CAJ | 학술논문

近些年来，新兴市场大国跨国企业对外直接投资日趋活跃。与发达国家“先行者”跨国公司相比，这些“后来者”在缺乏必要的垄断优势前提下，凭借“非传统型能力”更早、更快地开展国际化经营。其中，母国独特的资源、经济以及制度因素在新兴市场大国企业所有权资产形成过程中发挥着决定性作用。本文分析了母国一部分“非市场资源”的垄断与控制，灌及政府干预赋予新兴市场大国企业参与国际市场竞争初始能力的状况，认为大国市场的规模优势有助于本地企业迅速成长壮大。因此，新兴市场大国企业的所有权优势主要表现为母国基础上衍生而来的比较优势，而其后续国际化发展则有可能将这一比较优势成功转化为竞争优势。
근사년래，신흥시장대국과국기업대외직접투자일추활약。여발체국가“선행자”과국공사상비，저사“후래자”재결핍필요적롱단우세전제하，빙차“비전통형능력”경조、경쾌지개전국제화경영。기중，모국독특적자원、경제이급제도인소재신흥시장대국기업소유권자산형성과정중발휘착결정성작용。본문분석료모국일부분“비시장자원”적롱단여공제，관급정부간예부여신흥시장대국기업삼여국제시장경쟁초시능력적상황，인위대국시장적규모우세유조우본지기업신속성장장대。인차，신흥시장대국기업적소유권우세주요표현위모국기출상연생이래적비교우세，이기후속국제화발전칙유가능장저일비교우세성공전화위경쟁우세。
MNEs from the emerging years. Compared with the ＂first-movers＂ still in an absence of necessary monopoly market have grown increasingly active in FDI in recent in developed countries, these ＂late-comers＂ have, though advantages, carried out internal operations earlier and fas- ter than they are supposed, resorting to their ＂non-traditional competence. Such factors as home- specific resources, economy and institutions have played a decisive role in their formation of owner- ship assets. Due to their monopoly and control over some non-market resources at home, plus gov- ernmental intervention, the firms from the emerging market have acquired initial competitiveness in the international market. The scale advantage of a big market has encouraged the rapid growth of the local finns in no time. Therefore, the ownership assets of the emerging market firms exist in the form of comparative advantages derived from their home environment, and they are likely to turn such ad- vantages into competitive ones in their subsequent internationalization.