Influencing Factors And Driving Mechanism Of Foreign Direct Investment In China's Tourism Industry

Since the financial crisis in 2008,the global economy has entered a period of weakness and the recovery has been sluggish.As an important way to promote economic recovery,the Outward Foreign Direct Investment(OFDI)is highly valued by most countries in the world,and the major economies in the world have formulated relevant development strategies.With the proposal of "The Belt and Road",OFDI has become a new way for China to cope with the international economic situation.In 2013,the State Council issued"Several Opinions on Promoting the Reform and Development of Tourism",which regarded tourism as a direct way to achieve "The Belt and Road" bond between the people and created a good opportunity for OFDI in tourism.Synchronizing with the development reality,a series of research results have emerged in the field of OFDI in China.However,compared with other industries,the research on OFDI in tourism is still very weak,and the scope and depth of the research still have a great space for expansion.What promotes the development of OFDI in tourism,and how to select the location of OFDI in tourism,there is still no systematic answer for these two basic questions.Based on this,this thesis,whose essential basis is the Foreign Direct Investment Theory and existing literatures,and in which the logical starting points of three research levels,which are home country,host country and home country-host country interaction,are the system view,the relational perspective and the multidimensional proximity theory,and using the Theory of Heterogeneity as the logical starting points of two research levels,which are Enterprise heterogeneity and spatial heterogeneity,selects the number of OFDI enterprises in China's tourism industry from 2005 to 2017 as the research object,and adopts qualitative and empirical analysis methods to try to analyze the factors and driving mechanism of OFDI in China's tourism industry.The main conclusions of the paper are as follows:1.Factors influencing OFDI of China's tourism industry from the perspective of national subjectFirst,from the perspective of home country,OFDI in tourism is mainly driven by the outbound tourism scale of China and has the characteristics of "path dependence".The empirical study shows that the OFDI in tourism is mainly affected by economic development level,financing environment,foreign investment policy,foreign capital spillover effect,outbound tourism scale and customer following.The research confirms the applicability of the OFDI Theory in developing countries,such as investment development cycle theory and investment induced factor combination theory.By analyzing the influencing factors of OFDI in tourism,it is found that the development path can be summarized as "customer following-profit motive-restriction of macroeconomic development-influence of spillover effect-policy environment support".Second,from the perspective of host country,OFDI in tourism has the orientation of"path dependence" and "spatial proximity".The results of empirical study show that the OFDI of China's tourism industry is in the initial stage of development,which is,by the host country selection,reflected in the dependence on the bilateral investment treaty and the dependence on the investment experience of the trade of other industries.In the choice of investment scale,it has the obvious characteristic of "spatial proximity" orientation in the initial stage of outward investment development.The research has proved the applicability of the Direct Investment Theory in developing countries,such as technology change industrial upgrading theory,small-scale technology theory and investment inducing factor combination theory.Thirdly,from the perspective of micro-location,the OFDI in tourism will be affected by geographical proximity,social proximity and strength proximity.The research verifies the applicability of OFDI in Chinese localization such as "comprehensive advantage of super country" and "comprehensive advantage theory".2.Comparison of factors influencing OFDI of China's tourism industry from the perspective of enterprise heterogeneity.First,the comparison between central and local enterprises.There is no difference in the influencing factors of the two on OFDI in tourism from the perspective of home country,while there is a certain difference from the perspective of host country,which is reflected in that central enterprises are more conservative than local enterprises in the selection of host country,and local enterprises are more conservative than central enterprises in the layout of investment scale.Second,the comparison between typical and atypical tourism enterprises.There is no difference in the factors that influence the OFDI in tourism of the two types of tourism enterprises from the perspective of home country,while there is a certain difference from the perspective of host country,which is reflected in the fact that the OFDI of tourism enterprises is policy-oriented and the OFDI of non-tourism enterprises is resourceoriented.3.Comparison of factors influencing OFDI in China's tourism industry from the perspective of spatial heterogeneityFrom the perspective of home country,the coastal economically developed areas are mainly affected by economic development,spillover effect and customer following,the great Southwest region is mainly affected by economic development and customer following,and other regions are mainly affected by economic development.From the perspective of host countries,Asia is mainly market-oriented for the tourism of host countries,while Europe is market-oriented for China and market-oriented for the tourism of host countries.4.The driving mechanism of OFDI in China's tourism industryBy using The Compromise paradigm of Dunning production and integrating all the above results about the factors,the driving mechanism of OFDI in China's tourism industry is comprehensively explained from the three systems of ownership advantage,location advantage and internalization advantage.Ownership advantages include international competitive advantages,comprehensive advantages of big countries,toplevel system design and influence of outbound tourism.Location advantages include good bilateral relations,investment experience accumulation and tourism development prospects of the host country.The advantages of internalization include internalization of core business and internalization of non-core business.To sum up,the OFDI of China's tourism industry is driven by three factors.The possible innovations of this thesis are as follows:Firstly,it constructs the influencing variables of OFDI in China's tourism industry in multiple levels.In the existing studies,factors influencing OFDI in tourism are not selected enough,especially in the industrial level,the only variable involved is "China's outbound tourism scale".This study deduces the driving effect of customer following motivation on OFDI in tourism.Moreover,the thesis argues that tourism enterprises should not only serve the tourism market of their own country,but also serve the tourism market of other countries.On this basis,two variables,namely tourism resource endowment and tourism development policy,are discovered,and these two corresponding hypotheses have been proved to a certain extent.Secondly,it explores the heterogeneity of business entities.The new-new trade theory believes that it is one-sided to explore relevant economic phenomena by treating industries as a whole,and it should also face up to more micro and complex characteristics of enterprises.Although the existing literatures mention the heterogeneity of OFDI firms in tourism,there is no differentiated reaction caused by the interpretation of heterogeneity.This study pays attention to this problem and finds out the different considerations,in location selection,of central enterprises and local enterprises,tourism enterprises and non-tourism enterprises,and puts forward policy suggestions accordingly.Thirdly,it explains the driving mechanism of OFDI in tourism.Using The production compromise paradigm of Dunning,this paper analyzes the triple driving mechanism of OFDI in tourism,which enriches the theoretical achievements of the tourism transnational operation and provides practical reference for it.