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

首先，以日本在美国和拉丁美洲的制造业和服务业子公司为例，其地区和行业的管理特征存在差异，终端企业的专用性优势和母公司的内部化优势对子公司的绩效有正向影响，但进入方式与绩效没有直接关系。其次，利用1998年日本制造业子公司在北美自由贸易区、欧洲和新兴经济体的数据，NAFTA的进入方式与绩效呈负相关，而欧洲和新兴经济体的进入方式与绩效没有直接关系。总体而言，合资企业的绩效要好于独资企业。第三，通过对日本制造业欧洲子公司1992-2000年的数据分析，发现当企业规模较大、经营经验较长时，母公司采取的是合资企业形式而不是独资企业形式。此外，当子公司与母公司交易相同的产品时，它们更多地采取全资拥有的形式

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