失敗的市場進入模式導致企業潰敗 - 以交易成本觀點探討之

本研究主旨在以交易成本(Transaction Cost Economics)理論為觀點，探討一個失敗的國際市場進入模式(Marke-Entry-Mode)如何最後導致一家企業潰敗。本研究以規範性的微觀分析來探討一案例應不應該執行.不同學者提出的交易成本理論實證重申確認如何影響國際市場進入模式的選擇，以及廠商如何選擇最適控制程度的模式。基本上，國際市場進入模式有四種：「代理商」、「授權」、「合夥」及「獨資」，其各有優缺點；不同廠商的經營模式、營業規模、資產專屬性、國際化經驗等會影響到不同的交易成本，進而影響到國際市場進入模式的選擇。本研究主要引用自Ronald Coase在其論文”The Nature of the Firm”提出交易成本如何在經濟體系內運作, 加上引用Oliver Williamson在其著作”The Economic Institutions of Capitalism” 的精煉研究有限理性(bounded rationality), 投機主義(opportunism),資產專屬性(asset specificity)如何影響合約談判的結果，進而影響到交易後的效益。本研究最後探討一家歷史悠久且知名度高的台灣電視製造商如何在短短三年內,由於選擇錯誤的國際市場進入模式,最後使自己潰敗重整。本研究重申確認不同學者的交易成本理論與實證研究，也提供了一個理論基礎架構做為經理人參考，可以協助台灣廠商思考在激烈的全球化競爭下如何選擇國際市場進入模式，國外市場的社會文化差異、合作對象的背景與商業行為充滿不確定性，因此廠商不得不謹慎行之。除了錯誤的國際市場進入模式造成廠商失敗之外,本研究未來可進一步探討如何運用董事會的公司治理(Corporate Governance)機制與鑑識會計(Forensic Accounting)方法來預防企業潰敗的發生。而且，股東與經營高層之間的代理人問題 (Principal-Agent Problem)可以更深入探討之.

關鍵字

交易成本；市場進入模式；有限理性；投機主義；資產專屬性

並列摘要

This paper explores the reason why a wrongfully-chosen market-entry-mode can cause the collapse of a company that tries to make a turnaround by penetrating into a new foreign market. This paper is normative in nature, and it is inductive, descriptive and inferential as well. It uses a micro-analytic way to explore whether a case of market-entry-mode should be executed or not. By reaffirming the advantages and disadvantages of the four widely used entry modes: 1) exporting, 2) licensing, 3) joint venture, and 4) wholly-owned subsidiary in the international entry strategy, different degrees of control level can be determined according to several scholars’ empirical studies. Particularly, this paper examines Ronald Coase’s argument in his paper “The Nature of the Firm” about how transaction cost works in the economic system, and Oliver Williamson’s further refinement in his book “The Economic Institutions of Capitalism” about how “transaction cost economics poses the problem of economic organization as a problem of contracting” of which the consequence can be affected by the attributes of human behavior such as bounded rationality, opportunism and asset specificity. Finally, the case of a failed joint venture is further explored from a Taiwanese TV manufacturer during its process of comeback plan by expanding LCD TV sales into a new market in which social and cultural distances are quite different from the home market. This paper explains what goes wrong with the contract arrangement between two parties. The managerial implications for managers who want to enter a new market in the host country, and this paper’s future research direction about how the mechanism of corporate board and the forensic accounting can prevent it from collapse are also discussed at the end of this paper. Moreover, the principal-agent problem between the shareholders and the top executives can be further explored in this paper.

並列關鍵字

TCE ； Market-Entry-Mode ； Bounded Rationality ； Opportunism ； Asset Specificity

參考文獻

1)Agarwal, Sanjeev and Ramaswami, Sridhar N. (1992). Choice of Foreign Market Entry Mode: Impact of Ownership, Location and Internalization Factors. Journal of International Business Studies, 23(1): 1-27.

2)Anderson, Erin and Gatignon, Hubert (1986). Modes of Foreign Entry: A Transaction Cost Analysis and Propositions. Journal of International Business Studies 17 (3): 1-26.

3)Barney, Jay B. (2002). Gaining and Sustaining Competitive Advantage 2nd Edition, Chapter 15 – International Strategies.

5)Brown, JR; Dev, CS and Zhou, Z (2003). Broadening the foreign market entry mode decision: separating ownership and control, Journal of International Business Studies (2003) 34, 473-488.

7)Coase, Ronald (1937). The Nature of the Firm. Economica 4(16): 386-405.

國際替代計量

失敗的市場進入模式導致企業潰敗 - 以交易成本觀點探討之

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