Teece (J Int Bus Stud 45(1):8–37, 2014) identifies two theories of the emergence of multinational enterprises (MNEs)—one that focuses on how MNEs solve transactional difficulties that can emerge in market exchanges and another that focuses on how MNEs facilitate economic value creation that is difficult to realize through market exchanges—and suggests that both theories are important in understanding MNE emergence. However, the organizational and managerial implications of these two theories are very different. MNEs that solve transactional difficulties are typically hierarchical in nature, where senior managers exercise managerial fiat to direct subordinates, firm boundaries are well defined, and subordinate behavior is monitored to minimize opportunism. MNEs that create economic value are typically less hierarchical, involve the creation of cooperative relations among stakeholders to facilitate co-specialized investments, have less well-defined boundaries, and reduce the threat of opportunism by ensuring that stakeholders gain more continuing in this exchange than other exchanges. The organizational and managerial implications of these two theories suggest that MNEs that form to both solve transactional difficulties and to create economic value will face difficult challenges trying to reconcile the organizational and management imperatives implied by these theories. This paper concludes by discussing how MNEs might address these organizational and managerial conflicts.

Teece （J Int Bus Stud 45（1）：8–37， 2014） 确定了两种跨国企业 （MNE） 出现的理论——一种侧重于 MNE 如何解决市场交换中可能出现的交易困难，另一种侧重于 MNE 如何促进难以通过市场交换实现的经济价值创造——并指出这两种理论对于理解 MNE 的出现都很重要。然而，这两种理论的组织和管理意义却大不相同。解决交易困难的跨国企业通常具有等级性质，高级管理人员对直接下属行使管理法则，明确定义公司边界，并监控下属行为以尽量减少机会主义。创造经济价值的跨国企业通常等级制度较少，涉及在利益相关者之间建立合作关系以促进共同专业化的投资，边界不太明确，并通过确保利益相关者在这种交换中获得比其他交易所更多的持续性来减少机会主义的威胁。这两种理论的组织和管理意义表明，为解决交易困难和创造经济价值而成立的跨国公司将面临试图调和这些理论所隐含的组织和管理必要条件的艰巨挑战。本文最后讨论了跨国企业如何解决这些组织和管理冲突。