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 resear...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.展开更多
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 t...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展开更多
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...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.展开更多
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. C...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.展开更多
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 c...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.展开更多
文摘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.
文摘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
文摘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.
文摘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.
基金supported by the National Natural Science Foundation of China under Grant No.71103177National Center for Mathematics and Interdisciplinary Sciences,Chinese Academy of Sciences
文摘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.
