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
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 compar...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.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
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.
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 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.
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.