Behind ownership decision of Chinese outward FDI: Resources and institutions

This paper examines ownership decision of Chinese outward foreign direct investment (FDI) with a focus on the choice between a wholly owned subsidiary and a joint venture entry mode. Based on literature review and findings from our case study of ten Chinese outward investing firms, we develop a conceptual framework that integrates the resource-based and institution-based views of international business strategy. The framework reflects special characteristics of Chinese outward FDI. On the resource side, Chinese outward FDI is both asset exploiting and asset augmenting, and accordingly, both transaction costs and strategic intents have an impact on the FDI ownership decision of Chinese firms. On the institution side, when investing overseas, Chinese firms adjust their entry strategies to attain regulative and normative institutional legitimacy in host countries. Meanwhile, they also need to comply with the rules set by the Chinese government, which provide incentives to and impose restrictions on Chinese firms’ FDI ownership decisions.     

最低工资标准、劳动力素质与FDI

本文利用我国30个省区2000～2014年的面板数据,分投资地区和投资类型考察了最低工资标准、劳动力素质对FDI流入规模的影响。研究发现：最低工资上涨对FDI流入规模呈现正U型影响;最低工资上涨通过提高劳动力素质增大FDI的流入规模。在东部地区,最低工资上涨对FDI流入规模呈现倒U型影响;而在中西部地区,最低工资上涨对FDI流入规模呈现正U型影响。最低工资上涨通过提高劳动力素质,增大了劳动密集型和资本密集型FDI的流入规模;而对技术密集型FDI的流入没有影响。本文的研究成果可为中国当前的最低工资制度、人才发展战略以及“引进来”战略的调整提供参考依据。     

外商直接投资对城乡收入差距的影响研究——空间溢出及门槛特征

本文以我国30个省市2003～2014年的面板数据构建空间滞后模型和门槛面板模型,以人均国内生产总值和外商直接投资（FDI）强度为门槛变量,实证检验FDI与城乡收入差距间的非线性空间关系。结果表明FDI与城乡收入差距具有显著的空间积聚特征,同时FDI对缩小城乡收入差距的效应显著,且在各地区间存在明显差异。此外,FDI与城乡收入差距间具有门槛特征。当人均国内生产总值和FDI强度跨过门槛值时,FDI对于缩小城乡收入差距的效应会呈现出下降趋势。     

Some determinants and effects of FDI in Singapore

This article analyses the microeconomic determinants of effects of foreign direct investment (FDI) in Singapore by seven propositions, using the available secondary data. Variables discussed are related to the areas of industrial structure, economic growth, trade, international competitiveness, productivity and skill intensity. It attempts to draw a pattern on the determinants and effects of inward and outward FDI in Singapore.The research for this paper was partially funded by the Centre for International Business Studies, The University of Western Ontario. This paper is a revised version of a paper presented in Bellagio, Italy in October 1983 which will appear in Dunning (1985).The author is a Professor at the School of Business Administration, The University of Western Ontario.     

中印对外直接投资比较研究

从中印对外直接投资的规模、结构和效果三方面进行了较全面和系统的比较,研究结果表明：中印两国对外直接投资有很多共同点,中国目前对外直接投资的总体规模具有一定优势,但在海外投资的投资结构和投资绩效上却落后于印度。今后,我国应不断优化对外直接投资主体、调整投资产业结构、加强对外投资项目的可行性研究,以提高我国对外直接投资的效果。     

Economic and strategic considerations surrounding Chinese FDI in the United States

The growth of outward investment from China has generated expressions of concern from policymakers in the United States regarding the economic and national security impacts of such investments. While inward foreign direct investment (FDI) has come to be viewed by most observers as generally imparting net economic benefits to the host economy, acquisitions of US companies by Chinese multinational companies (MNCs) have been criticized on several grounds. One is based on the mode of entry itself: some critics believe that entry by acquisition brings lower benefits than greenfield entry. A second and more prominent concern is that acquisitions of US companies by Chinese state-owned enterprises (SOEs) may be motivated by non-commercial objectives which, in turn, make those acquisitions of questionable value to the host economy. In this paper, we argue that Chinese FDI in the United States is more likely to take the form of acquisitions than greenfield investments for the foreseeable future. However, there is no strong case to be made that the host country economic benefits from Chinese FDI would be larger if entry took place primarily through greenfield investments. Furthermore, most of the alleged costs to the US economy from inward FDI from China are either unlikely to occur or are already anticipated by existing US laws and regulations, thus necessitating no additional, specific legislation.

ICT interaction with trade,FDI and financial inclusion on inclusive growth in top African nations ranked by ICT development

The significance of ICT (information and communication technology) framework in efforts to attract foreign investment (FDI), sustain commerce, and boost financial inclusion for enhanced inclusive growth has revolutionized the global system recently. Furthermore, earlier researches on the connection between ICT and growth concentrated more on general expansion than on the kind of growth that is evenly distributed and has broader societal implications than merely growing the size of the overall economic pie. This study critically analyzes the connection between ICT diffusion and inclusive growth, considering the interactive impacts of trade openness, FDI, and financial inclusion on inclusive growth in top African nations ranked in terms of ICT development, so as to close the existing literature gap. An improved-GMM (generalized method of moments) technique, founded on panel data-set spanning the years 2000–2020, is used in the study. By employing PCA (principal component analysis) to measure inclusive growth, ICT diffusion, and financial inclusion indices, the study contributes to the body of prior research. The model also accounts for the heterogeneous impact of the interactive term between ICT diffusions and trade openness, FDI, and financial inclusion on inclusive growth. Overall, results indicate that while ICT diffusion, trade openness, FDI, and financial inclusion significantly and positively enhance inclusive growth at both the individual and interaction levels, inflation hinders it. The study suggests that policymakers should establish measures to advance ICT development, encourage trade openness, attract foreign direct investment, and improve financial inclusion because these measures have tendencies to support inclusive growth by opening up a number of opportunities.     

Government regulation, corruption, and FDI

We analyze favors as utilization of informal modes of exchange within a formal economy, relating their negative aspects to corruption. This exercise enables us to integrate them into a model linking national institutional factors to the magnitude of cross-country FDI flows. In our empirical tests of FDI inflows in 55 countries across four distinct time periods, we find that the level of economic regulation is a major determinant of the extent of FDI inflows as well as the level of corruption, but corruption does not have an independent influence on levels of FDI inflows. Our results have important policy implications regarding the role of the state in influencing the location decisions of MNEs.     

FDI的地区聚集及其空间演化--以江苏为例的研究

外商直接投资(FDI)在空间分布上有特定的规律，形成地区性聚集是绝大多数外资企业的归宿。在聚集的空间演化过程中，FDI呈现出扩散和聚集的不同历史特征。本文以江苏省FDI的历史数据为样本，分析FDI聚集过程的空间演化模式。加总的数据分析显示，FDI的空间分布经历了随机扩散—扩散向聚集转化—聚集的三个演化阶段；行业层面的进一步考察显示，传统行业由最初的聚集逐渐向扩散演化，而新兴行业则由最初的随机分布逐渐向聚集演化。回归分析证明，成本因素、聚集经济的外部性和路径依赖作用在空间演化过程中起到了决定性的作用。     

外商直接投资对我国技术创新能力影响及地区差异分析

本文利用我国2002—2006年29个省市自治区的面板数据实证分析了FDI对我国区域技术创新能力的影响,结果表明,FDI对区域一般技术创新能力提升的促进作用明显存在,且东部较高、中部次之、西部不明显;但对区域核心技术创新能力提升仍然存在着某种替代甚至是挤出的负面影响。本文详细分析了FDI对我国创新能力提升作用存在地区差异的影响因素和产生挤出效应的原因,并揭示了FDI的梯度转移是激活中部地区的技术创新潜力的重要途径之一,但跨国公司通过其内部化及关键技术黑匣子化等对核心技术实现控制值得关注。论文最后还就进一步扩大FDI对区域创新能力提升的促进作用提出了相应的对策建议。     

FDI spillovers in an emerging market: the role of foreign firms' country origin diversity and domestic firms' absorptive capacity

Prior literature on foreign direct investment (FDI) spillovers has mainly focused on how the presence of FDI affects the productivity of domestic firms. In this study, we advance the literature by examining the effect of the diversity of FDI country origins on the productivity of domestic firms. We propose that the diversity of FDI country origins can facilitate FDI spillovers by increasing the variety of technologies and management practices brought by foreign firms, to which domestic firms are exposed and that they can potentially utilize. Further, the extent to which domestic firms can utilize these technologies and practices depends upon their absorptive capacity. Using panel data on Chinese manufacturing firms during the period 1998–2003, our results support these propositions. We find that the diversity of FDI country origins in an industry has a positive relationship with the productivity of domestic firms in the industry. This positive relationship is stronger when domestic firms are larger, and when the technology gap between FDI and the domestic firms is intermediate. Copyright © 2010 John Wiley & Sons, Ltd.     

市场需求和中国工业行业FDI流入

本文研究中国工业行业的市场需求对外商直接投资流入该行业的影响。本文利用中国工业行业 2003～2014年度行业层面的面板数据进行的实证检验发现,行业市场需求规模促进了FDI的流入,在外资集聚度较高的行业,该种促进作用更加明显。在考虑了FDI的动态效应后,发现外商直接投资存在“惯性”,前期FDI的流入会促进新的FDI流入。估计结果在考虑了内生性后,各检验结果依然稳健。     

江浙基于FDI提高区域技术创新能力的比较

本文利用江浙1995-2006年的数据实证分析了实际利用外商直接投资（FDI）对区域技术创新能力的影响。结果表明。FDI对区域技术创新能力提升有促进作用但存在明显的区域差异。笔者认为FDI对区域技术创新能力的影响程度至少与两个方面相关，一是区域经济发展的特点及利用外资的模式；二是技术本身的原创程度、技术含量、研制难度及其对企业的重要性等。微观经济主体的控制权状况与内部化约束形态是影响区域技术创新绩效的关键。在此基础上．本文提出了若干建议。     

FDI对中国工业增长和技术进步的贡献

本文以实证分析为主，描述、分析了FDI对中国工业增长的重要贡献。外商直接投资的重要作用，体现在提供资金来源、改善投资效益、扩大产出、增加利税、引进先进技术、提升人力资源等许多方面。本文分别对上述方面进行描述和分析。结论是，外资经济不仅推动着中国工业的持续增长，而且改变着中国工业增长的方式，提高了中国工业增长的质量。     

西方对外直接投资理论综述

对外直接投资已成为经济全球化的一种重要经济现象。学者们对这种现象展开了广泛研究,形成了诸多理论。文章从微观、中观和宏观三个层次对西方对外直接投资理论进行了较为全面地梳理和评述,特别是基于实物期权视角的对外直接投资理论。     

中国反倾销与对华直接投资相关性实证研究

反倾销是目前研究的热点之一,本文从中国反倾销与外商对华直接投资相关性这个角度,利用企业水平的模型进行回归实证分析,并结合案例,得出中国反倾销与外商对华直接投资之间存在正的相关性。结果表明,中国的反倾销会引起外商对华直接投资的增加,特别是跨国公司对华直接投资的增加。     

制造业外资进入与市场势力波动:竞争还是垄断

对外资市场效应的评估和计量是处理好外资政策、产业政策和反垄断政策关系的重要问题。本文采用中国1999—2010年28个两位数和447个四位数代码制造业面板数据,首先估计了两位数代码制造业的市场势力水平,然后进一步考察外资进入的市场效应,并测度外资引致的福利变动。研究表明:制造业各行业存在显著的市场势力,但金融危机前后市场势力溢价水平波动较大。全样本结果显示制造业市场势力溢价约为6.2%,但金融危机前样本证实市场势力溢价高达22.1%。细分产业中,外资的竞争效应占主导,但在部分产业中外资表现出了反竞争效应。制造业总体层面上,外资进入与市场势力波动之间呈现U形非线性关系,拐点稳定在外资比重为47.3%—54.0%的区间内。从福利角度看,外资进入的竞争效应,使得垄断带来的无谓损失减少了3334.70亿元;但FDI的反竞争效应使得相应行业垄断福利损失增加2407.45亿元。     

Location decisions of inward FDI in sub-national regions of a host country: Service versus manufacturing industries

Built on the differences between services and manufacturing sectors, this study examines the general proposition that service and manufacturing multinational enterprises (MNEs) have different responsiveness to location-specific characteristics when conducting foreign direct investment (FDI), and that these differences influence their final locations in the sub-national regions of a host country. Using a full population of 1,212 and 6,199 inward FDI projects conducted by MNEs in manufacturing and services sectors, respectively, across 234 sub-national regions in Korea between 2000 and 2004, it finds that the location decisions made by service MNEs are more likely to be driven by demand-side considerations, whereas those made by manufacturing MNEs are more likely to be influenced by supply-side characteristics of sub-national regions. In addition, it shows that sub-national location decisions made by both high-tech and low-tech manufacturing MNEs consider the availability of local strategic assets within a focal region more importantly than that from its neighboring regions, suggesting the importance of intra-regional effects. Sub-national location decisions made by location-bound service MNEs exhibit the same intra-regional effects for local market potential; however, those by non-location-bound service MNEs consider the local market potential from neighboring regions more importantly than that within a focal region, suggesting the existence of inter-regional effects.     

青岛外商直接投资的业绩指数分析

随着经济一体化的推进,外商直接投资(FDI)对开放型区域经济增长的贡献日益增大。本文以外商直接投资业绩指数为依据,首先对青岛市利用外商直接投资进行纵向的时序分析,然后对十五个副省级城市2004年的外商直接投资业绩指数进行横向比较,对当前青岛市利用外资进行科学的评价。     

外商直接投资与河南经济增长关系的计量分析

很多研究表明,FDI(外商直接投资)是导致GDP(国内生产总值)增长的一个非常重要的因素,FDI的增长对GDP的增长有明显的促进作用。本文搜集了河南省从1985年—2005年的GDP和FDI的数据,运用计量经济学的方法从另外一个方面论证河南省GDP的增长对FDI的增长有一定的促进作用。