| China's opening policy has been focusing on "Introducing In" for a long time, which led to the slower overseas development of Chinese enterprises. China's successful entry into WTO provides our enterprises with a much looser market access environment to take part in the international economic cooperation on a variety of levels and in more broaden fields. In order to follow the development trend of economy, Chinese government launched the strategy of "Going abroad".With more than twenty years' development of reform and opening, the number of Chinese enterprises overseas has greatly increased to a certain degree. According to the statistics of Ministry of Commerce, by the end of September 2003, there have been 7315 non-financial Chinese enterprises in total invested overseas, and the agreement amount of Chinese investment is 10.647 billions USD. The foreign investment activities of our country have been extended to more than 160 countries and regions. However, as far as the effect are concerned, the results of "Going abroad" for those enterprises are not that satisfied. Research shows that the development situation of Chinese overseas investment is not optimistic on a whole. The enterprises of gaining, losing and balancing account for 1/3 of the total amount respectively. The problems of those overseas enterprises come from a variety of aspects: blind investment strategy; lack of the effective supervision on the overseas investments causing the great loss of state-owned property; complicate formality of administrative examination and approval, faulty associated policy; limited scale, dispersive operation and disjointed supply chain; short of scientific management system within the enterprise, etc. Nowadays, not only the state-owned enterprises but also the private ones are involved in the overseas direct investment. With the previous lessons, we find that the scientific and reasonable institutional arrangement is indispensable for the correct guide by the government and the effective bind and stimulation to the activities of both the government and the enterprises during the process of "Going abroad".Most of scholars like to use the Theory of Monopolistic Advantages, The theory of Product Cycle, the Internalization Theory and the Theory of International Production as the theoretical foundation to analyze and design the FDI strategy for Chinese enterprises. However, those theories cannot work well in exploring the virtual solutions to settle the problems occurred from the "Going abroad" process. Based on the careful observation and analysis of the practical problems, assisted with the study of the relevant theory, I hold that: New Institutional Economics provides an impactful analytical framework for seeking the solutions to the "Going abroad" problems. New Institutional Economics emphasizes the important role of institutions in the operation of market economy and the social development. It is regarded that the economic performance of a country is determined by its institutional arrangement, institutional structure, institutional framework, institutional environment and institutional trend. As a transition economy, China has a lot of economic problems generated from the faulty arrangement of institutions. In essence, the "Going abroad" problems with our enterprises are attributed to the internal and external institutional limitations of the enterprises. Therefore, grounded on the previous studies, this paper will, from the angle of view of New Institutional Economics, find out the institutionalroot lying under the surface of those problems and further seeking out the solutions.The whole paper is divided into five parts. Each part makes a chapter.Part one introduces the development of "Going abroad" history of our enterprises and the current situation. There are two sections included. Section one reviews the four development stages of "Going abroad" which accompanied the continuously improvement of the FDI management system. Section two introduces the types of enterprises involved in the "Goi... |
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