贸易、吸收外商直接投资或收购：最佳跨国公司进入模式外文翻译.docVIP

外文翻译 原文 Trade, foreign direct investment or acquisition: Optimal entry modes for multinationals Material Source: Journal of Development Economics Author: Theo Either，long Woo Kang Abstract We examine multinationals’ optimal entry modes into foreign markets as a function of market size, FDI fixed costs, tariffs and transport costs. Our results highlight why large countries are more likely to attract acquisition investment, while intermediate sized countries may be served predominantly through trade, even in the presence of high tariffs. Small countries are most likely to experience either FDI or no entry. We also show how these results vary with the competition intensity in the host country. FDI fixed costs, tariffs and transport costs are crucial not only in determining whether to engage in FDI or trade, but they are also shown to influence the acquisition choice as trade and FDI threats influence the acquisition price. Finally we explore the welfare implications of tariff reductions for both the local firm and the multinational and investigate political motives to impose endogenous tariffs that influence not only the welfare of a local firm, but also the entry mode of the multinational. 1. Introduction Eastern Europe provided a natural experiment to examine multinationals (MNCs’) entry decisions, as transition economies were largely closed to trade, investment and acquisition until the late 1980s. In the following decade, the subsequent pattern of MNCs’ entry proved to be much more diverse than initially predicted. As MNCs’ FDI/acquisition and export patterns differed so remarkably across transition economies. The analysis of the determinants of MNCs’ entry modes received renewed interest (e.g., UN 1999; World Bank 2002).In this paper we seek to examine how market structure, market size, tariffs and transport costs influence the entry behavior of MNCs. The previous theoretical literature on MNC entry modes is separated into three important a