CAJ | 학술논문

本文将外资企业进入东道国所带来的正向溢出效应和负向竞争效应都考虑在内，建立了一个包含不同投资模式和不同母国一东道国组合类型的内一外向投资关系整合分析框架，对美、法、日、印度和中国五国及其代表性国际酒店的案例与数据的分析表明，内向合资型投资对外向投资具有正向溢出效应，内向独资型投资对外向投资的负向竞争效应不明显。在东道国酒店行业落后而母国领先的情形下，合资类型的溢出效应最明显。研究发现，内向投资是酒店业外向投资的重要促进因素，尤其对中国和印度等新兴经济体而言，国内市场国际化促进了本土企业的国际市场扩张进程，这对一般性国际化研究框架中的国际投资促进因素做出了重要补充。
본문장외자기업진입동도국소대래적정향일출효응화부향경쟁효응도고필재내，건립료일개포함불동투자모식화불동모국일동도국조합류형적내일외향투자관계정합분석광가，대미、법、일、인도화중국오국급기대표성국제주점적안례여수거적분석표명，내향합자형투자대외향투자구유정향일출효응，내향독자형투자대외향투자적부향경쟁효응불명현。재동도국주점행업락후이모국령선적정형하，합자류형적일출효응최명현。연구발현，내향투자시주점업외향투자적중요촉진인소，우기대중국화인도등신흥경제체이언，국내시장국제화촉진료본토기업적국제시장확장진정，저대일반성국제화연구광가중적국제투자촉진인소주출료중요보충。
This paper establishes an integrated analysis framework including diverse international investment mode and different pairs of home country and host country by incorporating both the positive spillover effect and negative competitive effect of foreign entrants. The positive spillover effect is proved to be generated from resource transfer and information diffusion. The presence of foreign entrants is an important conduit for the transfer of valua- ble resources from the home country to the host country. Because of the multi-market presence of foreign entrants, inward investment enables firms in the host country to acquire critical information such as the level of competition, product distribution and consumer preferences in different markets. In contrast to the spillover effects, the competi- tion effects of inward investment entail economic stagnation, lower industry productivity and a higher exit rate for do- mestic firms. The competition effect of inward investment can thus depress the outward investment of indigenous firms through two major channels：market stealing and labor stealing. The market-stealing effect refers to the loss in domestic firms＇ market share those results from the presence of foreign entrants. The labor-stealing effect refers to in- digenous firms＇ loss of human capital due to the entry of foreign firms. Heterogeneity of home and host countries may lead to substantial variations in levels of spillover and competi- tion effects, and thus generate differential impacts of inward investment on a host country＇s outward investment. The essay makes further consideration by identifying several possible home-country and host-country pairings. Type 1 de- notes a home-host country pair in which the home country is an advanced industry leader, and the host country is an industry laggard with low levels of productivity and efficiency. In Type 2, the home and the host are at the same level of industry development - both are leaders or both are laggards. In Type 3, the home country is an industry laggard and the host country an industry leader. Based on the data from five countries, namely, America, France, Japan, India and China, as well as the 5 typical international hotels from those countries,it reveals a positive spillover effect on outward investment for inward co-in- vestments and a not significant negative competition effect on outward investment for inward standalone invest- ments. This paper finds the strongest positive spillover effects when the host country is a laggard in the hotel industry and the home country is a leader. It is identified that inward investment is a crucial stimulus for outward investment in international hotel industry, especially for emerging economies, like china and India etc. internationalization of do- mestic market accelerated the international expansion of local hotels, which complements the international invest- ment impetus factors analysis in the general MNC internationalization framework. This paper reveals the deviation from the result of manufacturing or other industries＇ study. Firstly, the competi- tion effect of FDI is rather weak in the context of hotel industry, which is supported by the interviewee＇s response. Secondly,the negative effect between standalone international investment and outward investment doesn＇t register a declining tendency among home and host country pair 1,2,3. Finally, we would like to point out several limitations of the study. First, we have employed the hotel industry as our empirical setting to explore the underlying mechanisms of the inward-outward connection. But the nature of VC firms and MNEs does differ in terms of their strategic objectives and operations. Second,future studies should search for better measures or empirical contexts to tease out the spillover and competition mechanisms directly.