Impact of China’s Outward Foreign Direct Investment on Enterprise Performance

The present study seeks to address two fundamental questions.(1)Does outward foreign direct investment(OFDI)enhance enterprise performance ultimately?(2)How does this effect come about?A new dataset from the years 2011 to 2016 based on the micro-data of 88 Chinese multinational-listed enterprises was used to test research hypotheses with the mediating effect modeling approach.The study results reveal that:(1)the investment intensity has a positive influence,while investment span has a negative influence on enterprise performance;(2)the enhanced innovation capability can considerably increase the enterprise performance,while investment intensity and span both hinder the upgrading of innovation capability;and(3)the innovation capability of an enterprise plays a partial intermediary role among investment span and enterprise performance.However,there is no mediating effect between investment intensity,innovation ability,and enterprise performance.

Impact of China’s outward foreign direct investment on environmental pollution in the home country

In the context of economic globalization and increasingly tight resource and environmental constraints,the environmental effect of open economy has been highly concerned by the academic community.With the implementation of the“Going Global”campaign and the“Belt and Road Initiative”,China’s OFDI has been expanding.What is the impact of the rapid growth of OFDI on the home environment?How can China improve the quality and level of OFDI in order to promote domestic green development under the dual context of constructing a new dual circulation development pattern and advocating green development?These questions deserve further discussion.Most of the existing literature focuses on the empirical interpretation of OFDI’s home country environmental effect by using linear models,while few involve nonlinear models.The literature on the important role of financial development in home country and the threshold effect of OFDI on home country environment is even less common.In view of this,based on the mechanism of argumentation and propositional inference,this paper calculated the environmental pollution index of 30 provinces in China from 2003 to 2017 by using China’s provincial panel data of these years and selecting industrial waste water,industrial waste gas,industrial SO_(2),and industrial soot emissions and industrial solid waste production amount index.Then,this paper empirically studied China's OFDI home environment of financial development threshold effect by constructing financial development as the threshold variables panel threshold model.The results showed that:①China’s OFDI had a significant impact on the environment of the home country,based on the level of financial development of the home country.When China’s financial development level was lower than the first threshold value,China’s OFDI had a significant restraining effect on environmental pollution in the home country.When China’s financial development level crossed the first threshold value but did not exceed the second threshold value,China’s OFDI significantly enhanced its inhibiting effect on environmental pollution in its home country.When China’s financial development level was higher than the second threshold value,the inhibiting effect of China’s OFDI on environmental pollution in the home country was further enhanced.②In the sample period,the financial development level of most provinces in China was not high.Only a few provinces with high financial development level had a strong inhibiting effect on environmental pollution in their home country,and the provinces with a high degree of coupling and coordination between OFDI and financial development tended to have a low level of environmental pollution.Accordingly,this paper proposes to optimize the financial service environment of OFDI,improve the green technology content of OFDI,and strengthen the original innovation and re-innovation ability of green technology.

Environmental regulation,hidden economy,and China's outward foreign direct investment

The need to balance economic growth and its environmental impact continues to be a serious issue in China.As environmental regulation in China increases in importance,it is critical to understand how it impacts economic growth drivers such as outward foreign direct investment(OFDI)to formulate effective policies.One consideration should be the hidden economy,which can weaken the effects of environmental regulation on OFDI.This study investigates the scale of the hidden economy in 30 provinces and province-level municipalities in China in the period 2004 to 2015.The study uses the multiple indicators and multiple causes(MIMIC)model and the systematic generalized method of moments(GMM)test to analyze the impact of environmental regulation and the hidden economy on China's OFDI.The results show that stronger environmental regulation promotes OFDI.However,the hidden economy inhibits China's OFDI,as the positive effects of environmental regulation that drive OFDI are distorted.From a regional perspective,stronger environmental regulation promotes OFDI as well,while the hidden economy inhibits it.The interaction between environmental regulation and the hidden economy also inhibits it significantly.

China’s Outward Foreign Direct Investment and Economic Growth in Developing Countries

The implementation of China’s open development strategy has unveiled a wave of outward foreign direct investment(OFDI)by Chinese companies,with global implications.Based on panel data from 146 developing countries from 2003 to 2017,we investigate the growth effects of China’s OFDI.We find that China’s OFDI has promoted significant economic growth in developing countries.Not only could China’s OFDI increase GDP per capita of a country in a short time but raise the country’s long-run equilibrium value as well.In addition,the growth effects of China’s OFDI were more significant for countries with weak governance,rich resource,and modest human capital,and were above the average level for Belt and Road Initiative(BRI)countries,African countries,and in the post-crisis era.Our research helps unravel the global significance of Chinese companies investing overseas and contributes to research on the growth effects of direct investment between developing countries.

An Empirical Study on the Relationship Between the Scale of International Students from ASEAN and China’s Outward Foreign Direct Investment

With the further development of economic globalization since the establishment of ties between China and the Association of Southeast Asian Nations(ASEAN) 30 years ago and the continuous increase in the scale of international students in China,the training of international talents has become an important approach to avoiding the risks of transnational investments.We established panel data by selecting variables from the period 2006 to 2017,including the scale of international students coming from ASEAN to China,the gross amount of China’s outward foreign direct investment(OFDI),and the GDP per capita of ASEAN countries to further explore the correlations among these variables.We applied a panel-vector autoregressive(PVAR) model to conducting a Granger causality test,a Gaussian mixture model(GMM) regression analysis,a Monte Carlo-based impulse response analysis,and variance decomposition of the data.The results show that the growth of OFDI exerted an obvious positive impact on the inflow of international students from the countries along the Belt and Road(B&R) within a short period,the growth of the scale of international students coming from these countries to study in China had a strong positive effect on OFDI,the training of international talents was conducive to promoting the scale of transnational investments,but the overall quality was not very high,and its economic contribution rate was low.It is also found that OFDI and the scale of international students from the countries along the B&R promoted the GDP growth to a certain extent and the positive accumulation effect fluctuated due to external factors.Therefore,it is suggested to expanding the scale of OFDI and improving China’s core competitiveness in international student education.Intensive management of investment factors should also be conducted along with sound development of training mechanisms for international talents.

Theoretical Explanation of China's Outward Direct Investment

Traditional foreign direct investment (FDI) theory only examines corporate investment motivation while neglectinggovernment roles.China’s outward direct investment (ODI) is of both commercial and strategic significance to leveragedomestic and international resources and markets.ODI is a corporate behavior but also is a means of achieving nationalstrategies and heightening political and economic statuses.As a source of ODI,China should provide strong guidance andbacking to corporate ODI for both commercial and national interests.

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 Ownership-Location-Internalization(OLI) 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 useful for understanding FDI from China to developing economies,while the LLL model is more powerful for explaining the FDI to developed 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 together 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.

Effects of investment on energy intensity:evidence from China

This article explores the effects of investment upon energy intensity by applying a unique panel data of China's 27 provinces between 2004 and 2013.In addition,it also particularly stuthes other factors,such as energy price,economic structure,and urbanization.The results,based on four econometric regression model results,suggest that in general,the indigenous investment on research and development is a more powerful tool to decrease China's energy intensity regardless of region disparity.The foreign direct investment(FDI) has a prominent but not persistent effect on energy intensity.However,the outward direct investment has not shown its significant impact on energy intensity.At the level of an aggregate economy and China's eastern region,the results demonstrate that FDI improves energy efficiency significantly.For the central and western provinces,FDI does not support the similar conclusion.Based on these analyses,we present the corresponding regional policies for policymakers.

Media Inclination and Outward Foreign Direct Investment:Evidence from Chinese Firms

Media inclinations,whether favorable or biased,play a pivotal role in shaping public opinion.Sometimes,media coverage may unintentionally foster skepticism towards foreign firms,which could create challenges for those companies when they enter new markets.Based on a panel dataset from 2005 to 2020,this is one of the first studies to investigate empirically the impact of media opinion on outward foreign direct investment(OFDI)behaviors at the firm level.The media inclination index was constructed according to the varying inclinations of media from different countries in their reporting on each event.We examined the impact of media inclination on the investment value,frequency,and number of industries.This study has revealed the following insights:(i)Positive media coverage can stimulate the investment behavior of Chinese firms.(ii)The heterogeneity analysis indicates that the promotional effect of media reporting inclination on OFDI is more significant for state-owned firms from the investor's perspective and especially pronounced for firms in developing countries from the investee's perspective.(iii)Diplomatic visits and scientific research cooperation can amplify the positive impact of media opinions on the OFDI behaviors of Chinese firms.

China’s Investment Contributes to Stability in Host Countries

As intra-national conflicts replace international wars to be the dominant form of collective political violence,the international dimension of domestic conflict has prompted reflections on the effects of globalization and multinational corporations represented by international investment.Theoretically,international investment may trigger or defuse conflicts.Although China is the world’s second largest source of outward foreign direct investment(OFDI),there has been limited empirical literature on how China’s OFDI has influenced domestic conflict in host countries.Based on the OFDI data of 115 developing countries from 2004 to 2016,this paper offers an empirical study on the effects of China’s OFDI on the eruption of domestic conflict in host countries and the underlying mechanisms.Results suggest that China’s OFDI in developing countries has made domestic conflict significantly less likely to erupt in those countries primarily by reducing the unemployment rate.These findings reflect the contribution of China’s investment to the internal stability of host countries.However,problems in the overseas operations of Chinese companies cannot be overlooked.

东道国营商环境与中国对外直接投资:来自“一带一路”沿线国家的经验证据

基于“一带一路”沿线40个国家2008—2019年数据,利用修正后的投资引力模型考察东道国营商环境与中国对外直接投资之间的关系。研究表明:总体上,东道国营商环境的提高能够促进中国的对外直接投资。进一步研究表明:中国对“一带一路”沿线国家的对外直接投资存在地理区位异质性、发展程度异质性和营商环境子指标异质性;文化距离在东道国营商环境对中国对外直接投资的影响中存在负向调节效应。本文的研究为“一带一路”沿线国家优化营商环境,促进贸易投资提供了新的证据,并从政府与企业双重维度提出相应的政策建议。

专利出海与中国企业对外直接投资

专利出海作为开放创新生态的重要内容,是推进高水平对外开放的新优势。本文选取2003—2021年中国专利出海上市企业为研究对象,探究专利出海对中国企业对外直接投资的影响及作用机制。研究结果显示,专利出海能够促进中国企业对外直接投资,其动态滞后效应在第2期达到最大。在考虑多维专利出海质量、内生性问题和进行一系列稳健性检验后,结论依然成立。机制检验结果表明,专利出海通过技术领先效应和声誉传递效应促进中国企业对外直接投资。异质性分析结果显示,专利出海对数字化企业、顺向投资企业和民营企业对外直接投资的促进作用明显,对中国企业向投资网络社区内东道国、高知识产权保护东道国的投资促进作用更强。本文为依托创新全球化布局推动企业对外投资提供了微观依据,对提升国际循环质量和实现更高水平开放型经济具有重要启示。

“一带一路”制造业增加值贸易网络对中国企业对外直接投资的影响研究

全球价值链重构趋势下,“一带一路”贸易网络日益紧密,东道国贸易网络地位对对外直接投资(OFDI)的影响逐渐显现,成为吸引中国企业“走出去”的新区位优势。本文基于“一带一路”共建国家制造业的投入产出数据构建增加值贸易网络,结合2009—2019年A股上市公司、BvD-Zephyr以及fDi Markets数据,考察东道国贸易网络地位对中国企业OFDI的影响。研究发现:“一带一路”东道国制造业增加值贸易网络地位的提升,对中国企业OFDI具有显著的促进作用,且上述影响在发达国家、制度风险较低及开设境外园区的东道国更强,并且进一步激发了中国民营企业、初始投资企业“走出去”开展跨国并购的积极性。此外,中国企业OFDI的结构得以优化,投资行业依托贸易网络呈现阶梯状分布。机制分析表明,中间品进口激励效应、投资风险规避效应和全球价值链嵌入效应是其重要传导渠道。本文为中国企业面向“一带一路”共建国家的投资策略制定提供有益参考,对推动共建“一带一路”高质量发展具有重要现实意义。

中国“一带一路”倡议投资对降低共建国家气候风险的影响

“一带一路”倡议是实践人类命运共同体理念的重要平台。然而,许多“一带一路”倡议共建国家处于气候变化敏感区,部分西方国家对“一带一路”倡议建设存在一些质疑与污蔑,认为“一带一路”倡议的基建项目可能增加了共建国家的气候变化脆弱性。该研究从应对气候变化的视角探究中国对外直接投资对“一带一路”倡议共建国家气候变化风险的影响,进而考察其内在机理。基于2004—2020年65个共建国家的面板数据,以各国气候变化脆弱性风险为被解释变量,评估中国对外直接投资对东道国应对气候变化风险能力的影响。研究发现:①中国对“一带一路”倡议地区的直接投资显著减轻了共建国家的气候变化脆弱性风险;在全球气候变化危机加剧的背景下,提高了共建国家气候风险应对能力。②对于“一带一路”倡议国家中的中低收入国家、中国邻国以及与中国建立自由贸易协定的国家而言,中国“一带一路”倡议投资降低当地气候变化脆弱性风险的作用更为明显。③中国“一带一路”倡议投资的作用可以通过收入增长效应、政治稳定效应部分解释,符合“一带一路”倡议共享发展成果、推进全球治理的重要理念。④中国“一带一路”倡议投资在降低共建国家气候变化脆弱性的同时,并没有加剧当地的碳排放水平,表明中国“一带一路”倡议投资并没有引发部分西方国家所污蔑的“碳排放转移”问题,绿色始终是“一带一路”倡议的底色。该研究为理解中国“一带一路”倡议建设的时代作用提供了实证支持,为进一步推动共建“一带一路”倡议提供了政策建议。

对外直接投资对中国区域经济韧性影响研究

对外直接投资(OFDI)是影响中国区域经济韧性的重要因素。基于2005—2019年省级面板数据,运用非空间面板模型、空间面板模型和中介效应模型实证分析了OFDI对中国区域经济韧性的影响及作用机制。研究表明:OFDI总体上促进了中国区域经济韧性的提升,该结论在一系列稳健性检验后依然成立;OFDI对邻近地区经济韧性的提升具有溢出效应。中介机制检验发现,OFDI能通过人力资本和技术创新机制间接提升中国区域经济韧性。空间异质性分析表明,OFDI促进东部地区和中西部地区经济韧性的提升,且对东部地区经济韧性的推动作用高于中西部地区;时间异质性分析表明,金融危机抵抗期OFDI对中国区域经济韧性的提升具有抑制作用,而在金融危机恢复期和转型期具有促进作用。

“一带一路”倡议下对外直接投资对国内产业结构升级的影响

对外直接投资是推进高水平对外开放的重要内容,其促进母国产业结构升级的积极作用对构建双循环发展新格局具有重要意义。利用我国2003—2020年的省级面板数据的实证检验表明,对外直接投资在总体上显著促进了我国产业结构的升级。而异质性分析发现,这一效应在“一带一路”倡议提出以后和西部地区尤为明显;分位数检验表明,对外直接投资促进国内产业结构升级的边际效应会受产业结构发展水平的影响呈现“M型”特征。因此,应增强技术溢出吸收能力和要素优化配置能力,加快形成“走出去”和“引进来”双向互促的高水平开放新格局,最大化对外直接投资促进国内产业结构升级的效应。

对外直接投资、中间品转换与企业出口国内增加值率

使用中国工业企业数据库、中国海关数据库、境外投资企业(机构)名录的匹配数据,采用时变双重差分模型和倾向得分匹配方法,可以考察对外直接投资对制造业企业出口国内增加值率的影响效应和作用机制。研究发现,对外直接投资显著降低当期企业出口国内增加值率,对外直接投资通过中间品转换效应降低当期企业出口国内增加值率。进口中间品相对比例增加是对外直接投资降低企业出口国内增加值率的中介渠道;对地理距离较远和进口中间品关税较高国家的投资对企业出口国内增加值率的影响效应更显著。此外,中间品转换效应的内在动因是进口高质量中间品而非低价格中间品;从长期来看,对外直接投资将显著提升企业出口国内增加值率。

“一带一路”背景下中国企业对泰国投资可持续发展研究

文章基于2015-2022年成立的431家泰国中资企业经营信息,考察“一带一路”背景下泰国中资企业发展状况。其中,2018-2022年,泰国中资企业总营收和净利率数据显示,泰国中资企业整体发展态势良好;资产负债率等财务指标数据显示,部分泰国中资企业可能面临较高财务风险。案例分析发现,泰国中资企业应兼顾经济效益与社会效益,充分重视资金结构合理调节。文章从微观层面厘清泰国中资企业的经营绩效,进一步为中国企业赴泰国投资提供实践参考。