外资进入与所有制约束下的劳动力价格差异

文章利用1998-2006年我国30个省市的面板数据,对我国劳动力市场化改革过程中外资与劳动力价格所有制差异变动间的关系进行了实证分析。研究表明,样本期间内港澳台商投资和外商投资的增加都会通过就业渠道扩大我国劳动力价格的所有制差异,且前者的作用要大于后者。但整个样本期间内我国劳动力价格所有制差异扩大的最主要的原因在于就业人员人力资本水平的所有制差异的扩大。分时间段回归结果表明,2001年以后外资才对我国劳动力价格的所有制差异产生显著的正向影响。     

我国企业对外直接投资的区位选择

我国理论界关于是否应该将发达国家作为我国企业对外直接投资的重点目标问题上产生的不同意见,在相当程度上反映了我国对外直接投资区位选择所面临的对外直接投资动因与能力的矛盾。实证检验证实我国企业目前的对外直接投资区位还是以与我国经贸关系密切、市场规模相对狭小的国家和地区为主。但从长远看,发达国家和地区应成为我国企业对外直接投资区位选择的重点目标。     

Exploring the link between internationalization of top management and accounting quality: The CFO’s international experience matters

This study examines whether and how top management internationalization is associated with accounting quality. We combine upper echelons perspectives, agency theory, human capital theory and accounting research, and demonstrate that top management internationalization mitigates the level of managerial discretion in financial reporting. By decomposing the top management team, our analysis reveals that higher levels of accounting quality are associated with the internationalization of the CFO, not the internationalization of the CEO. In particular, we find that CFO’s international education and international work experience are important factors in higher accounting quality.     

Does foreign direct investment promote institutional development in Africa?

Foreign direct investment (FDI) inflows into Africa have increased since the turn of the millennium, mainly due to FDI growth into African countries by multinational enterprises (MNEs) from developing economies. While African governments view this growth as a positive development for the continent, many governments in the West have raised concerns regarding the institutional impact of investments from developing economies. This paper examines the impact of FDI flows on institutional quality in African countries by distinguishing investments from developed versus developing economies. Previous empirical studies have found a significant relationship between FDI flows and institutional quality in African countries but regard the relationship as MNEs rewarding African countries for adopting institutional reforms. However, little attention has been paid to the reverse causality, i.e. that FDI can cause an institutional change in African countries. Using bilateral greenfield FDI flows between 56 countries during 2003?2015, we find no significant FDI effect from developed and developing economies on institutional quality in host countries. However, aggregate FDI flows from developed and developing economies have a significant positive effect on host country institutional quality but differ concerning the impact's timing. In contrast, we find no significant effect of FDI flows from China on host country institutional quality. Our results are robust to alternative measures of institutional quality.     

Back to roots: TMTs’ country-specific experience,FDI preference,and political center favoritism

This paper investigates how the origin experience and work experience of top management teams (TMTs) affect foreign direct investment (FDI) decisions of multinational enterprises (MNEs), drawing on learning theories and social capital view. Using data from Standard and Poor’s firms operating in China during 2014–2016, we find that TMTs’ country-specific origin experience and work experience have a positive impact on the extent of FDI in the focal country, while we find that the former has a greater impact. Consistent with the consideration of being deeply anchored in the specific country, we find that TMTs with origin experience, relative to work experience, are more likely to choose FDI locations in the political center. We further find that the effect of origin experience on the extent of FDI and the preference for political centers will be more pronounced for MNEs with low levels of profitability. This study contributes to the literature on international business and provides practical implications for international expansion.     

Foreign Direct Investment in China

Summary

China has attracted the second largest amount of foreign direct investment in the world each year since 1993. Hundreds of thousands of foreign-invested enterprises are in operation in China. However, what drive the success or cause the failure of foreign investments is still not well understood. This paper critically examines one success factor, i.e., the importance of timing of marketing entry into China. It begins with a brief review of the literature on first-mover advantages and the recent empirical research. It then attempts to theorize on why timing of market entry matters in the context of foreign direct investment. Apart from drawing upon the four recent studies in this area, this paper focuses on the auto industry in China and the case of Volkswagen to illustrate the importance of early entry into an overseas market. It calls for foreign investors to seize the first-wave opportunities when the door is opened a certain sector. It pays in the long run both in terms of the market share position and profitability.     

Trade and foreign direct investment in China: a political economy approach

We view the political process in China as trading off the social benefits of increased trade and foreign direct investment against the losses incurred by state-owned enterprises due to such liberalization. A model drawing on Grossman and Helpman [Am. Econ. Rev. 84 (1994) 833; The Political Economy of Trade Policy: Papers in Honor of Jagdish Bhagwati, MIT Press, Cambridge (1996) 199] is used to derive an empirically estimable government objective function. The key structural parameters of this model are estimated using province-level data on foreign direct investment and trade flows in China, over the years 1984-1995. We find that the weight applied to consumer welfare is between one-seventh and one-quarter of the weight applied to the output of state-owned enterprises.     

外国直接投资、外国证券投资与经济增长:以美国为例

本文以美国1972-2002年的统计数据为例,在建立VAR模型的基础上通过脉冲响应曲线和方差分解表对流入美国的外国直接投资(FDI)、外国证券投资(FPI)和经济增长之间的关系进行了实证研究,结果表明流入美国的FDI和FPI均有助于美国经济的增长。但相对而言,美国经济增长更加依赖于外国证券投资,研究还发现流入美国的FDI与FPI之间关系紧密,两者之间存在积极的良性互动关系,且FPI对FDI的影响明显大于FDI对FPI的影响。     

Experiential drivers of foreign direct investment by late-comer Asian firms: The Chinese evidence

Focusing on the cognitive process of managerial decision making, we argue that both organizational and personal international experiences contribute to managerial knowledge structure which in turn influences firms' foreign direct investment decisions. Given the decision task context of late-comer Asian firms, the two types of experiences can lead to decision outcomes that compete for limited decision making resources, and therefore their interaction effect is expected to be negative. Based on a sample of 164 Chinese electronic manufacturing firms over an eight-year period (2001–2008), we found substantial support for our hypotheses. While both organizational and personal international experiences increase the foreign direct investment propensity of a firm, these experiences also weaken each other's effects.     

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 complex integration strategies of multinationals and cross country dependencies in the structure of foreign direct investment

The behavior of many multinational enterprises is not well described by existing models of foreign direct investment (FDI). Firms often follow strategies that involve vertical integration in some countries and horizontal integration in others, a strategy known as complex integration. This paper presents a three-country model that is used to analyze why firms might follow a strategy of complex integration. My analysis reveals that complex integration strategies create complementarities between potential host countries that have important implications for the structure of FDI. The analysis also shows that falling transport cost between countries may increase the importance of complex integration strategies.     

FDI in Sub-Saharan Africa: A longitudinal perspective on location-specific factors (2003–2010)

This paper examines the characteristics of Location Specific Factors (LSFs) in Sub-Saharan Africa (SSA) regarding inward Foreign Direct Investment (FDI) by Multinational Enterprises (MNEs). Exploratory Factor Analysis (EFA) of 758 MNEs in 2003, 1216 in 2005 and 2402 in 2010 is used to compare the variability in LSFs in ten, 15 and 19 SSA countries respectively. We find firstly the most powerful factors, influencing the political-economy and trade dynamics of hosts to FDI, stable over time. Secondly, by 2010, production inputs become the most important factor for FDI followed by political-economic stability. This result reflects findings in International Business (IB) literature. Policy implications point to unwavering need by SSA to reduce transaction costs for FDI; increase the predictability of the policy environment; and increase the productivity-adjusted cost efficiency of inputs.     

Managerial optimism and search

This paper proposes and tests a model of the influence of managerial dispositional optimism on the propensity to search. The model developed in this article was tested using a business simulation exercise and survey method. Results show support for the positive influence of optimism on search; in addition, the relationship appears curvilinear.     

An information-based trade off between foreign direct investment and foreign portfolio investment

The paper develops a model of foreign direct investments (FDI) and foreign portfolio investments (FPI). FDI enables the owner to obtain refined information about the firm. This superiority, relative to FPI, comes with a cost: a firm owned by the FDI investor has a low resale price because of asymmetric information between the owner and potential buyers. The model can explain several stylized facts regarding foreign equity flows, such as the larger ratio of FDI to FPI inflows in developing countries relative to developed countries, and the greater volatility of FDI net inflows relative to FPI net inflows.     

国际直接投资理论的发展脉络及最新进展

跨国公司活动的增加为国际直接投资的研究提供了更多的素材,也引发了更多的思考,这一趋势一方面体现为研究方法的丰富化;另一方面体现为研究视角的多元化。本文运用与前人不同的梳理方式对国际直接投资理论的发展脉络进行了回顾,而且有侧重地介绍了这一领域最近几年的研究成果,并在适当评论的基础上对未来研究方向进行了展望。     

Why a poor governance environment does not deter foreign direct investment: The case of China and its implications for investment protection

It is widely believed that countries with a poor governance environment (e.g., weak laws and rampant corruption) do not attract foreign direct investment (FDI); however, our study suggests otherwise. Using China as a case study, this article argues that the prevailing theory that a good governance environment begets FDI is incomplete. When faced with a poor governance environment, investors choose direct investment over indirect (portfolio) investment because the former can be better protected by private means. In fact, China attracts a large amount of FDI because of, rather than despite, its lack of a good governance environment. In conclusion, this article offers strategies to better protect investments and to chart through the pitfalls resulting from rapid changes in the governance environment.