国际金融管理导论教程.pptVIP

Contract-based entry Advantages quick and easy（快速和容易的进入） low resource commitment（所需的资源投入少） low cultural costs and risks（低的文化成本和风险） avoids import and investment barriers（避免进口壁垒和投资壁垒） Disadvantages limited fees/royalties on license agreements（企业赚取的许可费用比FDI的投资利润低） loss of control over production technology（企业的技术可能被偷走） potential creation of competitors（可能失去对质量的控制,在第三国市场上产生潜在的竞争对手） Contract-based entry 多种许可形式： Franchise agreement（特许加盟协议）—a agreement in which a domestic company licenses its trade name or business system to an independent company in a foreign market.(在公共服务行业比较普遍，如卖当劳，希尔顿酒店等） Reciprocal marketing agreement（互惠销售协议）－a agreement in which two companies form a strategic alliance to co-market each other′s products in their home markets. Production rights may or may not be transferred.(制药行业比较普遍，如默克Merck和杜邦Dupont公司在互补性细分市场上都有畅销产品。） Management contract（管理合同）—a form of licensing agreement in which a company licenses its organizational or management expertise to another company. (EuroDisney theme park欧洲迪斯尼主题公园 is operated by Disney through a management contract.) Investment-based entry Investment-based entry should come later in the product life cycle, usually when the product is in the mature stage in the domestic market（基于投资的进入模式常在产品进入寿命周期的后期，即成熟期才采用。） Investment-based entry differs from exporting in that production is shifted to the foreign country, but ownership and control are retained by the parent corporation. Investment-based entry into foreign markets can be accomplished in one of two ways: Foreign direct investment（外国直接投资） Mergers and acquisitions（兼并和收购） Cross-border mergers and acquisitions are by far the most popular methods of obtaining control over assets in another country（跨国兼并与收购是迄今为止最普遍的获取对外国资产控制权的渠道）见下图： 美国公司进入欧洲市场的模式选择 跨国合资公司15% 跨国并购 52% FDI: 工厂扩建17% FDI: 新投资16% Investment-based entry Foreign direct investment Relatively slow entry Maintains control over assets Cross-border MA Relatively rapid entry, but possibly at