Analyze the Formation and Governance of MNCs' Network from the Perspective of Value Chain Integration

摘要

Network formation and governance of MNCs is an important research field and direction. Some researchers have analyzed and discussed this problem by applying Transaction Cost Theory. In this paper, the authors analyzed the formation and governance of MNCs' network with specific investment and game extension theory from a perspective of global value chain integration. The paper finds that value chain specific investment is an irrevocable network collateral, with the increment of network specific investment, the embedding degree of the suppliers on the value chain will be deeper, which will help to form and expand the network of MNCs. The selfenforcing constraint function of value chain specific investment can overcome the opportunism to a large extent because of the imperfectness of contract. Value chain specific investment plays an important role, which cannot be neglected in the governance of MNCs' network, and the self-enforcing mechanism exists at the beginning of network emergence.