| China has always been persist in opening-up policy since 40 years' reform and opening process.It has been proved by the practice that continuously expanding opening up standard world widely,improving the level of opening up to the outside world,and promoting reform and promoting development through openness are important for China's further development.Nowadays,China's economic and social development has entered a new normal,the international environment has become more complicated.Thus the advanced requirements for open theoretical research and practical innovation will be necessary.It is researchers' responsibility to study the methods to better practice open development concepts and solve practical problems in economic development.As the development of economic globalization,China and US become most important trading partners.The cumulative value of FDI in the two countries has continued to grow year by year,and bilateral trade has become more complementary.However,from the "export multiplication" plan of the Obama era to Trump's "US priority" strategy,the US's foreign investment policy orientation has changed,and a series of unilateral trade protection actions have clouded Sino-US trade relations.As an important force driving China's sustained economic growth,US multinational corporations are in the vortex of Sino-US trade relations fluctuations.They are very sensitive to the Sino-US trade environment.Their every move is related to the development of Sino-US trade relations.The operation of US multinational corporations in China is the main channel for the transfer of resources,products and technologies between the two countries.It has become a "regulator" and "ballast stone" for promoting the trade balance between China and the United States.China's economic and social development has profound strategic significance.Since the financial crisis happened in 2008,the global economic recovery has been slow.Due to the influence of international macro,market competition,host country experience environment,home country policy and other factors,some industries have experienced the divestment of multinational corporations.In thiscontext,the fluctuation of multinational Foreign direct investment in China is Understandable.Multinational corporations cannot accurately grasp the connotation of the socialist market economy with Chinese characteristics.They still have certain doubts about China's firm opening-up strategy,and there is a mismatch between the perception of investment in China and China's national conditions.It can be seen that the study of the divestment behavior of US multinational corporations in China is to practice China's open development philosophy and maintain the focus of trade relations between the two countries.On the basis of theoretical integration,a systematic theoretical framework for divestment of multinational corporations is constructed to describe,analyze and explain problems.It is the focus of the study on the divestment of US multinational corporations in China.The main problems that this dissertation trying to solve are listed below : First,"what is the motive for the withdrawal of US multinational corporations in China?" The driving factors for the divestment of US multinational corporations in China will be discussed;and secondly "what factors are affected by the divestment of US multinational corporations in China?",which focused on the impact mechanism of the U.S.multinational corporations divestiture process in China;the third one is “what is the decisive factor in the divestment performance of U.S.multinational corporations in China ”,which focused on the is the influence of the multinational corporation performance after divestiture.The research idea of this dissertation is to put the issue of divestment of US multinational corporations in China from the perspective of strategic management,and combine the theories of governance structure,external environment and resource characteristics to construct a theoretical model of divestment strategy of multinational corporations,and deconstruct the main body of divestment of multinational corporations from the theoretical level.The role strategy chooses and analyzes the tension relationship in the field of multinational corporations' withdrawal,so as to deduct the “motivation-behavior-performance” divestment path of multinational corporations;try to empirically verify the three dimensions of the divestment process focus,and use Meta to analyze the diversification decision of multinational corporations.32 high-cited empirical research literature;collected and screened 115 US multinational companies' divestment data,using Logistic regressionanalysis to discuss;using multiple linear regression analysis methods for 69 US multinational companies operating in China after the divestment performance analysis,the following conclusions were obtained:Theoretical level: This dissertation proposes that the development of subsidiaries of multinational companies before the divestment is played by the internal network mechanism and the external environmental mechanism.The performance is that the overseas subsidiaries interact with the parent company and other overseas subsidiaries to input and interact with resources.In the process of growth,resources are shared and competitive,and the roles and strategies of overseas subsidiaries are constantly undergoing adjustments and changes;the interaction between the host country and the home country's operating environment has a certain impact on the subsidiaries.At the same time,the formation and development of the divestment strategy of multinational subsidiaries are limited by their strategic roles.The evolution of divestment strategy combined with tension theory and environmental adaptability This dissertation proposes that if there is a divestment strategy within the organization field of a multinational company,the elements related to divestment will be reorganized into a divestment field,and the tension of subsidiaries and other related organizations will Withdrawal in the field.The evolution path of multinational corporations' divestment strategy is proposed.The divestment of multinational corporations is not a single decision-making process,but a divestment system consisting of five stages of identification,development,selection,execution and feedback.Empirical level: Firstly,through the empirical research literature on the divestment of multinational corporations,this dissertation finds that the uncertainty,stock resources,diversification degree,shareholder concentration,performance,experience,R&D investment and subsidiary business relevance of multinational corporations are Scholars are mainly considering factors in studying the motives of diversification of multinational corporations.According to the results of the meta-analysis,the multinational company's stock resources,R&D investment and subsidiary business are more homogeneous,and there is almost no variation in different studies,indicating that scholars have knowledge and interpretation of the above three variables.The differences are small and you can try to derive a consistentcorrelation after incorporating more literature for analysis.In addition,although the performance and experience of multinational corporations are relatively heterogeneous,the results of the meta-analysis indicate that the performance and experience of scholars' research have a significant correlation with the divestment behavior.Therefore,it is determined that the performance of multinational corporations and past trading experience are the main factors affecting the divestment selected in this dissertation.Secondly,this dissertation analyzes the influencing factors affecting the divestment of US multinational corporations in China.From the perspective of real options and corporate behavior,the following conclusions are drawn: business performance affects the divestment of US multinational corporations in China,and the divestment of multinational corporations The basic logic is consistent with the theory of corporate behavior.The essence of divestment is the combination of problem search and conflict quasi-solution.The managers of enterprises are very sensitive to small-scale losses(Bromiley et al.,2001).The larger the loss,the decision of multinational corporations.The higher the probability that a layer will strip assets.At the same time,the increase in production costs will enhance the impact of performance on the divestiture decision-making,and the empirical knowledge accumulated by the company through past mergers and acquisitions will diminish this relationship,which reflects the fact that experience in real option theory can create strategic flexibility for multinational companies.View.In addition,uncertainty has a certain impact on the divestment of US multinational corporations' assets in China.With the deepening of the operation of US multinational corporations in China,the decision made by multinational corporations will be a system that combines immediate problems and long-term planning.Sexual strategy.Uncertainty is an important factor in the continuous concern of multinational companies,which determines whether managers can effectively maintain the operational efficiency of enterprises(Bergh and Lawless,1998)and the governance costs at each level.In order to reduce the impact of uncertainty,the common approach taken by multinational corporations is to divest resources(Keats and Hitt,1988)to redistribute resources,improve internal management and optimize internal governance structures.The increase in productioncosts of multinational companies will also strengthen the role of uncertainty in divestment decisions.Finally,as the most important carrier in the monitoring and evaluation of strategic management of multinational corporations,the research on corporate divestment performance is of great significance in guiding the strategic decision-making of multinational corporations.The uncertainty of the environment in which a multinational company is located and its accumulated experience in mergers and acquisitions will have a positive impact on the divestment performance.Faced with high uncertainty,timely withdrawal of capital decision-making can quickly clear out the risks.Although different divestment strategies adapt to different scenarios,in general,when the uncertainty is high,adopt risk-averse decision-making to performance.It is beneficial.In addition,the more M&A experience and divestment experience of multinational companies,the better the performance of the company after adopting the divestment strategy.Multinational companies' accumulated trading experience determines their ability to redistribute resources.Multinational companies with strong resource relocation ability are more likely to allocate resources accurately and in a timely manner,which means that multinational companies can get better performance feedback after divestment.Therefore,divestment brings more opportunities to these enterprises.Based on the theoretical and empirical analysis,the policy recommendations are proposed from the perspective of multinational corporations and the perspective of the host country.The Chinese government proposes to prevent the divestment of US multinational corporations under the premise of disrupting the market environment;further optimize the business environment,and in light of the lack of experience of multinational corporations in China,the Chinese government should strengthen the business guidance for the operation of multinational corporations in China.Respond promptly to the reasonable demands of multinational corporations and improve the image of the business environment in China.The proposal for multinational companies is that multinational companies need to have sufficient reserves of empirical knowledge to cope with various possible environments;when divesting,they need to consider the potential opportunities brought about by uncertainty,and theidentification of opportunities also requires knowledge and technology.And the role of experience,when the situation is uncertain,to maintain a high degree of vigilance against changes in the external environment while taking rational inaction measurement than the blind impulsive divestment is more likely to create value for the enterprise.The dissertation might have made several innovative achievements,which are listed below: Primarily,from the perspective of strategic management,the dissertation studies the divestment of US multinational corporations in China,applies the theory of tension to the study of divestment of multinational corporations,and discusses the transnational The characteristics of the company's organization of the field have expanded the research on the theory of divestment of multinational corporations.Secondly,this dissertation discusses the main factors affecting the motive of diversification of multinational corporations through the method of meta-analysis.Based on the analysis and analysis of existing research,this dissertation discusses the heterogeneity of multinational corporations' divestment research.There is a significant correlation between performance and divestment behavior,and the context of diversification research of multinational corporations is clarified.Thirdly,this dissertation takes the divestment of American multinational corporations as the research object,and studies the influencing factors of the divestment of multinational corporations through multiple logistic regression.The results show that uncertainty and multinational company performance directly lead to the divestment of US multinational companies in China,and the level of experience of multinational companies plays a regulatory role.This dissertation also examines the influencing factors of multinational corporations' divestment performance through multiple linear regression models,supplements the monitoring and evaluation links in multinational corporations' divestment strategy management,and provides a results-oriented reference for multinational corporations' divestment decision-making.Fourthly,according to the establishment and empirical analysis of the theoretical model of multinational corporations' divestment from the perspective of strategic management,this dissertation proposes policy recommendations from the perspective of host countries and multinational corporations,and provides support for host countries toprevent divestment risks and rational divestment strategies of multinational corporations. |
PDF Full Text Request