Ownership structure in foreign direct investment projects

• 成果类型: Article
• 署名作者: Asiedu, E; Esfahani, HS
• 署名单位: University of Kansas; University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/003465301753237731
• 发表日期: 2001-11
• 页码: 647-662
• 关键词: intellectual property protection; transaction costs theory; joint ventures; subsidiaries; patterns; CHOICE; firm

摘要

This paper theoretically and empirically examines ownership structure in foreign direct investment (FDI) projects. We show that in choosing an ownership structure, foreign investors, local entrepreneurs, and government consider the specific, costly-to-market assets that the participants and the country bring to the project, In equilibrium, the foreign equity share rises with the importance of foreign investor assets and declines with the contribution of local assets towards the amount of surplus generated in the project. Government policies and the institutional structure of the country also affect ownership structure.