Research On The Influence Factors Of Outward Foreign Direct Investment In Central And Eastern Europe

Central and Eastern Europe is an important hub connecting the Eurasian continent and a "bridgehead" leading to the European market.As the main emerging market in the world,the Central and Eastern European countries have similar development stages with China,similar per capita income and strong economic complementarity,which laid a good foundation for economic and trade cooperation between China and the Central and Eastern European countries.At the same time,the highly integrated markets of Central and Eastern Europe and Western Europe have also become the key media for China's products and funds to join the markets of EU countries.Especially recently,the United States began to move eastward strategically,and the emergence of the European debt crisis has reduced the dependence of Central and Eastern Europe on the United States and the European Union,preferring to trade with China.Among the more than 60 countries along the belt and road,1/4 of central and Eastern European countries are the key components of the "one belt and one way" policy.Central and Eastern Europe serves as a bridge between Asia and Europe,as well as a key region for China's outward investnent.At present,China has established frequent trade relations with Central and Eastern Europe.In 2017,China jointly published the Budapest Outline for China-Central and Eastern European Countries Cooperation,and jointly developed and implemented the "16+1" model to help China steadily increase its investment scale in Central and Eastern Europe.Central and Eastern Europe is not only the key emerging market,but also plays a key role in the "one belt and one way".It is a test platform for Chinese enterprises to move to the European market.With the promotion of China's "one belt and one way" strategy and the impact of the European debt crisis,China's trade relations with central and Eastern Europe have deepened.Therefore,after focusing on the current situation of China's investment in Central and Eastern Europe,this study focuses on the influencing factors of China's direct investment in Central and Eastern European countries.It is of far-reaching significance to study this issue and can provide guidance for Chinese enterprises to invest in Central and Eastern European countries.The first part introduces the research background and significance of the paper,summarizes the rele-vant research on the influencing factors of China's direct investment and foreign direct investment in Central and Eastern Europe,and then introduces the basic research ideas and methods,the structure framework of the article and possible innovations and shortcomings.The second part introduces the theoretical basis of the article,which is discussed from four perspectives:investment development stage theory,investment-induced factor combination theory,technology innovation industry upgrading theory and investment theory of other developing countries.The third part analyses the current development of China,s investment in Central and Eastern European countries.Based on the investment scale,investment industry and investment region,it analyses the current situation,characteristics and problems of China's investment in Central and Eastern European countries.Overall,China's outward FDI to Central and Eastern European countries has continued to rise.In 2013,China became the largest investor in Central and Eastern Europe after developed countries such as the United States and Germany,The performance of the investment region is uneven,focusing on Hungary,Poland,Czech Republic,Romania and Bulgaria,while countries in South-Eastern Europe have less investment.China's investment in Central and Eastern Europe is widely distributed,involving communications and finance,infrastructure,energy,machinery manufacturing,high-tech and agriculture and other fields.China's investment in Central and Eastern Europe shows diversified characteristics.But on the whole,there is still a relatively single investment area,mostly flowing to manufacturing industry,low level of industrial cooperation,mostly concentrated in low-end areas such as processing and manufacturing,and lack of excavation of characteristic industries.The fourth part theoretically analyses the influencing factors of China's direct investment in Central and Eastern Europe.It holds that the influencing factors of China's direct investment in Central and Eastern European countries are the market size of the host country,the export amount of China to the host country,the infrastructure le-vel of the host country,the labor cost and technology level of the host country,and the political stability of the host country.The fifth part empirically examines the influencing factors of China's investment in Central and Eastern European countries from the whole sample and the sub-sample.It holds that the motive of China's investment in Central and Eastern European countries is market-seeking and efficiency-seeking,not resource-seeking and strategic asset-seeking.The more stable the country's politics,the more it can attract the investment of Chinese enterprises.There are country-specific differences in investment.Visegrad Group and Slovenia,which have prominent industrial advantages,are the main areas for Chinese entexprises to invest,while investment in basic and energy fields is mainly concentrated in the Balkan Peninsula countries.It will provide experience guidance and measures for Chinese enterprises to invest in Central and Eastern European countries in the future.This paper has made innovations in the following aspects,focusing on the motive of China's direct investment in Central and Eastern Europe from the perspective of research,with a strong pertinence.In the research method,factor analysis method is used to establish a multiple linear regression model for empirical test,and the mechanism of each motivation factor affecting the whole OFDI input decision-making is analyzed.In the regression analysis,we classify the different characteristics of 16 countries in Central and Eastern Europe,and study the selection factors of China's investment in the region,which has strong enlightenment.However,there are still some shortcomings in data and research methods in this paper.The data can not be observed at the micro level,and can not use more in-depth logit model to analyze the influencing factors of China's investment in Central and Eastern Europe in a more detailed and comprehensive way.