| Economic globalization is changing the pattern of international economic division of labor, making governments more and more attention in the international market within the allocation of productive resources. However, trade alone has been difficult to make a country's position in international competition has improved greatly, the international trade surplus, the deficit can not fully reflect a country's overall international competitiveness; only through the introduction of foreign capital participation in the global division of labor, it is difficult in the pattern of economic globalization and the global division of labor to gain an advantageous position. Only by actively participating in international division of labor, take the initiative to implement the "going out" strategy, actively carry out foreign direct investment, from a global consideration of resource allocation and economic development space, explore and use of the market in order to seize the historic opportunity offered by globalization to promote the country's economic development, and that only companies actively participate in international competition in the market in order to help enhance their competitiveness in the world to really integrate into the trend of economic globalization into. Thus, in addition to international trade, foreign direct investment has become the developed countries to establish a new world economic order, an important means for the developing countries are increasingly focusing on the new international economic environment, the status of, and foreign direct investment as part of its an important measure to improve the current situation.The case of China, since the reform and opening up its rapid economic development, economic quality and constant improvement of overall national strength has been increased, but the rapid development of Chinese economy is also facing the same excess capacity, insufficient domestic demand and structural imbalances and other issues, while these problems can not rely on the domestic market to be completely resolved, you must be achieved by means of the international market. In addition, China has become the world's proven technology of traditional industries, the main base for the formation of the export-oriented economic development model, which led to Chinese economic dependence on foreign markets, vulnerable to international economic fluctuations.t Thus, in the current international and domestic economic development situation and trends, the study of Chinese multinational companies to implement foreign direct investment strategy can not only help promote the strategic restructuring of Chinese national economy, expanding space for Chinese economic development and improve the overall strength of our economy and the international competitive position, but also help alleviate the shortage of resources in our country the status quo, promoting commodity exports, effective utilization of both domestic and overseas markets and two resources for Chinese economic construction and economic development, while the governance structure of multinational corporations in China Construction of Chinese national economy to achieve healthy, sustainable and stable development of great theoretical and practical significance. With Chinese growing number of multinational corporations and the growing foreign direct investment activities, coupled with our government of "going out" strategy formulation and implementation of a growing number of scholars have begun to pay attention to China enterprises to implement the phenomenon of cross-border direct investment, and through a variety of ways from every point of view of the phenomenon of foreign direct investment of Chinese enterprises to conduct the analysis and interpretation.In this paper, the domestic research literature has been systematically combing found that existing multinational companies in China foreign direct investment behavior of multinational companies in China focused on the motives of foreign direct investment, benefits, policies, mechanisms and models, etc, The above were discussed in Chapter 1 of this paper in detail.In view of this, this article from the theory, practice and policies of transnational corporations and other aspects of the implementation of Chinese strategic choice of foreign direct investment issues in-depth and meticulous research.From the development process point of the Theory of Foreign Direct Investment view, Along with the world economy's steadily development, Foreign direct investment multinational rapid expansion, transnational corporations in international economic development status and role of increasingly prominent MNCs urgent the need for theoretical guidance in transnational business practice. Many economists turned their attention to the new international economic actors-multinational, and with the gradual in-depth research to create a lot of foreign direct investment theory. Therefore, this article in Chapter 2 of these theories has been combed. From a development point of view, the Theory of Foreign Direct Investment research is gradually evolving along two lines:First, national economic interests as the starting point, perfect competition as the importance of assuming, to study the variation and the impact of host and home countries of foreign direct investment of multinational companies. Second, this paper studied how to implement the strategy of transnational business, which taking the economic interests of enterprises as the center, taking the imperfect competition of multinational corporations as importance of assumption. From the view of the object of study, Foreign direct investment can be divided into two categories in the theory: The first is the study of multinational corporations in developed countries, Which kinds of theories research the reflects of the development of Western developed countries and multinational companies operating in the fundamental law; The other multinational companies theories is based in developing countries to study the subject Foreign direct investment theories, these theories gradually surface only and has yet to form a complete theoretical framework in the late 80s until last century, but specifically for china actual status and situation of Investing Abroad are lesser. Reform and opening up 30 years ago, Chinese Non-financial TNCs to actively carry out various forms of cross-border direct investment and transnational business has also made a more rich experience, especially into the 21st century, foreign direct investment in Chinese enterprises have also shown a new growth momentum, At the same time, there also exist such as the management system and corporate issues such as the quality of its own operations, resulting in "going out" of the market performance to some extent subject to control, far from being able to meet Chinese economic development and opening-up needs. Thus, foreign direct investment of Chinese Non-financial enterprises development process, at this stage of the characteristics and analysis of obstacles in the study of Chinese foreign direct investment strategy of transnational corporations a necessary prerequisite for mode selection, which is Chapter 3 of this article and Chapter 4 of the main research contents. Specifically, in Chapter 3, article 30 years under the reform and opening up foreign direct investment flows from small to large, will Chinese foreign direct investment in the development process into four stages:in the exploration stage, China's foreign direct investment in the highly centralized management style carried out under very limited amount of investment, and investors are mainly large-scale integrated group of trade and investment operations also dominated trade activity; in the initial stage, Chinese multinational corporations began to diverse areas of international operations technology, from the professional foreign trade companies and provinces international economic and technological cooperation to a multi-industry manufacturing company and group enterprises to transform their businesses, while gradually expanding the geographical overseas investment, the industry is gradually extended; in the period 1992 to 1998, in view of a Some foreign-invested enterprises appear inefficient, continued losses and the phenomenon of sprawl, the state-invested enterprises to conduct clean-up cross-border consolidation, allowing foreign direct investment growth has slowed down the momentum to enter a relatively stable stage of development; while from 1999 to date, along with the central government put forward and to determine the final "go global" development strategy, China's foreign direct investment, the size and number of present high growth momentum, into the rapid stage of development. On this basis, the paper at the present stage of China's foreign direct investment, factors and characteristics were discussed and the Panel Data Based on the latest data to establish a regression model for analysis. Found that affect China's foreign direct investment mainly include:gross domestic product, technology development level, net exports, net exports, the RMB exchange rate, foreign exchange reserves and loan interest rates; In domestic investors, the diversified investment pattern has taken shape, to gradually reduce the reliance on state-owned enterprises; In location choice, Chinese foreign direct investment in the country covering the ball the majority of countries on 6 continents; in the industry structure, Chinese foreign direct investment has involved 18 classes of sectors.Of direct investment from Chinese history and characteristics of the current stage point of view, it should be said of Chinese foreign direct investment in general showed a good development trend, Chinese enterprises cross-border investments and business activities have also achieved great success, but there are still such as investment in the region is relatively centralized and hierarchical structure of the problems and shortcomings, and the lower the policies, systems and multinational companies such as self-management hindered the further development of Chinese multinational companies obstacles. So, in chapter 4 of this paper, from the macro-and microeconomic aspects of the implementation stage of Chinese multinational corporation's barriers to foreign direct investment strategy were analyzed. In the macro level, the government enterprises guiding cross-border investment measures are inadequate, the policy of non-symmetry and related laws, regulations and other policy-related barriers and imperfect long examination and approval management, enterprise hardly be able to obtain preferential treatment, and afterwards, as well as weak supervision of foreign investment The information service system has not yet been fully established institutional barriers such as Chinese companies has seriously hampered the implementation of the development of cross-border investment strategies; in micro-level, cross-border business activities of enterprises of funding shortages, lack of core competitiveness, enterprise system is imperfect, human resources are scarce, incomplete market information, as well as the lack of international experience, also are restrictions on Chinese enterprises to multinational investment and business activities to further expand and improve.In-depth analysis of the implementation stage of Chinese multinational cross-border investment strategy based on the existence of barriers, this article in Chapter 5 constructed with four models, including growth model, business model, management models and equity model of four systems studied in detail the implementation of foreign multinationals in China Direct investment strategy model of choice. In the growth model of choice, to tackle the multinational companies have a competitive advantage, should be based on characteristics of enterprises, to determine what kind of advantages of its own type (technology-driven type, economies of scale/low-cost type, economies of scope/ Integrated Group type), and then use the advantage of carrying out cross-border operation; cross-border operations against the wanted to get a competitive advantage, multinational corporations should also be the type to judge its own advantages (technical resource-based, sales resource-based, raw material resource-based), has grown into a multinational. In the choice of business model, companies should take full account of sector or industry factors, self-factors (assets, technology, patents, management, etc.) as well as institutional factors in order to determine its own business model, from the analysis results, a comprehensive trading company's business model Chinese foreign direct investment multinational business model trend. In the management mode selection, the multinational financial management model will become the centralized financial management of Transnational Corporation an inevitable trend of mode selection. In the risk management model, our multinational corporations should be based on profit maximization, taking into account the primary form of risk management (search for natural resources or cheap labor-oriented), intermediate form (to seek a capital-intensive, scale expansion-oriented) and Senior form (to the knowledge-based investments for the core) three forms of risk management, and actively promoting risk management model to the multinational companies to invest in knowledge form the core of the senior management transition. In the equity model of choice for multinational corporations, the wholly-owned joint venture entered into with the two models have advantages and disadvantages, which are multinational corporations under the guidance of its overall strategy, combined with their own resources as well as the host country's investment environment and make decisions The results, thus the choice of companies to access the mode is actually one of the constraints of multiple factors combined result.Finally, in Chapter 6, cross-border direct investment enterprises in China Strategic Choice of supporting software environment, the main countermeasures and suggestions This paper argues that, first of all, our government should continue to increase Chinese enterprises "going out" policy support to achieve cross-border operations, and indirectly through multinational corporations to perfect macro-management, in terms of functions and policies necessary to highlight the incentives and support, to develop complete legal system for cross-border operations, as well as increase cross-border operations and other aspects of service and support to be achieved; Secondly, our government should speed up the field of foreign economic laws of construction, including civil law, intellectual property protection law, commercial law, economic law, foreign Investment Law, Foreign Trade Law, Labor and Social Security Law and other relevant legal system; Third, Chinese multinational companies should strive to culture their core competitiveness, mainly through the comparative advantages, adhere to people-oriented technical innovation mechanism and the establishment of three channels to the core competitiveness of Chinese multinational companies; Fourth, we should increase the cross-border investment enterprise risk management capabilities, managers of multinational companies, as well as risk management at all levels of personnel should focus on corporate business objectives, risk tolerance level and enterprise risk management comprehensive capacity and other factors, in order to choose the right business investment risk management strategy; Finally, our cross-border business activities of transnational corporations should improve the modern enterprise system, focusing on governance including the establishment of a reasonable mechanism to build multi-dimensional three-dimensional information network, creating an international strategy to adapt to corporate culture to the international market-oriented management choose the right location and choose a suitable cross-border mode of operation and so on.
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