The determinants of China's outward foreign direct investment

Globalisation has led to a rapid increase in the growth of foreign direct investment (FDI) globally. Over the last decade China has become the largest recipient of FDI whilst simultaneously increasing its outward FDI dramatically. The growth in China's outward FDI has attracted little attention from scholars in mainstream research publications. The motivation behind this paper is to investigate the factors driving this growth from both economic and strategic backgrounds. The paper employs panel data analysis covering the period 2003–2009 where we quantify the main drivers of China's outward FDI across a range of variables including bi lateral and multi lateral trade, market size, GDP growth, openness and resource endowment.     

替代出口还是促进出口——我国对外直接投资对出口的影响研究

自2002年以来,我国对外直接投资发展迅猛,迅速增长的对外直接投资会促进我国对东道国的出口还是会用海外生产来替代我国对该国的出口呢?本文结合我国对外直接投资与出口贸易的现实情况,通过构建一个影响出口的引力模型,并利用我国2004-2010年35个国家的面板数据进行了混合回归模型分析。研究结果表明,我国对外直接投资对出口贸易存在明显的促进作用,且无论是发达国家还是发展中国家,这种促进效应都存在。因此,对于我国目前而言,无论是对发达国家的逆向上行投资,还是对发展中国家的顺向下行投资,都是具有贸易创造效应的海外投资。     

FDI location choice of Chinese multinationals in East and Southeast Asia: Traditional economic factors and institutional perspective

This paper investigates the factors determining foreign direct investment (FDI) location choices of Chinese multinational firms. We developed a conceptual framework that synthesizes traditional economic factors and institutional perspective. Then several hypotheses were developed in line with the framework and empirically tested using panel data of Chinese outward FDI to eight economies in East and Southeast Asia across a time period of thirteen years. Our findings suggest that institutional factors demonstrate a higher level of significance, complexity and diversity in determining FDI location choice in comparison with economic factors, while both types of factors influence the FDI location choice of Chinese multinational firms. We also found that the FDI location choices of Chinese firms have a dynamic nature, as statistical evidence indicates a heterogeneous response of Chinese FDI towards different economic groups and during different time periods.     

对外直接投资的母国产业升级效应——来自中国省际面板的实证研究

文章通过修改经典的钱纳里"结构增长"模型,利用2003-2010年中国对外直接投资和产业升级的相关省际数据,加入对外直接投资的节奏和不规则度作为调节变量,用面板回归的方法实证分析了中国对外直接投资的产业升级效应。实证结果显示:(1)较高的对外直接投资水平可以较快地促进投资企业所在国家或地区的产业升级;(2)对外直接投资中的过程变量即节奏和不规则会对产业升级的效果起反向作用;(3)对外直接投资中的市场化程度可以正向调节节奏和不规则度对于产业升级的影响程度,市场化程度较高的地区,对外投资的节奏和不规则度对产业升级的负向影响要小于市场化程度较低的地区。     

2009年中国企业对外直接投资分省(市)排行榜及其评析

近年来,中国企业对外直接投资在规模和增长速度方面都取得了长足的进步。本文首先对2009年中国对外直接投资分省市排行榜及其总体态势进行了分析,与此同时,论文还就2007-2009年间对外直接投资的变动情况及金融危机带来的影响进行了深入剖析。     

经济发展水平对我国对外直接投资影响的实证研究

近30年来,我国经济一直保持较快的增长速度,我国不仅作为世界经济最具活力的地区而吸引了大量来自世界各地的投资,而且,正在成为新兴的以对外直接投资来参与世界经济的重要力量。通过运用格兰杰因果关系,对我国经济发展水平与我国对外直接投资间的关系进行了实证分析和检验,也进一步说明了我国的经济增长与对外直接投资具有明显的相关性,且经济增长成为推动我国对外直接投资的原因。     

两种典型贸易模式下的环境成本研究——基于浙、粤两省数据的对比分析

本文从贸易模式差异的新视角出发研究贸易与环境问题。对分别以浙江和广东省为代表的"内源型"和"外向型"两种出口模式下的出口与环境成本的关系进行对比。研究发现:"外向型"模式下的环境成本对出口具有较强的敏感性,而"内源型"模式下这种关系则较弱;"外向型"模式下,出口对环境的影响程度更大,"内源型"模式下环境成本主要来自非出口行业,受出口影响较小。文章的最后得到了一些促进贸易可持续发展、经济国际化和谐发展的政策启示。     

中国对外直接投资发展阶段研究

随着我国国际竞争力的不断增强和"走出去"战略的逐步实施,我国已经成为世界上主要的对外直接投资来源地。本文运用最新的经济统计数据,对我国经济发展水平和对外直接投资之间的关系进行实证研究,以此分析判断我国对外直接投资所处的发展阶段和未来趋势。结果表明:一方面,我国的对外直接投资与邓宁的投资发展周期理论相吻合;另一方面,我国现阶段的对外直接投资实际情况与理论预期还存在一定的差距,对外直接投资的发展阶段滞后于经济发展水平。     

中国对外直接投资影响因素的实证分析——基于2007-2009年国际面板数据的考察

文章利用2007-2009年中国对相似文献   

Assessing the effects of policies on China’s outward foreign direct investment

This paper discusses the determinants of China’s outward foreign direct investment (OFDI) with a special focus on the role of government policy. In particular, we investigate the types of policies that are most influential in promoting OFDI. Our main contribution is to analyse, for the first time, China’s OFDI policies by means of quantitative indicators. We refine policies definitions and distinguish between Regulation Policies, Service Policies, Promotion Policies and Supervision Policies, and we develop a methodology for collecting, screening and coding policies; then we create new indices to capture different types of policies. We find that Regulation Policies, Service Policies and the general attitude of the government have significant effects on China’s OFDI at the national level.     

The influence of competition on international sourcing strategies in the service sector

Rising importance of service industries and international trade in services led to increased competition in the service sector. The aim of this study is to analyze the international sourcing behavior of service firms as a strategic means to contend with competition. Our theoretical predictions suggest that there is a U-shaped relationship between a service firm’s domestic competitive position and its pursuit of international sourcing: the relationship is first negative and at later stages positive. The international sourcing behavior of domestic competitors and inward investments of foreign rivals are expected to positively affect a service firm’s international sourcing magnitude. A large-scale empirical analysis using a panel of 579 German service firms supports our hypotheses.     

市场开放度、劳动生产率与我国地区工资差异

以新经济地理学的空间工资结构理论为基础,实证分析了我国西部大开发以来市场开放度、劳动生产率与地区工资差异之间的关系,结果表明,从全国角度来看,市场开放度和人力资本的增加对工资增长的贡献效应很显著,劳动生产率和外商直接投资的增加虽然对工资增长的贡献效应为正,但其效果并不明显;分东、中、西地区来看,市场开放度增加对工资增长的贡献,东部高于中部,更高于西部;人力资本的贡献效应则恰好与之相反;劳动生产率和外商直接投资的增加对工资增长的贡献效应在不同地区的差别并不明显。     

辽宁省对外开放度的测算与比较研究

对外开放度是衡量一个地区经济活跃程度的重要指标,也是一个地区经济发展水平的重要表征。本文利用相关数据,测算了辽宁省的贸易开放度、资本开放度、生产开放度和经济开放度指标。并通过与广东、上海、北京等发达省市及全国平均开放度水平的比较,分析了造成辽宁省对外开放度相对较低的主要原因,提出了相应的对策和建议。     

International strategies of mid-sized firms: A comparison of Indiana and Guangdong Province

A China strategy is becoming more important for a growing number of mid-sized companies as they observe China's increasingly greater impact on the U.S. economy. Our study surveyed Indiana and Guangdong firms to assess their interest in future international engagement in the other's country. Our results confirm current engagement by mid-sized firms from both countries in some activities with the other country, but there is a strong interest in doing more. Hence, there are opportunities for many Indiana organizations to play a role in assisting Indiana firms in developing international expertise, business development, and knowledge of China. In the study, 97 firms from the Guangdong Province and 105 Indiana firms identified their current international activities as well their future intentions relative to business development in the other's country.     

China's outward foreign direct investment

China's outward foreign direct investment (FDI) is steadily increasing. The United States is now a key target for China's outward FDI, and the response by the American public tends to fall at opposite ends of the spectrum: fever or fear. Chinese FDI in the United States faces challenges posed by its liability of foreignness in political, cultural, marketing, and technological aspects. Utilizing mini case studies, we herein examine the polarized responses to Chinese outward direct investment, its history, and the challenges faced by Chinese multinational corporations operating in or attempting to enter the U.S. market. Finally, strategy suggestions are proposed.     

Does central bank independence matter for the location choices of Chinese firms’ foreign investments?

Based on the eclectic paradigm and institutional theory, we hypothesize that Chinese firms prefer to invest in host countries having a central bank with a level of independence that is comparable to that of the Chinese central bank. Using data of Chinese listed firms from 1999 to 2013, our logit models suggests that all components of central bank independence, namely personnel, policy and financial independence, and priority for price stability, have a significant negative impact on the foreign investment location choices of Chinese firms. The impact of central bank independence on location choices is bigger for non-state-owned enterprises than for state-owned enterprises. The investment location choices of non-state-owned enterprises are negatively associated with the distance between central bank independence in China and that in host countries, while for state-owned enterprises this distance has no effect.