国際合弁事業における出資企業間の株式の取得と譲渡 一販売および調達の現地化とホスト国での事業経験一. (Japanese)

Acquisition and transfer of shares between partner companies in international joint ventures: Localization of sales and procurement, and host country business experience. (English)

The purpose of this paper is to identify the factors that drive the acquisition and transfer of IJV shares by multinational corporations (MNCs) and local partners in international joint ventures (IJVs). Focusing on the dependence among the investing firms in an IJV, we develop hypotheses regarding the effects of local sales and local procurement of the IJV, as well as the MNC's business experience in the host country, on the change in the shareholding of each investing firm in the IJV in question. The following trends were found in the analysis of IJVS in the manufacturing industry in Japan. (1) The higher the ratio of local sales and local procurement, the more MNCs tend to transfer their shares in the IJV to their local partners. (2) The higher the local procurement ratio of an IJV, the less likely MNCs are to acquire the shares of the IJV held by the local partner company. (3) When the MNC has long business experience in the host country, the relationship between the IJV's local sales ratio and the MNC's acquisition of the IJV's shares from the local partner is positively moderated. (4) When the MNC has long business experience in the host country, the relationship between the local procurement ratio of the IJV and the MNC's transfer of shares in the IJV to the local partner firm is negatively moderated. These indicate that although localization of sales and procurement, which are positioned downstream and upstream in the value chain, forms a depend- ency relationship between MNCs and local partner firms in manufacturing IJVs, MNCs may change this relationship as they gain business experience in the host country. [ABSTRACT FROM AUTHOR]

本稿の目的は、国際合弁事業 (IJV) における多国籍企業 (MNC)と現地パートナー企業によるIJVの 株式の取得と譲渡を促す要因を明らかにすることである。 IJVにおける出資企業間の依存関係に注目し、 IJVの現地販売と現地調達、またMNCのホスト国での事業経験が、 IJVにおける各出資企業の出資比率の 変化に影響するという議論を行う。 日本における製造業のIJVを対象とした分析の結果、 次の傾向が見い だされた。(1)現地販売比率や現地調達比率が高いIJV ほど、 MNCは当該IJVの株式を現地パートナー企 業に譲渡する傾向を持つ。 (2) 現地調達比率が高いIJV ほど、 MNCは現地パートナー企業から当該IJVの 株式を取得しなくなる。 (3) MNCがホスト国での長い事業経験を持つ場合、 IJVの現地販売比率とMNC による現地パートナー企業からの当該IJVの株式取得の関係は正にモデレートされる。 (4) MNC がホス 卜国での長い事業経験を持つ場合、 IJVの現地調達比率とMNCによる現地パートナー企業に対する当 該IJVの株式譲渡の関係は負にモデレートされる。これらのことは、IJVにおいて販売と調達の現地化が MNCと現地パートナー企業間の依存関係を生み出すものの、 MNCはホスト国での事業経験を積むこと でその関係を変化させられる可能性を示している。 [ABSTRACT FROM AUTHOR]

Copyright of Journal of International Business (1883-5074) is the property of Japan Academy of International Business Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)