多國籍企業國際化程度與其對子公司之控制程度－國際化進程學派與資源基礎學派觀點的比較

本研究將以多國籍企業進行國際化活動時，其國際化程度與其對子公司之控制程度的影響，來驗證國際化進程學派和資源基礎學派的觀點，並進一步的驗證Rugman & Verbeke （2004）提出兩學派之觀點存在互補性之概念。其中國際化程度以「對外直接投資件數與對外直接投資國家數」為衡量變數，而母公司對其子公司的控制程度以「母公司對子公司之持股率」為衡量變數。首先，運用多國籍企業國際化程度對其子公司之控制程度來驗證國際化進程學派觀點，其是描述多國籍企業進入海外市場時，會循序漸進的增加其海外市場涉入及控制的程度。接著，利用母公司對其子公司的控制程度提高，使母公司更易於發展無形資源，進而使其傾向於使用較高涉入程度的方式，進入海外市場（例如對外投資），來驗證資源基礎學派觀點。然後，藉由因果檢定來探討國際化程度與其對子公司的控制程度是否會存在因果關係，驗證國際化進程學派以及資源基礎學派的觀點是否存在互補性。若兩學派的觀點之間存在互補性，本研究將進一步探討哪一學派的觀點較可解釋CMNEs的國際化行為。本研究以CMNEs為研究對象，採用2000年至2011年間，針對上海深圳證交所蒐集到的海外直接投資之上市公司資料驗證本研究之假說。研究實證發現CMNEs的國際化程度對其子公司的控制程度互為因果關係，代表國際化進程學派及資源基礎學派之觀點存在互補性，兩學派之觀點對於CMNEs之國際化行為皆可解釋。但從實證模型來看，由於資源基礎學派之觀點的模型解釋度以及F統計值較高，因此，資源基礎學派之觀點較可以說明CMNEs的國際化行為。

關鍵字

中國；多國籍企業；國際化進程理論；資源基礎觀點

並列摘要

This research examines the effects between internationalization and subsidiaries control when multinational enterprises (MNEs) conduct international activities and verifies the perspective of Internationalization Process and Resource-Base View, then further validation Rugman & Verbeke (2004) proposed two perspectives are exists complementary. The internationalization adopts "the number of foreign direct investment and the number of countries of foreign direct investment" as the measurement variables, and the subsidiaries control use "shareholding ratio of parent company to subsidiary" as the measurement variable. First, this research uses MNEs internationalization and subsidiaries control to verify the perspective of Internationalization Process, which describe when the MNEs enters the foreign markets, it will gradually increase its involvement and control in overseas markets. Subsequently, through the parent company improve its subsidiaries control to develop parent company’s intangible resources, MNEs will tends to use higher involvement manners, accessing overseas markets (eg, direct foreign investment), verifying the perspective of Resource-Based View. Then, by causality test to examine whether there are causal relationship between internationalization and subsidiaries control, verifying the perspective of Internationalization Process and Resource-Based View are exists complementary. If these perspectives are exists complementary, this research will further explore which perspective comparison can explain Chinese Multinational Enterprises (CMNEs) international behavior. This research mainly uses CMNEs from 2000 to 2011 in TEJ Chinese database to investigate the hypothesis. In the research result we found that there are causal relationship between internationalization and subsidiaries control of CMNEs, which represents the perspectives of Internationalization Process and Resource-Based View are exists complementary. Two perspectives can interpret CMNEs international behavior. And in the empirical model result, we found that the perspective of Resource-Based View’s adjusted R-squared and F statistic are highly, therefore the perspective of Resource-Based View comparison can explain CMNEs international behavior.