中国企业对外直接投资发展分析

对外经济贸易大学硕士学位论文中国企业对外直接投资发展分析姓名：韩载振申请学位级别：硕士专业：国际贸易指导教师：叶东亚20040401252002696093FDI1979-19841985-19911992-19981999-FDIFDIFDIFDIAbstractAlongwiththeeconomicglobalization,newmultinationalinvestmentsarebooming-up.Manycountriesmakeuseofbothdomesticandabroadmarketsandresourcestosearchdevelopment.Facingtheopportunitiesandchallengesinfuture,Chinaparticipatesininternationallabordivisionandcooperationanddevelopsdirectinvestmentoverseasreasonablyinordertopromoteeconomicdevelopmentandindustrystructureaswellasenhanceenterprisescapacityininternationalcompetition.Thelevel,thescaleandthedimensionoftheparticipationininternationalinvestment,especiallyinforeigndirectinvestment(FDI)havebeenthesignificantsymbolofjudgingthelevelofeconomicdevelopment,thedegreeofinternationalizationandinternationalcompetency.Abouttwenty-fiveyearspastsinceChinabegantoinvestabroad,it’slaterthanthedevelopedcountries,butChina’sprogressspeedisveryquickly.ThetotalnumberofcorporationthatChina’scountrysetupabroadhaspreponderatedover6,960tilltheendof2002,thesumofinvesthasexceedUS$9.3billion.But,thegapbetweenChina’soverseasdirectinvestmentandinflowinvestmentwaslargetoo.AccordingtoWorldInvestmentReport2003,China’sFDIinflowsandoutflowsisUS$52.7billion,US$2.805billionin2002,roseby12%anddecreasedby60%.TopromotethedevelopmentofChina’sexport-orientedeconomyandbeinagoodpositioninthestructureofeconomiclocalism,ChinamustdevelopFDIactively,cultivateitsmultinationalcompaniesandcarryouttransnationaloperationtostrengthenthecompetitivepowerofenterprisesintransnationalproductionandinvestmentaswellasinternationalproductionsystem,whichistheinevitableoptionofChina’seconomygoingwithworldeconomicsystem.ThisthesisregardspresentChina’soverseasdirectinvestmentsituationandquestionsastheresearchobject,proceedwithbasicconceptionandstudying,hasdescribeddevelopmentofChina’soverseasdirectinvestment,andhasanalyzedthecharacteristicofChina’soverseasdirectinvestment.AndthepaperregardsthecaseofChina’senterpriseasanalysisinternationalizationstrategyofChina’senterprise.Onthebasisofthis,IputforwardsomesuggestionshowChinacoulddevelopitsFDIincurrentstage.Thisthesiscanbedividedintosixparts:Thefirstpartistheintroductionofresearchobject,researchahomeandabroaddocumentsandresearchmethodology.Inthesecondpart,introducesvarioustheoriesonFDI,includingthemonopolisticadvantagetheory,theinternalizationtheory,theeclectictheoryofinternationalproduction,theimperfectcompetition,Wells’theoriesandtheKojimathesis,intendingtofindthetheoreticalsupportstandingforChina’sFDIinvestment.Inthethirdpart,hasdescribedhistoryofChina’soverseasdirectinvestmentandcharacteristicsmainly.TheoverseasdirectinvestmentevolutionofChinacanbedividedintofourstages:Thefirststage(1979-1984),itisthestageofstarting;Thesecondstage(1985-1991),itisthestageofgrowingup;Thethirdstage(1992-1998);Thefourthstage(1999-today),itisaleapstage.TheoverseasdirectinvestmentofChinahasfollowingCharacteristics:pluralismofinvestmentsubject;miniaturizationofscaleofinvestment;diversificationofinvestmenttrade;centralizationofinvestinthearea;pluralismwayofprovidingfunds.Inthefourthpart,selectthreeChina’scompany,suchasHaier,TCL,WanxiangandLanxingastypicalexamplestoanalyzetheirpatternsofFDIintermswiththeirhistoryandstrategicaim.ThefirstsectionregardsaHaiergroupastherepresentsample,iscalleda‘XIANNANHOUYI(bedifficultbeforeitiseasy)’model.AHaiergroup,first,ensuresarelativesuperiorinthedevelopedmarket.Andthen,pushintootherdevelopingcountry’smarket.ThesecondsectionregardaTCLGroupasrepresentsample,iscalleda‘XIANYIHOUNAN(beeasybeforeitisdifficult)’model.ThethirdsectioniscalledaM&Amodel.Thismodelhastoobtainasuperiorfortechnicalandinternalizationofenterprisesinashortperiod.Inthefifthpart,hasexplainedpolicyenvironmentandquestionscorrelatingwithoverseasdirectinvestmentemphatically.Thefirstsectionpresentsthesituationinoverseasdirectinvestmentlegalenvironment.InaccordancetoChinabecomingamemberorWTO,inthestateoftheworld’seconomy,opennessandtransparencyisrequiredallsortsoflegalsystem.Thesecondsectionhasexplainedpolicymechanismproblemsofoverseasdirectinvestment,theyconsistsofasfollows:theprocedureforinspectionisnotperfected;theproblemofcapitalflight;theregulationisnotcompleted;thefundingsourcesarelimited;overseasinvestmentinsurancesystemsarenotcompleted.Inthelastpart,somesuggestionsonstrategicallyadjustmentofoverseasdirectinvestment,theyareaboutfollowingaspects:inspectionpolicyperfection;bankingservicessupportandperfection;adviceonoverseasinvestmentinsurancesystem.11223MergerandAcquisition,M&A4WorldInvestmentReport:FDIPoliciesforDevelopment:NationalandInternationalPerspective,UNCTAD,2003.3547919997101998851167FDI1820202020802-12002812MonopolisticAdvantageC.CharlesP.KindlebergerG..HarryG.Johnson,1970C.1969G..1970”R.RichardE.Caves,1971InternationalCorporations:theIndustrialEconomicsofForeignInvestment12S.H.HymerInternationalOperationsofnationalFirms;AStudyofDirectForeignInvestment,Cambridge,Mass.,MITpress,197696013131996p21-2414CoaseR.H.“TheNatureoftheFirm”,Economica,vol.4,1937,p.386-405.