuo Hoshino, Yeh Tsung-minx: "Productivity and Operating Performance of Japanese Merging Firm : Keiretsu-related and Independent Mergers"Japan and the World Economy. Vol.14. 347-366 (2002)

Yasuo Hoshino、Yeh Tsung-minx：“日本并购公司的生产力和运营绩效：Keiretsu 相关和独立并购”日本与世界经济。

Yasuo Hoshino, Cristian Vega-Cespedes: "Effects of Ownership and Internalization Advantages on the Performance : A Comparative Study of Japanese Manufacturing and Service Subsidiaries in the United States and Latin America"Japanese Journal of Administrati

Yasuo Hoshino、Cristian Vega-Cespedes：“所有权和内部化优势对绩效的影响：日本在美国和拉丁美洲的制造和服务子公司的比较研究”《日本行政杂志》

Yasuo Hoshino, Kais Ben Youssef: "The Choice between Joint Ventures and Wholly owned Subsidiaries : the Case of Japanese Direct Investment in Europe"Japanese Journal of Administrative Science. Vol.17 No.1. 31-46 (2003)

Yasuo Hoshino、Kais Ben Youssef：“合资企业与全资子公司之间的选择：日本在欧洲直接投资的案例”《日本管理科学杂志》。

Yasuo Hoshino, Stephen Turnbull: "Further Study on the Performance of Mergers among Credit Associations in Japan"Review of Pacific Basin Financial Market and Policies. 5 3. 395-416 (2002)

Yasuo Hoshino、Stephen Turnbull：“日本信用协会之间合并绩效的进一步研究”太平洋盆地金融市场和政策回顾。