Research On The Expansion Investment Influencing Factors Of Chinese Listed Multinationals In Overseas Locations

With the implementation of the"going global"strategy,the scale of Chinese foreign direct investment(OFDI)has been increasing and the number of Chinese multinationals subsidiaries also has increased significantly.It is important to note that the foreign investment of multinationals is not only affected by the environmental factors of the hosts,but also by the cumulative investment experience of the multinationals in the previous period.The investment decisions have a strong intertemporal correlation.However,existing literatures about Chinese multinationals'outward investment basically adopts a static analysis method and believes that the investment decisions are independent.Obviously,it is difficult to explain the intertemporal correlation of multinationals'outward investment with static analysis methods.In order to provide theoretical and empirical reference for the investment decisions of Chinese multinationals in overseas locations,this paper analyses the influencing factors of the expansion investment of Chinese listed multinationals in the overseas location,from the perspective of expansion investment,based on the related theories and existing literatures.Firstly,this paper analyzes the distribution characteristics of Chinese listed multinationals in overseas locations,based on the sample of 2008-2016 Chinese listed multinationals.Secondly,according to the related theories,11 variables are selected from enterprise level and host country level,such as the cash assets of enterprise,the own investment experience of enterprise,the OFDI stock of host country,the market scale of host country and so on,to empirically analyze the expansion investment behavior of Chinese multinationals in overseas locations in the logit model.Then analyze the influencing factors of the expansion investment of Chinese multinationals in the overseas locations,from the perspective of regional differences and industrial differences.Finally,several countermeasures are proposed to promote Chinese multinationals'investment in overseas locations.The main conclusions of this paper are as follows:(1)There are obvious regional differences and industrial differences when Chinese listed multinationals expand investment in overseas locations.(2)Among the selected influencing factors:the advantages of the capital resources of the enterprise,the scale preference of the management,the advantage of the ownership property,the experience of the enterprise's own investment,the investment experience of the other enterprises in the same industry,the agglomeration effect of OFDI in host country,the information spillover of the host country market,and the good political,economic and policy environment of the host country,can effectively promote the expansion investment of Chinese listed multinationals in overseas locations.(3)The main influencing factors of multinationals' expansion investment shows significant regional differences,when multinationals expanding investment in different continents.(4)The main influencing factors of different industries multinationals,expansion investment shows significant industrial differences,when multinationals expanding investment in overseas locations.