外商投资独资化:动因与影响

The Tendency of FDI Sole Proprietorship : Cause and Influence

近年来,外商对华直接投资中独资企业比重大幅上升,外商并购中外合资企业中方资产、转化为外商独资企业或外商控股企业的案例迅速增加,外商对华投资的独资化渐成趋势。外商为了获得高利润,基于制度变迁、资源依赖程度、企业的控制力、交易成本等方面的考虑,选择独资化的投资方式,既与中国的外资政策调整直接相关,包含着中国的主动选择,也包含着中国企业无奈的被动接受,必然对中国产生双重的经济影响。为此,中国既需要在外商投资政策上全盘筹划,又要主动加入跨国公司的产业链条。

In recent years, the proportion of Wholly Foreign-owned Enterprises in Foreign Direct Investment （FDI） increased by a large margin. The cases significantly increased, which are of foreign investors M＆A assets of Chinese party in the Sino-foreign joint venture, and are of transforming from the Sino-foreign joint venture into the whole foreign owned enterprise, or into the foreign holding company. In order to acquire high profit, foreign investors choose the sole proprietorship, based on the consideration of institutional reform, the degree of resource dependence, company control, transaction cost, etc. It directly relate to the adjustment of China＇s foreign investment policies, including the initiative choice and the passive choice, hence it will have dual impact on Chinese economy. Finally, this article believes that Chinese government should make overall plans in FDI policies, and take the initiative in the industrial chain of MNCs.