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[世界经济热点] 国际投资内部化理论 [分享]

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beeway 发表于 2009-9-3 22:39:45 |显示全部楼层
Internalization theory.ppt (118.5 KB, 需要: 1 个论坛币) share
关键词:国际投资 内部化 share ARE 理论 国际投资 内部化

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beeway 发表于 2009-9-3 22:43:15 |显示全部楼层
The Internalization Theory of Foreign Direct Investment

The theory of internalization (also called transaction cost theory) offers an explanation of why foreign investment may be a more effective way of exploiting foreign resources and markets than exporting or licensing. It is a theory, therefore, of the multinational enterprise, whose hallmark, as observed earlier, is international production.

The internalization theory postulates that (1) markets can fail to allocate factor services and goods efficiently due to natural and government-induced externalities,(2) markets and firms are alternative ways to organize the exchange of factor services and goods,(3) exchange is internalized within a firm when its transaction costs are less than market transaction costs, and (4) the MNE is an institution that internalizes cross-national exchanges of factor services and goods(particularly intermediate products) through foreign direct investment (international production).
(1)        由于自身外部性和政府外部性的存在,市场配置生产要素和产品会失灵。

(2)        市场和企业均可作为组织安排交换生产要素和产品的方式。

(3)        当公司内部的交易成本低于市场的交易成本时,生产要素及产品的交易被内部化。

(4)        跨国公司通过对外直接投资将生产要素及产品(尤其是中间产品)的跨国交易内部化(国际生产)。

Markets become less-than-optimal allocators of resources when they fail to capture externalities in market prices. Natural externalities may be defined as ownership externalities, technical externalities, and public good externalities. Ownership externalities occur when a seller is not able to change users of a product. For instance, a knowledge innovator cannot charge users of that knowledge when the knowledge is disclosed without legal protection (patents and trademarks). Technical externalities occur whenever a product experiences increasing returns to scale. Public goods externalities occur in goods, such as knowledge, whose consumption by one individual does not lower their consumption by another individual. In addition to these natural externalities, government intervention in markets creates artificial externalities that cause a divergence between private and social cost and benefits: tariffs, subsidies, and other incentives, taxes, price controls, exchange restrictions, investment performance requirements, and so on.

Externalities may be regarded as the costs of organizing exchange, the cost of informing, monitoring, and rewarding buyers and sellers. Markets depend on prices to inform, monitor, and reward participants, and they become inefficient when externalities are not captured in price. In contrast, firms organize exchange through central direction and control of their operations and employee. Arm’s length market transactions give way to intrafirm transfers. In organizing exchange, firms incur the cost of systems to inform, monitor, and reward their employees. Internalization theory asserts that firms will replace external markets with internal flows of factor services and goods when the cost of doing so is less than the cost of organizing markets, that is , when internal transaction cost are less than external transaction costs.

Market failure is the most evident in the exchange of knowledge. When a firm creates new knowledge which then becomes disclosed to outsiders, that knowledge becomes a public goods.But a public goods cannot be priced by a market, because its marginal cost is zero: New users of the goods can be supplied at no additional cost. Furthermore, at a zero price, there would be no incetinve for firms to create knowledge.This externality can be partly overcome by the assignment of property rights(patents and trademarks) to the innovating firm, enabling it to restrict the use of the knowledge. However, only some of a firm’s knowledge can be legally protected: other knowledge must be protected through the firm’s own efforts to prevent disclosure to outsiders. The most direct way to prevent disclosure and thereby earn monopoly rent is for the firm to internalize its knowledge. Instead of selling(licensing) its knowledge to outsiders, the firm applies that knowledge only to production under its control. Internalization theory explains horizontal foreign investment, therefore, as a response to market failure in knowledge. Internalization enables a firm to “appropriate” an economic rent for its knowledge that cannot be obtained in external markets.

Internalization theory also explains vertical integration as a replacement of inefficient external markets. Backward integration occurs when (1) there are high cost in coordinating successive production stages by market prices when buyers and sellers are few in numbers, (2) exchange extends over a lengthy period of time, and (3) buyers and sellers experience a high degree of uncertainty. Forward integration becomes an efficient way of organizing exchange when there is a high degree of interdependence between the manufacturing firm and marketing channel agencies and it is costly to constrain that interdependence through market prices and market contract.

In sum, the theory of internalization posits that the multinational enterprise invests abroad in order to capture market externalities:
Economics of scale in production and marketing, the ownership and public-goods character of knowledge, and government-imposed market constraints. In other words, firm-specific knowledge and other assets lead to foreign direct investment whenever intrafirm transactions become less costly than external market transactions. From the perspective of internalization theory, the MNE is an institution designed to create and exploit internal markets.
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吾成昊 发表于 2011-1-2 11:53:34 |显示全部楼层
谢了 。。。。。。。。。。。

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