浅析中国对外直接投资现状、特点及对策

本文分析了我国对外直接投资现状、特点，并对此提出促进中国对外直接投资事业发展需要采取的策略。

Foreign Direct Investment with Chinese Characteristics:A Middle Path Between Ownership-Location-Internalization Model and Linkage-Leverage-Learning Model

The majority of multinational enterprises （MNEs） traditionally originate from developed countries. In the last ten years, however, there has been dramatic growth in foreign direct investment （FDI） from China. It is a comparatively new phenomenon that challenges the classic FDI theories. In this paper, we review the pros and cons of two important theories, known as the Owner- ship-Location-Internalization （0LI） model and Linkage-Leverage-Learning （LLL） model, and use the statistical data and company case studies from China to test the plausibility of these two models. We believe that neither of them suits totally： the OLI model is quite use- fill for understanding FDI from China to developing economies, while the LLL model is more powerful for explaining the FDI to de- veloped economies. We argue that the companies from China attain a very advantageous position as intermediates in the global economy They may catch up with the first movers if they integrate OLI-led and LLL-led FDI within one firm. This combination can bring to- gether the most advanced knowledge acquired in developed economies with the knowledge about adaptation needs and the needs for cost reduction in production as expressed in developing economies. It may also accelerate the knowledge transfer globally. We thus fill a gap in research into the geographical pattern of Chinese FDI and offer a deeper understanding of the internationalization of Chinese MNEs and revolving knowledge transfer.

Empirical Study of China＇s Outward Foreign Direct Investment for 2001-2008

China＇s outward FDI has been increasing recently, as the country＇s policies over industrialization and national security change. Using financial data of 244 Chinese enterprises, this study empirically investigates the patterns and determinants of China＇s outward FDI from 2001 to 2008 for its seven major destinations. Tobit and multiple regression analyses indicate that early Chinese FDI in 2001 and 2002 is concentrated in the labor-intensive industries in Asia, like those of early Japanese FDI in the early 1970s as well as those of Korean FDI in 1990s. The results also indicate that non-production oriented manufacturers invested in North America, in order to seek for market cultivation, technological advance, R＆D skills, and name brands. We also found that the central state-owned enterprises are the key FDI players in the continents with locational disadvantages

An Analysis of Chinese Acquisitions of Made in Italy Firms in the Luxury Sector

Outward Foreign Direct Investment （OFDI） from emerging economies has begun to increase significantly and has been growing at a faster pace than Foreign Direct Investment （FDI） from the developed world. This research seeks to assess the impact of Chinese acquisitions and their implications for the ＂Made in Italy＂ luxury sector and its firms. This paper presents a cross-case analysis of two Chinese acquisitions in order to provide some in-depth insights into the influences and the motives driving Chinese firms to invest in the luxury Made in Italy sector, the patterns and modes of the Chinese acquisitions as well as the competitive strategies and the distinctive challenges that both investors and acquired firms have to face. From the findings, it emerges that both the investor and the acquired firm need to overcome several key challenges to be mutual benefits from the acquisition.

Regional Financial Development and Regional Economic Growth: An Empirical Analysis of Suzhou City, China

There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution, using incomplete financial indicator, etc. This article, taking Suzhou City of Jiangsu Province, China as a case, builds a simple model to study the level of FD from three aspects of financial scale, structure and institution. Three original indicators of PRIVY (private investment/aggregate investment), DEPTH (aggregate loan/GDP) and FDIVG (FDI/GDP) are used to construct the FD economic indicator through Principal Component Analysis approach. Then we use Granger method to analyze the relationship between the FD and the economic growth of Suzhou. Empirical test results show that the FD of Suzhou is the Granger reason of economic growth, while economic growth is not the reason for FD, because the relationship between the FD and the economic growth of Suzhou is just in the ″supply-leading″ period. In terms of Suzhou experiences, the local government should strengthen the protection of private investment, improve the institutional environment, and establish the reasonable financial structure. So we can concluded that FD could play a great role in promoting economic growth at the economy takeoff stage.

Political Impact of Chinese Foreign Direct Investment （FDI） in the European Union （EU）

This paper explores the political challenges posed by the recent influx of Chinese outward foreign direct investment （OFDI） into the European Union （EU）. Chinese OFDI has increased substantially in recent years. Chinese direct investment is still minute in the EU, but it is growing fast, and the strong upward trajectory is likely to continue in the years to come. This surge represents challenges and opportunities for EU countries. In the current context of economic and debt crisis in Europe, whether China is seen as a saviour or a predator, the question of a Faustian bargain made by European countries by courting and hosting Chinese investment needs to be asked. The benefits of foreign direct investment （FDI） for the host economy are well known, but Chinese OFDI may come with implicit strings attached and could potentially act as a Trojan Horse, affecting European norms and policies. The influx of Chinese OFDI can create an unhealthy transatlantic competition with security ramifications, which should therefore be addressed. It is interesting to find the right balance between ensuring the benefits from Chinese FDI （from job creation to productivity gains） and protecting from its harmful effects.

The Political Economy of the Chinese Onslaught in Africa

China＇s economic and social ties with Africa have grown sturdily since 2000 and the shifts are so marked that, by 2009, China＇s share in sub-Saharan Africa＇s total exports and imports exceeded that between China and other regions in the world. Africa has as well received year-on-year increases in foreign aid from China as compared to Latin America and Asia. This paper seeks an analysis of the increasing economic and social ties between China and Africa. Employing the political economy framework, this paper uses secondary sources of data to rake out the benefits and the threats as well as the political dynamics associated with the ties between the two regions. The paper reveals that China＇s deep-rooted relationship with Africa is translated in benefits including foreign aid, Foreign Direct Investment （FDI）, construction of physical amenities and human resource development for Africa. However, enormous threats including loss of employment, deprivation of human rights and collapse of industries, which are being entrenched by various degrees of leadership deficiencies, are apparent. The paper concludes that the ties, in terms of nature and effects, do not essentially represent change from the already existing ties between Africa and the West but only represent continuity in the dependency syndrome with a new ＂benefactor-exploiter＂. The solution for Africa, as the paper suggests, does not lie in closure of ties with China but in a knowledgeable, willing and action-oriented leadership which can consolidate the benefits and reverse the threats emerging from the ties.

How U.S. Antidumping Actions Affect China＇s Inward and Outward FDI

This paper presents an empirical study of how U.S. antidumping （AD） actions against China affect China ＇s inward and outward foreign direct investment （FDI） based on the international division of labor model. Our findings are as follows： （1） The U.S.-China trade deficit has been widened by both downstream firms in China established through vertical FDI and also inward enterprises established through horizontal FDI. The widening deficit in turn exacerbates vitriolic complaints in the U.S. about injury to its industries. This will lead to further U.S. AD actions discouraging FDI in China. （2） U.S. AD cases against China have negatively impacted China＇s metal manufacturing, chemical and, especially, textile industries in terms of exports and inward FDI. From 2004 to 2009, the share of total inward FDI going to China＇s manufacturing sector has dropped drastically by almost 20 percent. This supports predictions made using the international division of labor model. （3） With U.S. AD actions against Chinese products on the rise, Chinese firms chose not to circumvent such barriers through outward FDI in the U.S. but rather through outward FDI in tax havens. Such a pattern of outward FDI is not helpful for China to establish its own successful industrial development model.

Why Are China’s Regional Economic Development in Provinces so Different？

In 1978, China under Deng Xiaoping’s reform and open-door policy, China’s gradual establishment of state-owned enterprises （SOEs） are dominant and diverse forms of ownership developing economic system in China. Nowadays, with Taiwan and China following different development paths, foreign direct investment （FDI） and capital accumulation playing being the core aspect of these paths. With the enhancement of national work division, FDI becomes the critical force to implement economic globalization and economic development in different countries. Since the implementation of economic reform and liberation, the influence of foreign capital and technologies on economy in China becomes an important issue. According to the economic figures of the provinces （cities） in China from 1998 to 2012, this study constructs an open inner growth model. Infra-structure affects FDI in both direct and indirect ways. If the construction is more perfect to ensure that the production and transport of a large number of products, Enhance more consumption and market demand; on the other hand, manufacturers and thus increase production, these two aspects can attract more FDI. Research findings show that human capital, research and development （R ＆ D） investment and capital in China have grown and significantly contributed to economic development.

FDI＇s Spillover Effects on China＇s Growth Quality

Using panel data of 29 regions in China from 1999 to 2007, this paper presents a systematic evaluation of how FDI＇s spillover effects impact the quality of China＇s indigenous econotnic growth, Research outcomes suggest that technology transfers and diffusion have a positive effect on indigenous growth quality. Spitlover effects （mainly competition effect） have primarily negatively affected indigenous growth quality. The effect on indigenous growth quality is positive only in sub-samples with high foreign capital concentration and ,,hen the spillover effect is similar to the technology transfer and diffusion effect brought about by localization. It is also found that technology gaps, foreign capital concentration and value added ratio gaps are important factors affecting the impact of technology transfer and diffusion on indigenous economic growth.

Research on Foreign Economic Development and Ecological Environment

Since China＇s opening to the outside world, a large amomt of foreign investment has flowed into the country. The domestic economy has been full of vigor and vitality after adepting the socialist market economy, which contributes to a higher economic growth. However, ecological enviromnent has a close relationship with the foreign economic development. The good ecological environment and natural resources are the foundation of foreign economir development. With the expansion of its market economy. China is confronted with a series of sustainable development challenges related to population, resources and environmental protection, etc. How we should prevent and control effectively the impact of economic development upon the environment and avoid serious. effect and damages on environmental quality are the key points this paper will discuss.

China＇s Direct Investment in Advanced Economies： the Cases of Europe and the United States

Chinese outward foreign direct has increased substantially in recent years, investment （OFDI） in developed economies driven by structural adjustments in China ＇s economy. This article describes the inflection point of Chinese investment in the European Union and the United States since 2008. A new data set is used to highlight similarities and differences of Chinese investment patterns in the world＇s two biggest economies. The second part examines the policy response on both sides of the Atlantic to promote investment from China and at the same time address political and economic risks related to these new flows.

The mediating role of export-oriented Japanese foreign direct investment in China

Since the early 1990s, China has become the largest destination of Japanese foreign direct investment （FDI）. Observing this trend, the authors analyzed whether Japanese FDI did promote exports from China to the rest of the world, and more importantly, whether this is a strategy adopted by Japanese multinationals to penetrate not only the Chinese market but also the global market. This analysis takes into account not only the direct effects of FDI on exports, but also the indirect effects, by examining the mediating role of export oriented Japanese FDI in China from 1998 to 2007 through panel analysis. The study contributes to the conceptual framework of indirect relationship among the macroeconomic variables, FDI and exports provides some insights into the strategy of export oriented Japanese FDI in creating a win-win platform for Japan and China.

How Skill-Biased Technical Change Sustains China＇s Comparative Advantage

The sustaining trade surplus in China has arrested more and more attentions and concerns. The industrial structure upgrading and wage rise should have kept down the trend of comparative advantage and surplus growth, but unfortunately in vain. This paper presents a theoretical framework, which is explaining the reason from SBTC induced along by FDI. In the short run, taking some outsourcing linkage home will increase the skill demand, while in the long term, skill supply will increase since the wage rise will incentive the edge skill labour, and therefore, the skill premium increase will be suppressed, comparative advantage and trade surplus sustained.

China＇s Round-Tripped FDI： Trends,Determinants, and Policy Implications

With observations and reflections on a series of phenomena,such as the ＂independent situation＂of China＇s FDI during the recent global financial risis and the increase of round tripped investment after the ＂tax rate unification,＂this paper examines a unique phenomenon in China＇s FDI-round tripped investment.It reveals its determinants from a micro-perspectiv ,and establishes a vector error correction mode（VECM）for emprirical testing.The results is that the determinants of China＇s round tripped investment are institutional factors such as ＂achievable differential treatment＂ and cpaital control.Tax ,exchange rate,housing price and capital control intensity all have an impact on the scale of round tripped FDI.However,judging from the extent of influence,the most important factor should be exchange rate ,followed by capital control intensity and housing price,and tax has a limited impact.

What Is the Role of FDI in Environmental Pollution？---Evidence ti＇om China

This paper analyzes the distribution patterns and spatial dynamic transitions of foreign direct investment （FDI） and pollution from 2000 to 2009 in China＇s provinces by using the comprehensive pollution index （CEPI） and exploratory spatial data analysis. Findings suggest that FDI as well as environmental pollution in our provinces exists an obvious spatial autocorrelation, both of them have remarkable characteristics of path dependence and form different accumulation areas. Currently, the accumulations of highlevel FDI correspond to low-level environmental pollution, while the accumulations of low-level FDI are associated with high-level environmental pollution. Furthermore, the authors have empirically analyzed the impact of FDI on China＇s environmental pollution by spatial error model （SEM） and spatial lag model （SLM） respeetively. Findings suggest that the geographical clustering of FDI has a positive impact on China＇s environment, in general, ＂Pollution Haven Hypothesis＂ is invalid in China. In addition, there are remarkable differences in the impact of FDI on environmental pollution due to different sources, the foreign capital from offshore financial centers has significantly alleviated pollution in China while that from developed countries in East Asia and the West has played an insignificant role in environmental pollution.

Chinese companies＇ outward internationalization to emerging countries： The case of Latin America

This paper aims to review and analyze the literature on the expansion of Chinese firms to Latin America. In order to achieve this objective, it first reviews the literature on the internationalization of Chinese MNCs, the theoretical frameworks discussed in the literature and the principal features of companies from China. Second, it describes the economic and political relations between the countries, specifically the threats and opportunities for Latin America and the trade and investment trends. The review shows that the majority of the current literature on Chinese MNCs has a focus on their expansion to developed countries, on the conceptual framework needed to understand this expansion, and on the competition for foreign investments from developed countries. As a result, the analysis makes evident that research gaps seem to exist in the following areas： （1） the relative value of Chinese companies＇ existing advantages, （2） the sustainability of these advantages once the lead, probably given by OEMs or JVs, had been exhausted, （3） research works based on quantitative and comparative data, （4） the motives for FDI, （5） the entry mode, configuration, control and strategy of Chinese companies investing in Latin America, and （6） the potential opportunities presented to European companies operating in Latin America.

Location Determinants of China＇s Outward Foreign Direct Investment

Compared to inward foreign direct investment, outward foreign direct investment （OFD1） from China is a relatively new phenomenon. However, the volume of China＇s OFDI increased rapidly from 2004. There has been an increasing amount of literature on the motivations of China＇s OFD1, but few studies have focused on its location determinants. The present paper aims to fill this gap in the literature by focusing on two important location.factors, natural resources and technology, which are the most important determinants of China＇s OFDI. We use a large panel dataset comprising 132 countries over the period 1991-2009 and the Tobit as well as the Heckman models to establish the relationship between the two location factors and China＇s OFD1. The empirical results suggest that although China ＂s OFD! has been driven by the country＇s desire for a secure supply of natural resources and to attain advanced technology from the developed world, China＇s technology is also a critical attraction for the host developing economies.

Motivations of Chinese Outward Direct Investment:The Sector Perspective

From the sector perspective of mining, manufacturing and services, the motivations of Chinese outward direct investment （further ODI） are discussed during the period from 2001 to 2012, acknowledging different host countries and firms＇ ownership structures. The estimated results justify that the location determinants of Chinese ODI differ between sectors, which implies tile motivation behind such investment may vary. As expected, resource-seeking is the most important motivation for Chinese ODI in mining sector; market- and strategic asset-seeking motivations are possessed by both manufacturing and services sectors. The probability of the host country receiving Chinese FDI, as well as high FDI openness and frequent bilateral trade with China is favorable for doing business. Results also suggest that the factors increasing the probability of a country being chosen as a location for Chinese ODI vary between different host countries, as do different ownership structures.

An Advocacy of Trade Liberalization between China and MRB Countries

This study provides a systematic analysis of the bilateral trade relationships between China and the Mekong River Basin （ MRB ） countries and the new phenomenon where China＇s foreign direct investment（FDI） flows to these countries in the past few years. The paper highlights the new development of China＇s trade with the MIKB countries and reviews the bilateral trade that has been substantially increasing from US S3.35 billion in 2000 to US $18.39 billion in 2007. The paper also explores the features of trade composition between the two sides. China＇s exports have largely concentrated on the manufactured goods while the exports of M1KB countries to China have been natural resources and agricultural goods, which reflects the relative comparative advantages for China and MRB countries and further reinforces the important strategy for the MRB countries to develop their industrialization further and increase their manufacturing capacity. Lastly, the overall results suggest that the impact of China＇s trades to the MRB countries is positive, but not as strong as currently expected.