全球公司的国际足迹：海运的居住地和国籍视角（英）

Internationalfootprint of global firms:residence and nationality perspectiveson maritime shipments Han Qiu,Hyun SongShinandLeanne Si Ying Zhang BIS Bulletins are written by staff members of the Bank for International Settlements, and from time to timeby other economists, and are published by the Bank. The papers are on subjects of topical interest and aretechnical in character. This work is an extension of Project Insight. The views expressed in this publicationare those of the authors and do not necessarily reflect the views of the BIS or its member central banks,or stakeholders in Project Insight. The authors are grateful to Jon Frost, Bryan Hardy, Pablo Hernandez de The editor of the BIS Bulletin series is Hyun Song Shin. This publication is available on the BIS website (www.bis.org). International footprint of global firms: residence and nationality Key takeaways •Nationality-based measurement that consolidates firms according to the nationality of the ultimateparent firm provides new insights on questions of ownership and control that underpin the operation of •Nationality-basedshipment data highlight significant“within-nationality“shipments,especiallybetween entities of the same parent group, revealing a strikingly different picture of global shipments •Foreign subsidiaries operate under two distinct shipment models: the “outpost” model which relies onupstream counterparties from the parent region, common among Asian firms, and the ”going-global” Measurementpresupposes theory.For international trade,the conceptual underpinnings rest onmeasuring trade flows at the border that represents the GDP boundary. Measurement follows nationalincome accounting principles based on the concept ofresidence, defined in terms of the economic territorywith which an entity has the strongest connection, or its “centre of predominant economic interest” (IMF(2025)). A firm is resident in economy A if it conducts its business mainly in economy A. This is so, whethera firm is domestically owned or is a foreign-owned subsidiary, controlled by owners who live abroad and As the international footprint of global firms takes centre stage, issues of ownership and control riseto the top of the agenda. This is especially so for the operation of global value chains where traditionalarm’s length market relationships face challenges in maintaining the resilience and durability of customer-supplier linkages. For these questions on supply chain resilience, the conventional “island” view of trade For global banks, the BIS international banking statistics have long reported both residence andnationality dimensions in statistics describing the activities of global banking groups.2The nationalitybanking statistics are key to shedding light on ownership, control, internal capital markets of banks andassociated capital flows – all issues that are of prime importance for the supervisory function that is Our analysis in this Bulletin seeks to fill this gap. We examine detailed maritime shipment data andcompare maritime shipment flows based on the residence of shippers (senders of shipments) andconsignees (recipients of shipments). We compare thenationalityof shippers and consignees (based ontheir ultimate parent firm)4with the conventional measures of shipper and consignee based on residence.We use maritime containerised shipment data from 2024, matched with corporate ownership data, Our investigation reveals three key findings. First, the pattern of nationality-based shipment flowsdiffers significantly from residence-based ones, with a high incidence of international shipments betweenfirms of the same nationality. The prevalence of such “within-nationality” international trade likely reflectsthe important role of ownership and control in securing supplier relationships. Second, within-groupshipments, or shipments between entities under the same parent company umbrella, make up a significantshare of foreign subsidiary shipment value (around 40 or 50% depending on the country) and are a key A residence versus nationality perspective on global maritime shipments We illustrate the distinction between nationality- and residence-based shipment flows in the followingexample. A manufacturer in economy A ships goods to its consignee in economy B. The firm in economy Ais a subsidiary of a parent company in economy C, while the firm in economy B is a subsidiary of a parent Nationality-based measures of trade flows reveal a strikingly different pattern of global flows. Graph 1uses Sankey diagrams to illustrate the shipper-to-consignee maritime shipment flows between the top 10economies based on 2024 total merchandise trade, in terms of residence (Graph 1.A) and nationality United States from the top 10 trading economies (Annex, Table A2). By contrast, Graph 1.B reveals theimportance of within-nationality cross-border shipments. For instance, in the case of the United States,shipments from US-nationality firms account for 45% of total inco