Measures for the Administration on the Establishment of Partnership Business by Foreign Enterprises or Individuals in China

Measures for the Administration on the Establishment of Partnership Business by Foreign Enterprises or Individuals in China has been adopted at the 77th executive meeting of the State Council on August 19, 2009, and shall come into effect as of March 1, 2010.     

融资约束与我国企业对外直接投资——基于浙江省微观企业数据的实证研究

企业对外直接投资是我国当前重要的外向经济发展战略,因此探明其影响因素对于深化对外开放具有重要意义。文章在此背景下从微观企业角度研究融资约束如何影响企业对外直接投资,构建理论框架阐明融资约束的提升会制约劳动密集型企业的对外直接投资决策,但是会逆向促进资本密集型企业的对外直接投资决策;在此基础上,通过匹配《中国工业企业数据库》和《中国境外投资企业（机构）名录》中的浙江省企业数据在微观上验证了理论推论。进一步地,分样本数据回归表明国有企业、外资企业和重工业企业对外直接投资不受融资约束制约,而非国有企业、非外资企业和轻工业企业对外直接投资受融资约束影响明显。此外,文章通过零膨胀回归和排序数据回归发现较低（高）的融资约束增加了劳动（资本）密集型企业的对外直接投资项目数并加快其投资决策时间,与对外直接投资倾向的影响机制一致。     

苏州利用外商直接投资现状分析

随着全球经济一体化和投资自由化程度的进一步加深,外商投资成为促进苏州经济高速发展的重要因素,外商投资企业进入苏州有效地填补了苏州经济发展的资金缺口,扩大了出口创收,增加了就业,促进了产业结构的调整,对苏州经济产生了深刻的影响。目前苏州利用外资的特点是外商直接投资规模较大、外商直接投资来源相对集中、外资投向地区分布较为集中和投资产业集中于第二产业等。     

Foreign institutional investors and dividend policy: Evidence from China

This study examines whether foreign institutional investment influences firms’ dividend policies. Using data from all domestically listed nonfinancial firms in China during the period of 2003–2013, we find that foreign shareholding influences dividend decisions and vice versa.Furthermore, changes in dividend payments over time positively affect subsequent changes in foreign shareholding, but the opposite is not true. Our study indicates that foreign institutional investors do not change firms’ future dividend payments once they have made their investment choices in China. Moreover, they self-select into Chinese firms that pay high dividends. Our evidence suggests that in an institutional setting where foreign investors have tightly restricted access to local securities markets and a relatively high risk of expropriation by controlling shareholders exists, firms can use dividends to signal good investment opportunities to foreign investors.     

WTO中国税收优惠措施案的启示

2007年2月,墨西哥在WTO框架内就中国退还、减轻或免除税收及其它应付款项一案提出磋商,指控中国违反《补贴与反补贴措施协定》、《与贸易有关的投资措施协定》等多项WTO协议。从目前的证据来看,中国政府的部分税收及其它优惠措施的确构成了"禁止性补贴"和"当地含量"投资措施。新企业所得税法的颁布使中国政府的部分税收优惠措施由"可诉补贴"转为"不可诉补贴"。中国政府应结合新企业所得税法实施细则及其它税收优惠办法的制定,加快税收、投资等行政法规规章的清理。     

合资企业“独资化”的博弈分析

外商在华投资出现的独资化趋势,是基于中国加入WTO后国内投资环境和投资前景的变化、中外合资双方核心优势的得失变化等多种因素促成的结果,并不以东道国单方面的意志为转移。分析决定外商投资者在投资过程中采取何种投资形式的决定因素,并结合博弈论分析这些因素的变化是如何影响投资者对其投资形式的选择,从四个角度解释了合资企业的不稳定性原因,针对这一情况提出了积极的应对措施。     

Uncertainties,Imitative Behaviours and Foreign R&D Location: Explaining the Over-concentration of Foreign R&D in Beijing and Shanghai within China

This study examines the location of foreign research and development (R&D) establishments in China and reveals that such facilities are overly concentrated in Shanghai and Beijing, the two first- tier cities. We argue that the spatial concentration of R&D in Shanghai and Beijing is more intense than what can be expected based on the spatial concentration of foreign investment, science and technology resources and general economic activities. The spatial concentration is also greater than what is observed in more developed countries. This degree of concentration cannot be convincingly explained by the conventional, rational choice model that relies mostly upon factors such as market size, labour costs and infrastructure, among others. Our analysis suggests that site location decisions are also the product of imitative behaviours among decision makers faced with uncertainties and multiple risks, particularly in a transitional economy such as China's. We further discuss the implications for second-tier cities in competition for foreign R&D investment, suggesting that these cities should aggressively market their cities to foreign investors in order to reduce the perceived risks undermining their ability to attract R&D. We also speculate that as foreign investors become more knowledgeable about the rest of China, more companies will begin to establish R&D facilities in such second-tier cities.     

加入世贸组织之后中国外资政策的变化与韩国企业的对华投资

中国在加入世界贸易组织以后,利用外资的政策有了明显的变化。不仅体现在对投资的行业进行了调整上,而且对外资逐步地实行国民待遇并加强对外资企业的管理。本文在分析中国利用外资政策变化的基础上,从投资规模、投资结构、投资主体以及投资收益等方面分析中国利用外资政策变化对韩国对华直接投资的影响。     

巴西利用外国直接投资及对我国的启示

自从第二次世界大战结束后,巴西开始重视利用外国直接投资,经历了三个阶段的转变,引导外国直接投资流向重点发展部门,在短时间内建立了新兴工业。巴西政府在利用外国直接投资过程中,强调外资来源多样化,引导外国直接投资投向经济欠发达地区,但工业部门受外资控制程度过高,政府部门对国内市场高度保护。我国应借鉴巴西的经验及教训,在吸收外国直接投资过程中保持谨慎,积极引导外商向中西部地区投资,加大引进发达国家直接投资的力度。     

Provisions on the Administration of Foreign Exchange in Domestic Securities Investments of Qualified Foreign Institutional Investors

In accordance with the Regulations on the Foreign Exchange Administration of the People＇s Republic of China and the Measures for the Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors, the State Administration of Foreign Exchange has formulated the Provisions on the Administration of Foreign Exchange in Domestic Securities Investments of Qualified Foreign Institutional Investors, which came into effect on the date of its promulgation.     

Provisions on the Administration Of Foreign-invested Advertising Enterprises

The Provisions on the Administration of Foreign-invested Advertising Enterprises,which were amended by the State Administration for Industry & Commerce(SAIC)and the MOFCOM,is hereby promulgated and shall enter into force as of October 1,2008.     

投资者—国家仲裁机制中“投资”概念的界定及中国的选择

投资者-国家仲裁机制中"投资"概念的界定大致有3种模式,即以资产为基础的模式、以企业为基础的模式以及混合模式。在适用这些模式的基础上,仲裁裁决解释了缔约国采用多种技术手段限制"投资"内涵的效力:与东道国的国内法相一致的规定仅指投资的有效性;缔约国领土境内的投资并不要求所有交易过程在缔约国境内完成;直接或间接、拥有或控制资产的表述可以保护小股东和间接持股股东的利益。中国现已兼具投资国和东道国的地位,有必要升级原有的以资产为基础的"投资"概念界定模式为混合模式,并相应地调整国际投资协定中"投资"的限制性解释。     

Institutional conditions,economic policy uncertainty and foreign institutional investment in China

This paper investigates the influence of host and home country institutional conditions on foreign institutional investment. Utilizing longitudinal and multilevel data on foreign institutional investment in Chinese listed firms between 2004 and 2017, we document that foreign institutional investment decreases with increasing economic policy uncertainty in the host nation. We also find that foreign institutional investors respond more strongly to local economic policy uncertainty when their home nations are closer to China, are culturally and administratively similar to China, operate a smaller domestic stock market, and have weaker minority shareholder protection. The impact of economic policy uncertainty on foreign institutional investment is also stronger when the host nation institution is more developed and open.. Moreover, we reveal the mediating role of stock market volatility on this relationship. Overall, we document that foreign institutional investment is not only shaped by institutional conditions in the host country but also influenced by home country characteristics that define geographical and institutional distance between home and host nations.     

China's Regulation on the Amount of Registered Capital and the Period of Investment for the Foreign Investors

China has specific regulations on the minimum registered capital and period of investment for the foreign investors to set up enterprises within the territory of the People's Republic of China.     

外商直接投资、贸易条件与政策选择

改革开放以来,我国吸引的外商直接投资(FDI)一直呈逐年上升趋势,外资企业进出口占我国对外贸易的比重也呈上升趋势,而我国的价格贸易条件则呈现下降的趋势。本文借助外商直接投资的主体——外商投资企业的进出口与价格贸易条件进行实证分析,提出我国对外商投资的政策应从"招商引资"转变为"招商选资"。     

“一带一路”倡议能否提升对外直接投资企业盈利能力？

基于2011-2015年A股上市公司与商务部《境外投资企业（机构）名录》数据，利用倾向得分匹配方法（PSM）和双重差分法（DID）考察“一带一路”倡议对中国对外直接投资企业盈利能力的影响及作用机制。研究发现：“一带一路”倡议显著提升了中国对沿线国家投资企业的盈利能力。机制检验表明，“一带一路”倡议能够通过推进中国与沿线国家间的经济融合和文化包容来提升对外投资企业的盈利能力，而政治互信在样本期内不显著。进一步研究发现，“一带一路”倡议对企业盈利能力的提升作用主要体现在国有企业、新兴优势产业以及投资目的为非邻近中国的“一带一路”国家上。     

Firm heterogeneity and location choice of Taiwanese multinationals

This paper examines the extent to which production location decisions of Taiwanese multinationals reflect underlying patterns of firm productivity. In our theoretical model, heterogeneous firms in a middle-income country decide on the optimal production locations for serving three geographically separate markets: domestic, foreign high-income and foreign low-income. The model shows that the equilibrium decision of a firm depends on the fixed investment costs of establishing foreign subsidiaries, production costs, transportation costs, market size and its own productivity level.

Using firm-level data in 2000, Taiwanese electronics firms are divided into four different categories: non-FDI, investors in China only, investors in the U.S. only, investors in both China and the U.S. We use a multinomial logit model to link firms' location choices with their productivity, controlling for country, industry and other firm characteristics. Our empirical results are consistent with the predictions of the theoretical model. We show that more productive firms engage in outward FDI, with the most productive ones investing in both China and the U.S. We also provide evidence indicating that Taiwanese multinationals investing only in the U.S. are more productive than those investing exclusively in China due to smaller fixed investment costs in China relative to the U.S.     

Firm heterogeneity and location choice of Taiwanese multinationals

This paper examines the extent to which production location decisions of Taiwanese multinationals reflect underlying patterns of firm productivity. In our theoretical model, heterogeneous firms in a middle-income country decide on the optimal production locations for serving three geographically separate markets: domestic, foreign high-income and foreign low-income. The model shows that the equilibrium decision of a firm depends on the fixed investment costs of establishing foreign subsidiaries, production costs, transportation costs, market size and its own productivity level.Using firm-level data in 2000, Taiwanese electronics firms are divided into four different categories: non-FDI, investors in China only, investors in the U.S. only, investors in both China and the U.S. We use a multinomial logit model to link firms' location choices with their productivity, controlling for country, industry and other firm characteristics. Our empirical results are consistent with the predictions of the theoretical model. We show that more productive firms engage in outward FDI, with the most productive ones investing in both China and the U.S. We also provide evidence indicating that Taiwanese multinationals investing only in the U.S. are more productive than those investing exclusively in China due to smaller fixed investment costs in China relative to the U.S.     

Doing business in China II. Investing and managing in china—how to dance with the dragon

This article presents the second part of a comprehensive analysis of the key issues involved in conducting business in China. It provides practical advice and recommendations on how to invest and manage successfully in the world's most complex market (“know‐how”). Topics include investment strategies, market‐entry options, key factors for success in management, as well as functional strategies for optimizing the value chain. Chinese business practices and culture, as well as different opportunities and threats, also are discussed. A key theme is that foreign investors and businessmen entering China and managing on the ground have to devise and execute intelligent strategic approaches that fully leverage new “third growth wave” opportunities in China and create a market niche in an extremely competitive environment. Otherwise, they will produce similarly disappointing results as most foreign investment in the Central Kingdom so far. © 2000 John Wiley & Sons, Inc.     

新形势下我国海外直接投资面临的问题及促进对策

我国对外直接投资进入快速增长时期,市场覆盖宽广,结构不断优化,投资主体竞争力日见增强,取得了良好的互利共赢成效显。在海外直接投资呈现明显后发优势的同时,存在的存量规模小、根基浅,风险增大,企业国际化经营水平有待提高,"走出去"人才缺乏等问题开始逐渐显现。为促进企业更好更快地"走出去",我国应抓住有利机遇,深化对外直接投资体制改革,完善社会服务化组织,打造"引进来"与"走出去"的双向互动机制,大力培育投资主体,加强企业与东道国在文化上的融合,加快培养人才。