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Two hypotheses accounting for the different levels of vertical integration in the United States and Japanese auto industries.

机译：有两个假设解释了美国和日本汽车工业中垂直整合的不同水平。

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摘要

U.S. automobile assembler firms tend to produce a greater portion of parts in-house than do Japanese firms, and they perform the majority of detailed engineering tasks on such parts. Japanese assembler firms, in contrast, subcontract for more complex parts, on which a substantial amount of engineering tasks have already been supplied by the subcontractor. This research offers two hypotheses to explain the difference in procurement strategies: (1) Since Japanese input and output markets are less volatile than those in the U.S., it is easier for Japanese firms to negotiate self enforcing agreements in the presence of incomplete information and (2) U.S. security and antitrust laws deter stockholders from effectively monitoring managerial opportunism. I jointly test both hypotheses by regressing levels of vertical integration in both countries against volatility of demand, volatility of costs, levels of long term debt to equity, and portion of stock held by the five largest investors. I find that vertical integration is positively and significantly correlated to increased volatility in output markets and negatively and significantly related to concentration of ownership. This latter effect is empirically larger.
机译：与日本公司相比，美国汽车装配商公司内部生产零件的比例往往更高，并且它们在此类零件上执行大部分详细的工程任务。相比之下，日本的组装公司将更复杂的零件分包给承包商，分包商已经承担了许多工程任务。这项研究提供了两个假设来解释采购策略的差异：（1）由于日本的投入和产出市场的波动性小于美国的波动性，因此在信息不完整的情况下，日本公司更容易谈判自我执行协议，并且（ 2）美国安全和反托拉斯法阻止股东有效监控管理机会主义。我通过检验两国的垂直整合水平，需求的波动，成本的波动，长期债务对权益的水平以及五个最大投资者所持股票的比例，来对两个假设进行检验。我发现，垂直整合与产出市场波动加剧呈正相关关系，与所有权集中度呈负相关关系。后一种效果在经验上更大。

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  • 作者

    Griffin, Susan Osborn.;

  • 作者单位

    Emory University.;

  • 授予单位 Emory University.;
  • 学科 Economics General.
  • 学位 Ph.D.
  • 年度 1994
  • 页码 131 p.
  • 总页数 131
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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