策略性中間財訂價與外人直接投資

STRATEGIC INTERMEDIATE GOODS PRICING AND FOREIGN DIRECT INVESTMENT

王佳琪(Chia-Chi Wang)；邱俊榮(Jiunn-Rong Chiou)

垂直相關市場 ； 外人直接投資 ； 策略性訂價 ； Vertically related market ； Foreign direct investment ； Strategic pricing

經濟論文

49卷1期（2021 / 03 / 01）

41 - 73

繁體中文

跨國企業直接投資（FDI）時，常須利用地主國的中間財，因此地主國中間財廠商之訂價行為往往會影響跨國企業的直接投資決策。本文建立一垂直相關市場模型，假設本國存在一家上游廠商及多家下游廠商，外國有一家正在考慮到當地投資的下游廠商。本文發現，即使外國廠商的生產成本較低，外國廠商FDI後，中間財價格有可能會降低而非提高。其次，一般認為，跨國企業進入本國市場會提高市場競爭程度，故本國下游廠商利潤會降低。然而，我們發現，即使跨國企業較本國企業更具生產效率，跨國企業進入本國市場仍可能使本國下游廠商受惠而非受害。最後，即使本國下游廠商家數增加也不必然會使得本國下游廠商利潤降低，甚至可能使其利潤增加。

This paper developed a vertically related market model containing an upstream supplier and numerous downstream firms in a host country. A multinational firm attempts to enter the host country's market. This study finds that even if the multinational firm has a lower production cost, once it enters the market via FDI, the optimal input price may decrease rather than increase. In addition, we find that FDI may benefit local downstream firms as opposed to harming them, even if the multinational firm is more efficient than local downstream firms. Lastly, an increase in the number of local downstream firms may not decrease the downstream firms' profits, may even increase.

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