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
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
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...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.展开更多
This research empirically examines the relationship between outward foreign direct investment （OFDI） and employment in its home economy. It is marked out from existing studies in the following three respects. First,...This research empirically examines the relationship between outward foreign direct investment （OFDI） and employment in its home economy. It is marked out from existing studies in the following three respects. First, instead of advanced economies, it focuses on the effect on employment in a newly industrialized economy. Second, it not only addresses the general issue of whether employment or production overseas complements or substitutes for employment in parent companies but also examines how OFDI contributes to skill upgrading in its origin economy, in addition to the quantitative effect. Third, this paper allows the results to vary between labour-intensive industries and technology-intensive industries in order to find the extent to which the home employment effect is moderated by industrial technology intensity. The results demonstrate that the location of investment and industry characteristics matter for explaining the effect of OFDI on home employment. Specifically, we find that while OFDI by Taiwan＇s multinationals in the Chinese mainland depresses employment in Taiwan in both labour- and technology-intensive industries, OFDI in other economies only produces a negative employment effect in technology-intensive sectors. An interesting finding of this study is the evidence of positive effects of OFDI on skill upgrading in Taiwan. This paper supports the argument that relocation of productivity overseas axes low-skilled workers at home. Moreover, OFDI in the Chinese mainland has a particular positive impact on skill upgrading in the home industry, lending support to the view that multinational enterprises （MNEs） outsource labour-intensive goods from their affiliates in low-income economies.展开更多
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.
文摘This research empirically examines the relationship between outward foreign direct investment （OFDI） and employment in its home economy. It is marked out from existing studies in the following three respects. First, instead of advanced economies, it focuses on the effect on employment in a newly industrialized economy. Second, it not only addresses the general issue of whether employment or production overseas complements or substitutes for employment in parent companies but also examines how OFDI contributes to skill upgrading in its origin economy, in addition to the quantitative effect. Third, this paper allows the results to vary between labour-intensive industries and technology-intensive industries in order to find the extent to which the home employment effect is moderated by industrial technology intensity. The results demonstrate that the location of investment and industry characteristics matter for explaining the effect of OFDI on home employment. Specifically, we find that while OFDI by Taiwan＇s multinationals in the Chinese mainland depresses employment in Taiwan in both labour- and technology-intensive industries, OFDI in other economies only produces a negative employment effect in technology-intensive sectors. An interesting finding of this study is the evidence of positive effects of OFDI on skill upgrading in Taiwan. This paper supports the argument that relocation of productivity overseas axes low-skilled workers at home. Moreover, OFDI in the Chinese mainland has a particular positive impact on skill upgrading in the home industry, lending support to the view that multinational enterprises （MNEs） outsource labour-intensive goods from their affiliates in low-income economies.
