1. Multinational Enterprise, Internal Governace, and Industrial Organizaion David J. Teece, 1985

2. 何謂 MNE A multinational enterprise is a firm that controls and manages production establishments located in at least two countries. 跨國公司：在二個以上國家內，佈建子公司。

3. MNE 的類型 In a Coasian sense : 台塑 麥當勞、百事可樂 實例 Turning out essentially the same line of goods or services from each facility in several different locations. 在不同的地方，生產相同的服務與產品 Horizontally integrated MNEs 水平整合式 Producing outputs in some facilities which serve as inputs into other facilities located across national boundaries. 資源投入與成品產出在不同的國家 內容 Vertically integrated MNEs 垂直整合式 類型

4. 研究目的 要解釋下述兩種現象： 1. Why does production occur where it does ? 子公司地點選擇的問題 2. Why do certain production activities occur under the control of foreign enterprises while others do not ? 母公司主權控制的議題 Can not be explained by standard theory Being explained by the standard theories of comparative costs 內容 Locational Question Control issue 類型

5. 文獻探討 ( 一 ) Arbitrage theory 對 MNE 的看法 反對的 看法 Arbitrage theory 理論 View as simply an arbitrageur of capital. 視為套匯掮客 1970 年代 內容 年代 Stephen Hymer 學者 The MNEs overwhelmingly finance their host-country capital markets. 資金的掌控完全在於母公司 1976 年 內容 年代

6. 文獻探討 ( 二 ) Robert Aliber 對 MNE 的看法 反對的 看法 Corporate managers internalize the costs and risks of foreign exchange exposures at lower costs than portfolio investors. 為了降低滙率風險。 Robert Aliber 1983 年 學者 內容 年代 David J. Teece 學者 Cites no evidence. 1985 年 內容 年代

7. 文獻探討 ( 三 ) Stephen Hymer 對 MNE 的看法 反對的 看法 Stephen Hymer 學者 1.Movtivated by attempts to remove competition 避免國內競爭 2.Increase the returns 增加國外獲利 1976 年 內容 年代 David J. Teece 學者 1.Should the special cost advantage be abandoned? 成本優勢也是原因之一 2.Do not provide a workable framewok 沒有一個可以讓母公司遵循的架構 1985 年 內容 年代

8. I. Monopoly vs. Efficiency Interpretations of the Multinational Enterprise

9. Vertically integrated MNEs David J. Teece 1977 年 1983 年 K. Monteverde David J. Teece 1982 年 Oliver Williamson 學者 The efficient functioning of internal production and distribution systems. 生產及分配的效率 目的在於節省成本 Less risk that it will be idled. 將設備分設於上下游，避免空轉 1975 年 內容 年代

10. Vertically integrated MNEs ※ 對 Stephen Hymer 的 批評 1. Worship at the altar of perfect competition 2. Unaware of the organizational efficiencies which can be associated with vertical integration. 因為理論建築在完全競爭市場，而使得無法解釋 垂直式的 MNEs 。

11. Horizontal integrated MNEs 兩種不同的方式： The firm possess a rent-yielding asset of some kind which warrants utilization in offshore production facilities-> 授權 Market transactions are inferior to direct foreign investment as instruments for appropriating rents from the sale of the services of the asset in foreign markets->DFI David J. Teece 1977 年 學者 內容 年代

12. Horizontal integrated MNEs David J. Teece 1977 年 水平整合之目的： Revenue enhancing and cost saving 利潤提昇以及成本節省 但 Hymer 著重於獨佔 Monopoly problems pervade any discussion of international operations and direct investment Stephen Hymer 1976 年 學者 內容 年代

13. II. Host-Country Controls

14. 政府扮演的角色 ※ 政府之於跨國企業 1. The need for special governance over the MNE Depends in large measure on whether the host country provides transaction-specific assests to support the MNE. 基礎建設的支援 2. The host country has incentives to develop investment safeguards. 對於撤資的處置

15. ※ 跨國企業之於政府 1. The MNE could be asked to post a bond. 發行公司債 2. Engaging in the exchange of hostages. 扺押品的轉換 政府扮演的角色

16. III. Dynamic Considerations

17. ※ Dynamic considerations The literature on the MNE, whether emphasizing market power or efficiency, suffers from a common deficiency: underemphasis on dynamics. 過於強調市佔率或效率，而忽略動態分析 動態分析

18. 文獻探討 1. The direct investment process is governed by more than just economic incentives. 海外投資的動機，不單只是經濟因素 2. An initiating force, galvanizing the organization into action, is often needed. 但是最初的動機，則通常是需求 Yair Aharoni 1966 年 Contract->Unsatisfactory->Subsidiary Steven Nicholas 1983 年 學者 內容 年代

19. I V . Conclusion

20. 結論 Considerable progress has been made in the last two decades in embellishing the theory and correcting the errors. 有關於 MNE 的理論，還是有許多錯誤必需要匡正

21. Complete!!