中國對外投資的歷史情形和現(xiàn)今趨勢【外文翻譯】_第1頁
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1、1本科畢業(yè)論文外文翻譯本科畢業(yè)論文外文翻譯外文題目：外文題目：HisticEmergentTrendsinChineseOutwardDirectInvestment出處：處：ManagementInternationalReviewMIR48(2008)6作者：者：PeterJ.BuckleyAdamRCrossHuiXinHinrichVoss原文：文：HisticEmergentTrendsinChineseOutwardDire

2、ctInvestmentEntryModeLiteratureontheinternationalisationofdevelopingcountryMNEssuggeststhatminityIJVsarethepreferredmodeofmarketentry(Wells1983Yeung1994).Onereasonisthatsuchfirmsseldompossessthelevelofproprietarytechnolo

3、gyfirmspecificknowhowtonecessitateinternalisationviamajityfullownership(BuckleyCasson1976Dunning1993).ThisisalsoevidentintheearlyyearsofChineseODIdevelopment:projectlevelSAFEdatarevealthatintheearly1990saround70percentof

4、overseasprojectsofChinesefirmstooktheIJVfm(seeTable5).Zhan(1995)alsoreptsthatChinesefirmstendedtooptfmajityequityshareholdingsinoverseasprojectstypicallyintherangeof40to70percentequityparticipationespeciallyinnaturalreso

5、urceientedmanufacturingrelatedprojects.Anumberofexplanationscanbeenvisaged.FromagovernmentalperspectivethefmalinvestmentapprovalprocessgenerallyrequiredChineseMNEstoadopttheIJVentrymode.TheChineseauthitieshadbecomefamili

6、arwiththeeconomicgainsassociatedwiththepromotionofinwardFDIinthefmofIJVsthepromotionofwhichwasacnerstoneofChina’s‘OpenDo’policy.TheJVfmwasseenasavehiclefpromotingtheinflowoffeignownedtechnologymanagementknowhowotherskill

7、stoChina.Theauthitieswerealsonow3partofthestrategicimptanceplacedonparticularprojectsbytheChineseauthities.Theyassertsthatbyinternalisingmarketstheinternationalisingfirmisabletoreduceitsdependencyonindependentintermediar

8、iesmilitateagainstthethreatoftechnologyknowhowleakagereducetheriskofopptunisticbehaviourbyalliancepartnersallowffullappropriationofreturnsoninvestment(BuckleyCasson1976).Boththeinvestmentapprovalagenciesenterpriseswillha

9、vefoundsuchadvantagesattractivedespitethecostsrisksassociatedwithfullownership.Secondgreateruseofwhollyownedaffiliatesmayreflectimprovedavailabilityofinvestmentfunds.Governmentinitiativesunderthe‘goglobal’(Zouchuqu)polic

10、yhavereleasedcapitaltostateownedfirms(oftenatbelowmarketrates)inthefmofloansimprovedaccesstohardcurrenciestohelpthemfinancetheoutrightpurchaseoffeignassets(AntkiewiczWhalley2006).ManyChineseenterprisesarealsonowskilledat

11、raisinginvestmentfundsoninternationalcapitalmarketsespeciallyinHongKong(Buckleyetal.2007Chan1995).ThusmanyChinesefirmsarenolongerobligatedtoreduceinvestmentcostbyundertakinganIJV.Thirdthegrowthininternationalmarketentryb

12、yacquisitionwillhaveledChineseenterprisestoestablishmewhollyownedsubsidiariesinfeignmarketsratherthanjointlyownedprojects.Thestardtheeticalmodelof“AsianODI”suggeststhatChinaisnotunusualamongAsiancountriesinusingwhollyown

13、edsubsidiariesmefrequentlyovertime(PangKomaran1985EuhMin1986Yeung1994).HowevercautionshouldbeexercisedinassumingthatthismirrsimprovementsinthemanagerialcapacitycompetitivenessofChineseMNEs:greaterdeploymentofmajitywholly

14、ownedfeignoperationsmayalsobemeafunctionofthegovernment’sdesiretoretaineffectivecontrolofstateassetsabroadagrowingconfidenceinitsabilitytodosothanofpurelyfirmspecificmarketrelatedconsiderationsMotivesfChineseOutwardFDIIn

15、thissectionwerelatehisticemergenttrendsinaggregateChineseODIdataidentifiedabovetochangesinthemotivationsdrivingtheinternationalisationofChineseMNEs.Dunning(1993)identifiesfourbasicmotivationsthatprovidetheimpetusffeignow

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