Research On Motivations Of Chinese Enterprises' Direct Investment Along "The Belt And Road"

With the deepening of world economic integration,more and more Chinese companies are going out,China's total foreign direct investment is rising,and investment is more diversified.On the one hand,China's foreign direct investment is conducive to accelerating industrial restructuring and improving China's comprehensive strength;on the other hand,strengthening exchanges and cooperation between China and other countries is also conducive to the healthy and stable development of the economy.In order to strengthen regional cooperation and achieve mutual benefit and win-win results,Xi Jinping initiated the "Belt and Road Initiative" during his visit to Central Asia and Southeast Asian countries in 2013.With economic development and scientific and technological progress,China has continuously increased its outward foreign direct investments.As an important developing country,China has established cooperation with more and more countries in the process of "One Belt,One Road"strategic work.Countries along the route have different development characteristics and location advantages.The government and enterprises should make different strategic policies,technical support and investment plans in accordance with actual conditions to promote stable and healthy economic development.In order to promote the smooth implementation of national policies,the government and enterprises need to understand the motivation of China's direct investment.Scientific identification of investment motivation is the key to rational investment by Chinese companies,avoiding risks and expanding market size.Based on the motivational perspective,China's direct investment in various regions along the "One Belt,One Road" will also provide a reference for future corporate investment in China.The thesis studies the strategic positioning of China's direct investment along the"Belt and Road" based on the perspective of motivation and location selection.Based on the panel datas of direct investment in 60 countries along the route from 2003 to 2017,the differential GMM is used to regress the whole sample,and then the explanatory variable is delayed,and uses the fixed effect of the explanatory variable to lag the first period to return to the countries in the subregion,and obtain the different regions of China in the "Belt and Road".The results of the full sample study show that China's direct investment in the 60 sample countries along the line is a market-seeking,efficiency-seeking and efficiency-seeking strategic positioning.According to the economic corridor classification,the results of the sub-sample study show that China's direct investment in the Indo-China Peninsula,the Central Asian Economic Corridor and the former CIS is a market-seeking,natural resource seeking and efficiency-seeking strategic positioning.China's direct investment in the economic corridors of Bangladesh,China,India and Myanmar and the New Eurasian Continental Bridge is a market-seeking and efficiency-seeking strategic positioning.Classified by income level,the results of the sub-samples show that China's direct investment in low-income and middle-income countries along the "Belt and Road" is a market-seeking and efficiency-seeking strategic positioning;China's direct investment in high-income countries is a market-seeking strategic positioning.The thesis is divided into five parts:The first part is the introduction.It explains the research background and significance of the thesis,introduces the research ideas.innovation points and inadequacies.The second part is a literature review,which organizes,classifies and summarizes domestic and foreign literature.The third part introduces China's current status of direct investment along the "Belt and Road",mainly from the location distribution,industrial distribution and corporate characteristics.The fourth part is empirical research,reasonably selecting variables and sample countries,empirically testing the model,and explaining the results.The fifth part discusses the investment motivations and suggestions for each region along the line,discusses the similarities and differences of Chinese enterprises'investment in various regions based on the perspective of motivation,and make recommendations.