| Outward Foreign Direct Investment (OFDI) was a unique developed countries’s economic activity in early1900s. Due to the relatively weak domestic economic development, developing countries’ OFDI activities are very limited. Back in the1980s, more than90percent of all worldwide foreign direct investments are from developed countries according to the World Investment Report2004. However, in the past decade, foreign direct investments from emerging markets and developing countries grew rapidly and became the main new driving force of the world economy. But the theoretical and empirical researches now on the determinants and charateristics of foreign investment in developing countries are relatively rare. While the investment decision-making in different countries at different times showed different changes, so study on FDI from developing countries has an important theotetical and practical significance.Since the open-door policy and economic reform performed in1978, China gradually integrated into the world economy with its remarkable achievements through a market-oriented economy and vigorously developing foreign economic and trade. Especially the "Going Global" strategy was formally put forward in Fifth Plenary Session of the15th CPC in October2000, China’s OFDI have grown rapidly with the characteristics of expanded scales and a variety of location choices. But for the reason of China’s OFDI had a late starting as a developing country, the proportion of OFDI is still quite small not only accounting for the total international direct investment but also for the total domestic economy. In2012the proportion of China’s foreign direct investment accounted for China’s International Investment was approximately18.89%and about92.20percent of GDP, that has a large gap comparing with developed countries (in2011the proportion of foreign direct investment to GDP was262.58%,991.26%,195.79%and182.45%in the United States, Singapore, Japan and South Korea respectively). As noticing the rapid development of China’s OFDI, we should clearly realize that there are still rational huge gap compared with those developed countries. To narrow this gap, it is necessary to understand some issues such as China’s OFDI patterns and determinants. Based on this, it will be possibly to provide some theorietical and policy suggestion to the government to develop reasonable FDI polices and to encourage or guide enterprises to invest abroad at the macro level. At the same time to help enterprises to insight and avoid reasonably investment risks at the micro point of view, and enhance their own competitiveness to carry out scientific foreign direct investment as well.In this dissertation, having a good review on traditional theory of foreign direct investment, we try to set up a theoretical framework of FDI for developing coutries charaterized by China after studing Chinese OFDI performance by which we analyze comprehensively the characteristic and the developing stage of China’s OFDI. We summarized the motives and determinants of China’s OFDI and have empirical tests from the perspective of the host country and home country separately. At last, we provide some policy suggestion of the entry mode of the strategic choice. As a whole this dissertation can be divided into five parts:The first two chapters:We summarized and evaluated the relevant literatures of classical theories of international direct investment, and sort out the theoretical literatures of foreign direct investment in developing countries. We analyze and summarize the existing foreign direct investment theories about its determinants and its limitations applicable to the developing countries.The third chapter:We analyze the different stages and the characteristics of China’s OFDI. Firstly, based on the Investment Development Path theory (IDP theory), we empirically tested the development stage of China’s OFDI. According to the empirical results, we find the development path of China’s OFDI in line with the "U" curve assumed by IDP theory, and China was in the medium of the third phase of investment development cycle. And we presented its own characteristics of China’s OFDI, particularly to point out the differences from the developed countries, newly industrialized countries and other developing countries.Based on this, through reviewing and summarizing the development process of China’s OFDI, we clarify the division of stages and the special characteristics of China’s OFDI.The forth chapter:On the basis of analyzing the unique characteristics of China’s OFDI above mentioned, we build two theoretical frameworks focused on the two angles of the host country and home country respectively for the reason of China’s investment companies may encounter different types of political or commercial risks when they invest in different countries or regions. We also analyze at the macro and micro levels. At the macro side, companies may be involved in four constraints in the process of seeking net profit maximum which are the product unit price (P), sales volume (Q), the market trading costs (C) and taxes (T) from the producing process. At the micro level, we build up the theoretical model of the determinants of enterprises’ FDI based on the firm heterogeneity theory.The fifth and sixth chapter:empirical test for the theoretical framework of the forth chapter from the perspective of the host and home countries respectively. From the perspective of the host country, we make a regression by using the multinational data of73host countries, and the sample countries coverage reached to74.9%. From the perspective of the home country, we make an empirical research by using Chinese macro data at the macro level and enterprise data at micro level to empirically analyze the determinants of China’s OFDI.The seventh chapter:the entry mode of China’s OFDI, based on the analysis of the determinants of China’s OFDI mentioned above, we classified the China’s OFDI into differenct types in order to analyze the outward investment pertinently. In this part of the analysis, we focus on the investment entry modes of different levels of economic development of the host country.The innovation of the article is mainly reflected in:First, based on the analysis of the characteristics of Chinese OFDI, we built China’s foreign direct investment theoretical framework from the macro and micro levels and made empirical researches respectively. Secondly, combined with China’s foreign direct investment practices, on the basis of the construction of the theoretical framework of China’s foreign direct investment, we analyzed the determinants of foreign direct investment from the host country and home country perspective respectively. Finally, in the research on China’s foreign direct investment determinants, we tested empirically based on the micro-enterprises sample in China, and systematically investigated the intrinsic relationship between the heterogeneity and enterprises’ decisions of investing outward, making the conclusions of the article full of microeconomic foundation. Figure14, Table41, and References163. |
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