智財權、產權保護程度與投資融資方式對跨國公司對外投資的影響

Abstract

跨國公司利用技術優勢至海外投資生產時，它的投 資管理及籌資策略會與當地政府智財權保護的執行程度 有關。我們証明若當地智財權的執行愈嚴謹，海外子公 司的預期獲利愈高，母公司因此願意投入更多的資源監 督子公司之運作。而且有助於吸引外部投資者入股子公 司。因此，海外投資生產的規模會隨著當地智財權的保 護的增強而增加。如果投資的收益彈性夠大，加強執行 智財權可減輕母公司對海外直接投資的資金負擔比例， 以及有助於外部投資者增加持股。再者，海外投資生產 的融資策略也會影響跨國公司\\r 經營管理子公司，以及當地經理人的生產投入。本研究 發現跨國公司獨資時，子公司的變現清算價格愈高，它 的存續價值就愈低，跨國公司及當地經理人對子公司的 投入愈少。若銀行融資成為跨國公司海外投資資金的一 部分，且產權的保護影響子公司存續價值時，產權對跨 國公司投資及當地經理人生產投入的影響，會依融資方 式的不同而改變。

Seeking to deploy a leading proprietary technology abroad, a multinational firm takes the host country’s enforcement of intellectual property right (IPR) into his considerations of how to manage the production and finance his investment. We demonstrate that a more secure IPR boosts the multinational’s expected profit of foreign affiliate and hence firm spends more resource to monitor its foreign production to protect its interest. In addition, a higher amount of monitoring encourages more capital flows from external investors to invest the project. The scale of foreign direct investment (FDI) increases as the host country increase its enforcement level of IPR, If the investment elasticity of revenue is large enough, strengthening the enforcement of IPR decreases the share of investment financed by parent company but increase the one financed by external investors. Moreover, the paper analyzes how the finance choices of FDI affect multinational firm’s input to control over its affiliate and its manger’s effort in foreign production while the protection of property right has an impact on firm’s expected revenue but not on its cost of management. We demonstrate that if multinational firm has the ownership of its affiliate, increases in the liquidation value of the affiliate decrease the both inputs of multinational firm and local manager to the affiliate. It is because the higher is the liquidation value, the less the surplus of continuing the affiliate is. However if the FDI is partially financed through a bank credit, the impacts of property right protection on the both inputs vary according multination firm’s financing decision.