法国预测与国际信息中心：跨国企业的所有权链（英文版）

This study examines how multinational enterprises (MNEs) structure ownership chains to coordinate subsidiaries across multiple national borders. Using a unique global dataset, we first document key stylized facts: 54% of subsidiaries are controlled through indirect ownership, and ownership chains can span up to seven countries. In particular, we find that subsidiaries further down the hierarchy tend to be more geographically distant from the parent and often operate in different time zones. T