| Since the1990s, China has gradually developed into the important source country of OFDI in the world; meanwhile, the influence of Chinese MNCs as the main participants of Chinese OFDI on the global economy has continuously been increasing. Thus it can be seen, from the perspective of enterprise, the research on Chinese enterprises OFDI under the background of economic globalization has the important theoretical and practical significance. Nevertheless, both mainstream FDI theories which emphasize "Firm-specific Advantage (FSA)" and developing countries FDI theories which emphasize the partial advantage and the comparative advantage can’t make reasonable explanations for a series of new phenomena on OFDI and MNCs from China. As a matter of fact, it is necessary to pay more attention to some features which are manifested in the process of Chinese enterprises internationalization.Therefore, this paper tries to establish a theoretical model of internationalization pattern selection on Chinese enterprises from the micro perspective, and based on this model to conduct an in-depth study on Chinese enterprises OFDI decision-making; at the same time, from the macro perspective this paper conducts an empirical study on the determinants of OFDI from Chinese enterprises, which expects the combination of micro and macro perspective to make more comprehensive explanation for OFDI behaviors from Chinese enterprises.Through inductive and comparative analysis to literature of enterprises internationalization, the study mainly adopts cost comparison framework of internationalization, which also integrates enterprises internationalization stages theory and eclectic theory as the theoretical foundation and the constructing method of the internationalization pattern selection model. Meanwhile, through the comparison of literature on FDI theories and Chinese OFDI, the study extracts special features of Chinese enterprises OFDI (including the "reverse investment" to developed countries and the influence of institutional factors) as important elements of Chinese-style model.From the micro perspective of Chinese OFDI, the study constructs such theory model. It is based on the cost comparison of international activities as well as the principle of total cost minimization, focuses on the configuration and coordination of three kinds of major value-adding activities of enterprise in the international value chain (including R&D, production, marketing), and sets up a series of assumptions which are consistent with the actual situation of Chinese enterprises and assumptions of operating costs (including R&D cost, production cost, marketing cost, knowledge flow cost, product flow cost) and exogenous costs (including assets acquisition cost and government policy cost) of enterprises internationalization. The study divides decision-makings on enterprises internationalization pattern selection into two categories:international location decision-making, which is the configuration of various value-adding activities; international control decision-making, which is the choice of internalization and externalization in various value-adding activities. The study compares cost portfolios of enterprises internationalization patterns in different location decision-making and control decision-making, and finds out Chinese enterprises internationalization patterns selection model is an OFDI decision-making model in essential. Furthermore, the study also obtains the attractive international decision-making for China enterprises.From the macro perspective of Chinese OFDI, the study makes an empirical analysis on determinants of Chinese enterprises OFDI to further analyze micro decision-makings of enterprises. It is shown that export and government policy have significant positive correlations with OFDI, labor cost and direct exchange rate have significant negative correlations with OFDI, nevertheless, average enterprise scale has no significant correlation with OFDI.Through the derivation of mathematical model from micro perspective and the empirical analysis from macro perspective, the study obtains the optimum patterns of Chinese enterprises internationalization, which have the following common characteristics in the international configuration of value-adding activities:First, the enterprise configures R&D in overseas by means of OFDI, through the internationalization of knowledge production to save the R&D cost; Second, the enterprise configures production in overseas by means of OFDI to achieve the close connection with R&D, which reduces the knowledge cost between R&D and production to promote the reverse spillover of knowledge; Third, all the optimum internationalization patterns correspond to smaller assets acquisition cost and government policy cost.Thus, the study can get two significant conclusions on the growth of Chinese MNCs:First, it is an effective way to nurture competitive advantages of Chinese MNCs that the enterprise through "reverse investment" acquires the strategic assets, especially, the knowledge-based strategic assets to accelerate the formation of FSA; Second, Chinese unique institutional factors enable to promote Chinese enterprises OFDI, which is an opportunity to accelerate the growth of Chinese MNCs.Thereby, this study provides the following strategic revelations for Chinese enterprises which are committed to construct global competitive advantages:First, it is the valid path of promoting the growth of Chinese MNCs that actively conduct "reverse investment" in developed countries to implement the "catch-up strategy" Second, FSA is the source of the MNCs international competitive advantage. To promote the formation of FSA is the primary task of Chinese MNCs in the context of economic globalization; Third, the expansion of enterprises scale can’t promote Chinese enterprises OFDI, simple scale expansion is unable to bring about strengthening of FSA; Fourth, Chinese unique institutional factors promote Chinese enterprises OFDI at present. The grasp of this opportunity can accelerate the growth of Chinese MNCs. |
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