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 201...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.展开更多
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 implementati...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.展开更多
Focusing on the fast growth of BRICS' outward foreign direct investment (OFDI) and multinational companies during the crisis has left unheeded that some other emerging economies also grow much faster than average i...Focusing on the fast growth of BRICS' outward foreign direct investment (OFDI) and multinational companies during the crisis has left unheeded that some other emerging economies also grow much faster than average in the global economy and has become significant and fast-growing direct investors abroad. A sample of such (thirteen) new-wave emerging countries (NWECs) is gathered on the criterion of being ranked among the most significant foreign direct investors in the global economy. The literature review exhibits only very few articles existing on such a topic so far. Descriptive statistics enable tracing OFDI by NWECs-based multinational companies back to the 1970s, checking its geographical orientation and industrial structure, and assessing the relative importance of cross-border mergers and acquisitions. Econometric estimation exhibits that direct investment moving off the NWECs is explained by so-called push factors such as the home country's GDP, GDP per capita, GDP rate of growth, the share of high-technology exported products in overall export, the number of technological patents registered, and how much inward foreign direct investment discussed in the light of Dunning's investment development hypothesis. stock has previously been hosted. These results are path model and Matthews' linkage-leverage learning展开更多
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 inter...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.展开更多
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 i...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.展开更多
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 econom...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.展开更多
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 fr...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.展开更多
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 significan...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.展开更多
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...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.展开更多
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 en...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.展开更多
基金National Natural Science Foundation of China(No.71572032)Fundamental Research Funds for the Central Universities,China(No.2017405)
文摘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.
文摘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.
文摘Focusing on the fast growth of BRICS' outward foreign direct investment (OFDI) and multinational companies during the crisis has left unheeded that some other emerging economies also grow much faster than average in the global economy and has become significant and fast-growing direct investors abroad. A sample of such (thirteen) new-wave emerging countries (NWECs) is gathered on the criterion of being ranked among the most significant foreign direct investors in the global economy. The literature review exhibits only very few articles existing on such a topic so far. Descriptive statistics enable tracing OFDI by NWECs-based multinational companies back to the 1970s, checking its geographical orientation and industrial structure, and assessing the relative importance of cross-border mergers and acquisitions. Econometric estimation exhibits that direct investment moving off the NWECs is explained by so-called push factors such as the home country's GDP, GDP per capita, GDP rate of growth, the share of high-technology exported products in overall export, the number of technological patents registered, and how much inward foreign direct investment discussed in the light of Dunning's investment development hypothesis. stock has previously been hosted. These results are path model and Matthews' linkage-leverage learning
基金National Social Science“Measurement and Evaluation on the Performance of Education Policies for Targeted Poverty Alleviation of Severely Impoverished Areas”(71864032)“A Study on Imbalance and Optimization of Preferential Policies for Higher Education of Minorities in Xinjiang”(71663044)。
文摘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.
基金Under the auspices of National Natural Science Foundation of China(No.4097106941101120)+1 种基金State Scholarship Fund by China Scholaship CouncilMinistry of Education of the people's Republic of China(No.2009614028)
文摘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.
基金supported by the Humanities and Social Sciences Foundation of the Chinese Ministry of Education[Grant Number.20YJC790031].
文摘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.
基金Key research project of the Shanghai Municipal Education Commission(Grant No.2017-01-07-00-02-E00008).
文摘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.
文摘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.
文摘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.
基金supported by the Fundamental Research Funds for the Central Universities:[Grant Number JBK1607K05]
文摘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.