CAJ | 학술논문

本文从微观生产组织控制新视角，探讨对外直接投资的企业权力行为和组织控制机理，并对2003年1月-2012年8月规模以上能源资源行业境外投资案例进行比较研究。结果表明：境外投资企业的组织控制或协调权力都源于企业的特定资源、组织机制或能力；但六大地区主要采用股权并购和战略联盟，没有采用绿地投资的方式，一定程度上说明我国拥有的企业所有权优势不足；偏向采用独资方式，注重获得绝对控制权而不是拥有剩余控制权，是导致大洋洲和北美洲等地区投资失败率较高的一个重要原因；在境外能源资源投资中，比企业股权控制更重要的是企业自身能力和国际话语权。最后，本文提出相应的政策建议。
본문종미관생산조직공제신시각，탐토대외직접투자적기업권역행위화조직공제궤리，병대2003년1월-2012년8월규모이상능원자원행업경외투자안례진행비교연구。결과표명：경외투자기업적조직공제혹협조권력도원우기업적특정자원、조직궤제혹능력；단륙대지구주요채용고권병구화전략련맹，몰유채용록지투자적방식，일정정도상설명아국옹유적기업소유권우세불족；편향채용독자방식，주중획득절대공제권이불시옹유잉여공제권，시도치대양주화북미주등지구투자실패솔교고적일개중요원인；재경외능원자원투자중，비기업고권공제경중요적시기업자신능력화국제화어권。최후，본문제출상응적정책건의。
This paper, from a perspective of micro-production organization control, investigates the organizational control mechanism of the enterprise＇s power behavior on OFDI, and makes a comparative study by using the overseas investment cases of energy resources enterprises from 2003 to 2012. The result shows that organization control or coordination authority of the foreign investment enterprises comes from the specific resources and the organization mechanism or capacity of the enterprise. However, enterprises in the six regions mainly adopt equity mergers and acquisitions and strategic alliance rather than the method of green field investment, which indicates that Chinese enterprises have few advantages on ownership of enterprises. Chinese enterprises are in favor of sole proprietorship, and pay too much attention to gain absolute right of control rather than residual control right. This is one of the most important reasons for the higher failure rate of the investment in Oceania and North America. To invest in overseas energy resources, enterprise＇s own ability and international voice are more important than the enterprise equity control. The results show that China should contribute to the advantages on enterprise ownership and construct the mechanism and ability of international production organization control.