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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/61862

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/61862

Title:	R&D Spillovers and Foreign Market Entry: Acquisition vs. Greenfield Investment
Authors:	陳坤銘 Yokota, Kazuhiko;Chen, Kung-Ming
Contributors:	國貿系
Keywords:	oreign direct investment;R&D spillover;merger and acquisitions;greenfield investment
Date:	2011.02
Issue Date:	2013-11-26 15:41:31 (UTC+8)
Abstract:	This paper presents a three-stage game to model the entry behavior of amultinational firm in the presence of R&D spillovers. The multinational firm’s entry mode choice – that is, to invest to set up a new plant or merge with a local firm – is a function of the magnitude of spillovers, as well as the relative cost of greenfield investment, and mergers and acquisitions (M&A). Our model shows that if there exist relatively high R&D leakages and relatively small difference in cost between M&A and greenfield investment, an R&Dintensive foreign firm tends to choose greenfield investment rather than M&A, while if there exist relatively low R&D leakages, the foreign firm is more likely to choose M&A rather than greenfield investment. It is also shown that the size of social welfare of the host country depends on the degree of R&D spillovers. These results produce strong implications for antitrust policy for particularly developing countries.
Relation:	International Economic Journal, 26(2), 265-280
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1080/10168737.2012.688519
DOI:	10.1080/10168737.2012.688519
Appears in Collections:	[國際經營與貿易學系 ] 期刊論文

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