An Comparative Study on the Competition Power of China's Firms

中国企业竞争力比较研究

• 批准号: 15330057
• 负责人: XU Peng
• 金额: $ 4.86万
• 依托单位: Hosei University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (B)
• 财政年份: 2003
• 资助国家: 日本
• 起止时间: 2003 至 2005
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-15330057/
• 关键词: Firm Investment; Firm Performance; Direct Investment; International M&A; R&D; International Trade; Vertical Integration; Comparative Advantage; 中国経済; gravityモデル; 地域性; 東アジア; 企業競争力; 民営企業; 国営企業; 外資企業; 対中国外国直接投資

Using gravity models, our empirical results suggest that China imports more land-intensive goods from countries with less population. Consistent with international trade theories, China has strong comparative advantages in labor-intensive goods. Thus, cheap and high-quality labor forces in China are the most important source of China's Next, direct investments to China weakly increase exports from China to host countries. It is more likely that direct investments to China increase triangle trades among Asian countries and areas rather than direct trades with host countries. However, we also examined that it is more likely for in China large firms to expanse firm sizes at the sacrifice of profitability, due to dysfunctional corporate governance structures. Our study provides an explanation for the conflict between good performance of macro economy and low profitability of listed firms in China. Without doubt, foreign direct investments to China are another sources of China's competition power. China's policies to attract foreign direct investments have important lessons for economic development. Theoretically, we show that restrictions on controlling foreign shares in certain domestic industries (such as automobile, telecommunications, banking, insurance, etc) might be at the expense of efficiency loss by eliminating the possibility of an integrated ownership structure, which may generate the higher total surplus (efficiency). Leaving ownership arrangements in the hands of firms may result in a mutually beneficial outcome. By using data on Japanese electronics firms, we find that distribution affiliates are important when setting up manufacturing affiliates because of the high uncertainty and/or demand increases in Asian markets including China.

使用重力模型，我们的经验结果表明，中国从人口较少的国家进口了更多土地密集型商品。与国际贸易理论一致，中国在劳动密集型商品方面具有强大的比较优势。因此，中国廉价和高质量的劳动力是中国下一步的最重要来源，直接投资中国从中国到东道国的出口量微弱地增加了出口。直接投资到中国更有可能增加亚洲国家和地区之间的三角交易，而不是与东道国进行交易。但是，我们还研究了，由于公司治理结构功能失调，在中国，大型企业在牺牲盈利能力方面更有可能扩大公司规模。我们的研究为宏观经济良好绩效与中国公司盈利能力低下之间的冲突提供了解释。毫无疑问，向中国的外国直接投资是中国竞争力量的另一个来源。中国吸引外国直接投资的政策为经济发展提供了重要的教训。从理论上讲，我们表明，控制某些国内行业的外国股份（例如汽车，电信，银行，保险等）的限制可能是通过消除综合所有权结构的可能性来牺牲效率损失的，这可能会产生较高的总盈余（效率）。将所有权安排留在公司手中可能会导致互惠互利的结果。通过使用日本电子公司的数据，我们发现分配分支机构在建立制造分支机构时很重要，因为包括中国在内的亚洲市场的不确定性高和/或需求增加。

项目成果

中国上場企業のジレンマー:規模拡大と収益の低下

中国上市公司的困境：规模扩张、利润下降

• 发表时间: 2005
• 期刊: 証券経済研究 第49号
• 作者: Liyu;Zhai;松野周治;池上 岳彦;てき 林瑜
• 通讯作者: てき 林瑜

中国上場企業のジレンマー : 規模拡大と収益の低下

中国上市公司的困境：规模扩张、利润下降

• 发表时间: 2005
• 期刊: 証券経済研究 第49号
• 作者: Lee;Kang-Kook(with James Crotty);〓 林瑜
• 通讯作者: 〓 林瑜

An Incomplete Contract Approach to Vertically Integrated Multi-National Enterprises : A Hartian Modeling with 'Monotone Comparative Statics'

纵向一体化跨国企业的不完全契约方法：带有“单调比较静态”的 Hartian 模型

• 发表时间: 2004
• 期刊: Chinese Journal of Economic Theory Vol.1
• 作者: Yutaka;Suzuki
• 通讯作者: Suzuki

An Incomplete Contract Approach to Vertically Integrated Multi-National Enterprises : A Hartian Modeling with'Monotone Comparative Statics'

纵向一体化跨国企业的不完全契约方法:带有“单调比较静态”的Hartian模型

• 发表时间: 2004
• 期刊: Chinese Journal of Economic Theory 1
• 作者: 橘川武郎;連合総合生活開発研究所編著;鈴木 豊
• 通讯作者: 鈴木 豊

The dilemma of Chinese Firms : pursuing of scale and declining of return

中国企业的困境：追求规模与回报递减

• 发表时间: 2005
• 期刊: The JSRI Journal of Financial and Securities Markets (Shoken Keizai Kenkyu) Vol.49
• 作者: Liyu;Zhai
• 通讯作者: Zhai