经济新常态下我国对外直接投资探析

在经济新常态的背景下,对外直接投资显得尤为重要。近些年来,虽然我国企业对外直接投资发展迅速,总量规模逐渐增长,但是缺乏政府指导且法律体系不完善,对外直接投资结构失衡,企业缺乏竞争力,效率低下,跨国经营的专业性人才资源匮乏。所以政府部门尽快健全对外直接投资政策法规,对投资结构进行调整,培养高素质的国际性人才,提高企业竞争力。

从商品输出到资本输出看中国企业ODI动因

入世以来,中国对外直接投资(ODI)呈现出强劲增长态势,中国成为现实资本输出大国。从贸易大国走向资本强国,是中国对外经济结构转型的必然选择。中国ODI输出模式不同于发达国家模式,而且同其他发展中国家也很不同。由于ODI动因揭示跨国公司特性和行为,本文对中国企业ODI动因的特色分析,就具有较重要的现实意义。

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

Effects of China's OFDI on Host Countries' Environmental Quality

From a FDI source country perspective, this paper reveals the effect of Chinas OFDI on host countries' environmental quality. Based on the Copeland-Taylor model, this paper creates a theoretical mechanism to demonstrate how Chinas OFDI affects host countries' pollution intensity and environmental quality and carries out an empirical analysis based on Chinas OFDI data of 2003-2014 and the economic development index data of 168 host countries. Since Chinas OFDI is differentiated for countries of various income levels, this paper f Urther conducts a sub-sample empirical test on the income level of host countries. The result shows that Chinas OFDI growth generally induces an increase in total pollution emissions in host countries but significantly reduces per capita emissions and thus improves local environmental quality. Sub-sample regression result shows that whether in terms of total or per capita emissions, Chinas OFDI has a much more significant effect in improving the environmental quality of high-income countries.

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.

The impact of foreign trade and FDI on environmental pollution

Over the past 30 years China＇s economy has made tremendous development and going on the road of opening-up is an important aspect of the successful experience, which should be unswervingly adhered to in the further. However, rationally looking at how different the impact of foreign economic activities on China＇s economy and society is economic workers＇ main task. From 1982 to 2006, based on six categories of China＇s environmental indicators, the paper improves the entropy method to calculate the environmental pollution index which can represent China＇s overall environmental situation, uses the VAR model of the impulse response function and variance decomposition method to study the impact of foreign trade, FDI on China＇s environmental pollution in the long-term. The results show that, FDI and import trade is conducive to the improvement of the quality of our environment and export trade is the deterioration of our environment, ＂pollution haven＂ hypothesis is proved in China. Export trade is an important variable that aggravates environmental pollution.

The Redirection of US Foreign Strategy against the Background of Globalization

American foreign strategy has had strong continuity since World War II despite differences among successive presidents. Donald Trump's 2016 presidential campaign revealed ideas and goals for US strategy and strategy adjustment that differ significantly from those of predecessors. The decline in relative gains and rise in cost for US involvement in globalization are reasons for Trump to redirect US foreign strategy. The relative decrease of both US trade and foreign direct investment in the US, amid security threats and the identity crisis of the American people, has tremendously increased the pricetag for US involvement in globalization.

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.

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.

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.

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.

Environmental Effects of Foreign Trade and Its Spatial Variations in Mid-eastern Provinces and Cities of China

The studies on environmental effects of foreign trade and its spatial variations are helpful to design and implement environmental protection countermeasures.In order to eliminate the adverse effects of insufficient observation values on the accuracy of regression results and dynamic information quantity of fitting equation during empirical study,panel data of the mid-eastern provinces and cities of China from 1985 to 2007 were selected based on the adjustment of classical regression model in this paper.Panel unit root test and panel cointegration analysis method were applied to investigating the environmental effects of foreign trade and its spatial variations in the mid-eastern provinces and cities of China and its three groups divided by foreign trade dependence.The results show that all scale effects are positive,while all technical effects are negative and unable to counteract positive scale effects.Foreign trade development is regarded as an important cause for outstanding eco-environmental problems in the mid-eastern provinces and cities of China.Total effects and structural effects are significantly different among different groups because of spatial variations in environmental policies,export destinations,source of FDI,etc.Following the principle of′coordinating generality and considering differences comprehensively′,it is essential to issue a series of policies and countermeasures corresponding to differences in regional environmental effect of foreign trade,in order to coordinate the relationship between foreign trade development and eco-environment in each region.

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.

Liberalize or Not？ Societal Conflict, Plural Political Competition, and the Political Economy of FDI Liberalization

While the existing literature suggests political liberalization enhances the freedom of foreign direct investment （FDI）, the observation that some countries with more liberal political regimes have more restrictive policies toward direct investment than others remains unexplained. With a theoretical model of plural political competition and empirical evidences gathered from panel data, I argue that the liberalizing effect of political liberty on foreign direct investment hinges on the local factor endowment of the country experiencing democratization. I develop a theory of investment policy formation that takes into account the strategic response from domestic societal actors to redistribution of political power and its impact on FDI liberalization. Consistent with the theoretical prediction, the empirical results show political liberalization is more likely to lead to liberalization of foreign direct investment when the capital-labor ratio in the economy is relatively low.

Differential geometric modeling of guidance problem for interceptors

It is a comparatively convenient technique to investigate the motion of a particle with the help of the differential geometry the-ory,rather than directly decomposing the motion in the Cartesian coordinates.The new model of three-dimensional (3D) guidance problem for interceptors is presented in this paper,based on the classical differential geometry curve theory.Firstly,the kinematical equations of the line of sight (LOS) are gained by carefully investigating the rotation principle of LOS,the kinematic equations of LOS are established,and the concepts of curvature and torsion of LOS are proposed.Simultaneously,the new relative dynamic equations between interceptor and target are constructed.Secondly,it is found that there is an instan-taneous rotation plane of LOS (IRPL) in the space,in which two-dimensional (2D) guidance laws could be constructed to solve 3D interception guidance problems.The spatial 3D true proportional navigation (TPN) guidance law could be directly introduced in IRPL without approximation and linearization for dimension-reduced 2D TPN.In addition,the new series of augmented TPN (APN) and LOS angular acceleration guidance laws (AAG) could also be gained in IRPL.After that,the dif-ferential geometric guidance commands (DGGC) of guidance laws in IRPL are advanced,and we prove that the guidance commands in arc-length system proposed by Chiou and Kuo are just a special case of DGGC.Moreover,the performance of the original guidance laws will be reduced after the differential geometric transformation.At last,an exoatmospheric intercep-tion is taken for simulation to demonstrate the differential geometric modeling proposed in this paper.