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Do Subsidiaries Of Foreign Mnes Invest More In R&d Than Domestic Firms?

机译:跨国公司的子公司在研发方面的投入是否超过国内公司?

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Despite the growing involvement of multinational enterprises (MNEs) in foreign-based research and development (R&D), there has been little research comparing R&D investments of subsidiaries of foreign MNEs to domestic firms. Subsidiaries of foreign MNEs enjoy advantages that help them compete against domestic firms. However, when deciding on R&D investments, these advantages exert competing influences on their R&D investment decision. On the one hand, better access to and transfer of knowledge and technologies from the MNE and other subsidiaries and centers of excellence may encourage the subsidiary of a foreign MNE to invest less in R&D relative to a domestic firm. On the other hand, better access to sources of capital through the MNE and other subsidiaries may induce the subsidiary to invest more in R&D in comparison to domestic firms. We find that subsidiaries of foreign MNEs invest less in total R&D than domestic firms. The reason is that they invest less in external R&D than domestic firms; however, they have similar internal R&D investments compared to domestic firms. These findings support the notion that the transfer of technology and knowledge from other parts of the MNE acts as a substitute for the purchase of external R&D while internal R&D acts as a complement to the technology and knowledge transferred from other parts of the MNE.
机译:尽管跨国公司(MNEs)越来越多地参与国外研发(R&D),但很少有研究将外国跨国公司的子公司对国内公司的R&D投资进行比较。外国跨国公司的子公司享有帮助他们与国内公司竞争的优势。但是,在决定研发投资时,这些优势会对其研发投资决策产生竞争影响。一方面,跨国公司和其他子公司以及英才中心更好地获取和转让知识和技术,这可能会鼓励外国跨国公司的子公司相对于国内公司减少对研发的投资。另一方面,与跨国公司相比,通过跨国公司和其他子公司更好地获得资金来源可能会诱使子公司在研发方面进行更多投资。我们发现,外国跨国公司的子公司在总研发上的投入少于国内公司。原因是他们在外部研发方面的投资少于国内公司。然而,与国内公司相比,它们在内部研发方面的投资相似。这些发现支持了这样一种观点,即跨国公司其他部分的技术和知识转移可以代替外部研发的购买,而内部研发则是对跨国公司其他部分的技术和知识的补充。

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