Japanese Enterprises Wish to Expand Investments in China,Despite Declining in 2015

Japan’s investment in China in2015 was$3.2 billion,which was a drop of 25.9%compared with the year before;as for trade,however,Japan was the second destination country for China’s exports,with a volume of$135.7 billion;as for imports,Japan ranked third with a volume of$143 billion.Japanese companies

Building the Bridge

On October 17 and 18,2023,the 3rd Belt and Road Forum for International Cooperation was held in Beijing,China.H.E.Mr.Srettha Thavisin,Prime Minister of the Kingdom of Thailand,attended and engaged in discussions with representatives from Chinese enterprises on bilateral investment and cooperation.On social media.

Investment Challenges in Africa： Case Studies of Chinese Enterprises

When Africa's growth faces headwinds and when China's Belt and Road Initiative finds synergy with Africa's development agenda, it is imperative for Chinese enterprises to adjust their strategies and traditional practices in order to deal with all kinds of risks. It is also urgent for the Chinese government to be fully prepared to help safeguard the legitimate interests of its nationals and enterprises in Africa when it is needed.

Examination and Interpretation of the Quantitative Validity in China’s Corporate-based Urban Network Analysis

As a matter of expediency, most existing corporate-based urban networks can only be quantitatively measured by either counting the number of linkages or calculating the product of estimated service values. However, the impreciseness arising due to the limits of quantitative analysis may prove fatal to studies about non-market economies like China. Employing the capital investment dataset as an example, we build a capital-weighted intervention network as well as an unweighted control network to carry out an examination of the quantitative validity in China’s corporate-based urban network analysis. Both the overall spatial pattern and top city-dyads within the capital-weighted network witness Beijing, as the most dominant city, overshadow the performance of the others, and the unweighted network shows multilateral interactions between China’s top cities including Beijing, Shanghai, Shenzhen, and Guangzhou. To further interpret the noticeable differences, we divide the overall network into two subnetworks, inferred by focusing on state-owned enterprises(SOEs) and private enterprises. The results show that the public and private sectors have separately created vastly different subnetworks in China and that SOEs play a much more significant role in terms of capital. Besides fresh insights into China’s urban network, this study provides a cautionary tale reminding researchers of the essentiality and complexity when making a quantitative distinction between different linkages.

State-owned Enterprises in China as Macroeconomic Stabilizers: Their Special Function in Times of Economic Policy Uncertainty

China has many state-owned enterprises(SOEs)and they have accounted for a large proportion of China's GDP over the last four decades.China's rapid growth contradicts literature that focuses on the inefficiency of SOEs.This study shows that,in periods of economic policy uncertainty(EPU),SOEs have performed a special function as"macroeconomic stabilizers."Using Chinese listed firm data from 2008 to 2019,we investigate five aspects of SOEs'unique functions as macroeconomic stabilizers:employment,investment,growth,financial operation,and expectations.When EPU increased,SOEs had more employment,higher investment expenditure,lower performance volatility,more robust financial structures,and more stable expectations than private firms.We employ the US-China trade war as an exogenous shock on EPU to conduct a difference-in-difference-in-differences approach to mitigate the problem of potentially omitted variables.The findings of this study provide a new perspective to better explain the functions of SOEs in the 21st century.

《中欧全面投资协定》软性劳工条款的风险及应对——以欧韩FTA争端案为视角

从《欧韩自由贸易协定》到《中欧全面投资协定》,欧盟将劳工条款纳入可持续发展章节,以相对软性机制促进缔约国对劳工标准的遵守,但该模式一直被批评实效甚微。为此,欧盟意欲加强条款的执行力度,发起了欧韩劳工条款争端案,并首次启动专家组程序。该案明确了国际劳工组织核心公约争议可纳入专家组受案范围,强化了核心劳工标准的义务性约束,并推动韩国修改国内立法和批准国际劳工组织相关核心公约。为了应对《中欧全面投资协定》生效后的劳工条款争端风险,中国应当加快修改立法和实践中与国际劳工组织核心公约明显不符之处,推动相关核心公约的批准进程,加大对国际劳工法律人才的选拔与培养,并重视发挥“法庭之友”的作用。

Japanese Enterprises' Investment in China's Software Industry

The present paper introduces the overall situation of investment in China by Japanese enterprises. It focuses on the cooperation between Chinese and Japanese enterprises in the software industry. It gives a detailed account of strategic investment by Japanese enterprises, their joint-venture projects with Chinese investors and establishment of R＆D centers and laboratories in China＇s software industry, and it analyzes the problems and prospects of Japanese investment in China＇s software industry. The paper suggests that it is of vital to maintain friendly Sino-Japanese relations, to strengthen bilateral economic cooperation and to enhance mutaal political confidence.

我国采矿业“走出去”现状及政策建议

为满足生态文明建设需求,保障国家战略性矿产资源安全,需坚持并加大矿业“走出去”力度。通过搜集2010—2021年我国采矿业对外直接投资并购数量、金额和对外直接投资流量、存量及投资者等变化情况,在查明我国采矿业对外直接投资现状及存在问题的基础上提出了政策建议。目前,我国采矿业投资“走出去”的国家遍及全球,但是受投资周期长、资金量大、社会环境复杂及管理文化差异等因素影响,境外矿业投资正处于诸多矛盾凸显和转型发展期,对外直接投资额度下降,投资主体由国有企业为主转型多元化。因此,构建与完善矿业“走出去”政策体系具有现实意义:发挥国家主导力,制定全球矿产资源战略,加强国际矿业合作,参与构建全球矿业管理新秩序;完善境外矿业投资的财税支持促进政策体系,惠及民营企业及中小企业;完善境外矿业投资保险体系,建立国家境外投资安全风险监测和预警机制;完善境外矿业投资服务体系,发挥矿业资本市场在全球资源配置中的作用;建立相关人才培养机制,降低企业管理风险。

跨国公司在华投资扩张的时空演化与双重嵌入特征

中国是全球最大的外资流入国之一,解析跨国公司在华(再)投资过程有助于认识外资在东道国本地化扩展的策略和行为。在刻画世界500强企业在华初次投资进入路径和再投资网络扩张的基础上,基于双重嵌入和动态演化视角,构建来源国、东道国和企业自身因素的分析框架,并利用负二项回归模型探讨在华(再)投资的多尺度、多维度、多机制过程。研究表明,不同国别的跨国公司进入中国的路径存在差异,与中国制度等距离较大的北美、西欧国家的跨国公司更倾向于从跳板城市进入中国,而日韩公司更倾向于直接在中国设立分支机构。跨国公司在华再投资呈现双重嵌入特征:一方面,来源国与中国制度距离对跨国公司再投资具有促进作用,但经济等距离的影响不显著;另一方面,再投资行为也受制于在华初次投资区位及中国城市间的网络关系。此外,再投资过程表现出路径依赖和动态演化特征,对投资城市认知和投资行业经验的积累有利于拓展再投资的空间选择范围。

Comparative Analysis of the Determinants of China's State-owned Outward Direct Investment in OECD and Non-OECD Countries

Chinese outward direct investment （ODI） is expanding at an unprecedented rate. The present study augments the understanding of the determinants and drivers of Chinese ODI. It reviews the literature on Chinese 0191 and analyzes investment by state-owned enterprises （SOE） for the period 2003-2008, focusing specifically on the differences between the determinants of Chinese investment in developed （OECD） and developing （non-OECD） economies. In addition, the study assesses the appropriateness of the general framework used for investigating ODI determinants （Dunning＇s eclectic paradigm） to analyze the experience of Chinese SOE. The findings indicate that Dunning＇s eclectic paradigm provides an excellent theoretical framework for analyzing the determinants of Chinese SOE investment in developed countries, and provides a good starting point for analysis of Chinese investment in developing countries. However, Dunning＇s specification requires refinement for developing countries. This paper finds a distinct difference between the motivations for Chinese SOE investment in developed and developing countries.

信息基础设施建设如何影响工业企业全要素生产率——基于“宽带中国”试点政策的准自然实验

以宽带网络为代表的信息基础设施是推动我国工业实现高质量发展的重要引擎,为了推动信息基础设施的快速发展,国务院自2013年开始计划实施“宽带中国”试点政策。选取2007—2019年中国A股上市企业中的工业企业作为研究样本,考察“宽带中国”试点政策对我国工业企业全要素生产率的影响。结果显示:信息基础设施建设能够提高工业企业全要素生产率,且主要通过刺激工业企业增加创新投入、进行数字化转型发挥作用。行业异质性分析发现,信息基础设施建设提高了采矿业和制造业企业的全要素生产率;进一步对信息基础设施建设对制造业企业的影响进行细分行业的研究发现,信息基础设施建设只促进了8个制造业行业企业的全要素生产率。企业异质性分析发现,相比于非国有工业企业和小型工业企业,信息基础设施建设对国有工业企业和大型工业企业全要素生产率的促进作用更显著。因此,应在加强信息基础设施建设的同时,推进企业数字化转型和鼓励企业创新,提高工业企业全要素生产率。

供应链重构与日韩对华投资再选择

当前,全球供应链正经历着重大冲击和变革。以中日韩为主要参与方的东亚生产网络,其传统的供应链格局也正遭受多重冲击,正在加速重构。日韩是中国重要的外资来源地,两国对华投资在中日韩供应链发展过程中发挥着重要的作用。然而,随着国际形势变化,日韩对华投资从行业领域到投资动机与投资力度等方面均出现了再选择动向,值得我们认真分析研究。文章通过分析日韩在华供应链所面临的冲击以及日韩在华投资的“再选择”与新变化,进一步研判日韩对华投资与供应链合作的发展趋势,并就未来如何进一步加强中日韩合作提出对策建议。

China, the G20 and the International Investment Regime

China has become a major home country for outward foreign direct investment （OFDI） flows. As a result, the country is increasingly concerned with protecting its OFDI and facilitating the operations of its firms investing abroad and creating a strong universal international investment law and policy regime. This article briefly reviews the emergence of China as an outward investor. It continues with an analysis of some policy issues related to the rise of FDIfrom emerging markets. A brief discussion of issues central to the future of the international investment law and policy regime follows, before focusing on several outcomes that could be pursued under China＇s G20 leadership： non- binding shared principles that could outline the architecture of a universal framework on international investment; an international support program for sustainable investment facilitation; and the creation of an additional intergovernmental platform that would allow for a continued systematic intergovernmental process to discuss the range of issues related to the governance of international investment, preferably paralleled by an informal, inclusive and result-oriented consensus-building process that takes place outside intergovernmental settings.

利用外资与发展国际产业联系——山东半岛韩国投资企业典型调查分析

基于对山东半岛韩国投资企业进行典型企业访问调查的数据和认识，力图从企业角度认识我国利用外资和发展国际产业联系之间的关系。了解和分析韩国投资者的具体投资动机及其对当地投资环境的评价，深入认识我国山东半岛地区和韩国之间资金流动以及经济技术联系的主要机制和动态格局。通过对韩国投资企业产业联系基本特征的解剖分析，论证韩国投资对我国发展国际产业联系、推动我国地方经济参与国际劳动地域分工的作用。从而为进一步加强中国和韩国的经济交流与合作、正确认识利用韩国投资对山东半岛经济国际化发展前景的影响提供科学依据，同时也是企业地理学的实证研究实践。

我国大型竞赛表演市场的投融资机制

分析了当前我国大型竞赛表演市场资金投入中,政府拨款、体育彩票资助及体育组织自筹等3种基本结构的现状。针对大型竞赛表演市场投入资金不足和引入社会融资的基本条件,建立“政府—社会团体—企业(个人)”多渠道的投融资机制。根据这一机制的理论研究及实际操作,提出实施大型竞赛表演市场投融资机制的基本要求和相关建议。

中韩企业伦理管理的跨文化比较研究

目的:研究中韩两国企业伦理管理情况,找出两国企业伦理管理存在的跨文化差异,为企业更好地实施企业伦理管理提供借鉴。方法:使用韩国庆尚大学宋锡教授编制的企业伦理管理测评问卷,对中国和韩国企业中的958名管理人员和员工进行调查。结果:1.中韩企业员工企业伦理管理的四个因子差异显著,且中国员工得分高于韩国员工;2.中韩企业不同部门员工的伦理管理存在差异;3.中韩企业不同级别员工的伦理管理存在差别。讨论:1.中韩企业员工伦理认识差异的原因是中韩两国企业文化的不同,企业外部的法律制度、政府和消费者等的不同,两国企业内部的制度、组织结构以及管理者道德意识的不同;2.应该从企业文化以及企业内外部环境方面实施有效的企业伦理管理。结论:1.企业伦理道德问题严重影响企业的健康发展;2.中韩企业伦理管理存在差异;3.中韩企业员工伦理管理的差异不仅受中韩两国企业的文化影响,而且受两国企业外部法律制度、政府和消费者以及企业内部制度、组织结构和管理者道德意识等方面的影响。

在华日韩企业的本土化之比较——以人才本土化为中心

全球金融危机后世界经济处于低迷状态,但中国经济依然高速、稳定增长。面对中国产业结构优化升级和市场日益成熟、逐渐扩大的投资环境,日韩企业开始调整其投资战略。但危机后,韩资企业的竞争力迅速提高,而日资企业却逐渐失去竞争力,造成这些差异的原因之一便是两国本土化能力的不同。作者分别于2007、2012、2014年对部分日韩企业进行调研,发现本土化是影响企业竞争力的一个重要因素,并具体比较分析了以人才本土化为中心的日韩企业本土化特点及实施方式。最后得出一些对我国企业和政府的启示。

金融分权、地方官员激励与企业创新投入

本文基于中国金融发展和管理逐步由中央集权向地方分权化的典型事实,利用2009—2015年中国省际面板数据,在准确度量金融分权和地方官员激励程度的基础上,从地方官员激励的视角考察了中国式金融分权对企业创新投入的影响.研究发现:中国式金融分权和地方官员激励均显著抑制了企业创新投入的增长;在金融分权程度越高的地区,地方官员激励对企业创新投入的抑制效应越显著,即金融分权通过强化地方官员激励抑制了企业创新投入;在不同特征企业中,中国式金融分权对企业创新投入的抑制效应存在显著差异.未来进一步合理化金融分权、完善官员激励机制并着力提升企业实力,对于规避金融分权对创新投入的抑制效应、促进中国经济转型升级具有重要的理论与现实意义.

碳信息披露与企业投资效率——基于2011～2015年CDP中国报告的实证研究

本文以2011~2015年参与国际CDP项目的中国公司为研究对象,从投资效率视角探析碳信息披露与企业投资效率之间的关系,并就产权性质、管理层权力对二者关系的影响进行检验。结果发现:在其他条件相同的情况下,碳信息披露能够显著提高企业投资效率;同时,相较于非国有企业,国有企业碳信息披露更能提高企业投资效率;管理层权力越大,越会削弱碳信息披露对投资效率的改善作用。进一步研究发现,碳信息披露通过缓解投资不足和抑制过度投资的共同作用来提高企业投资效率,且这种作用在国有企业及管理层权力较低的企业中更为显著。