China's Outward Foreign Direct Investment (OFDI) has experienced dramatic soaring in recent years, becoming the main FDI sourcing country which contributes to the flourishing of developing countries' OFDI. First, the paper attempts to modify the motives or strategies framework suitable to emerging countries based on Resource-based View (RBV), and classifies the motives into three types, namely resource-intensifying, resource-complementing and resource-developing. Then based on the hypotheses from pull factors of host countries, the paper explores the strategic motives of China's OFDI by reverse deduction. Using the panel data from 53 Chinese OFDI destinations during 1998-2008, it is found out thatChina's OFDI is mostly resource-intensifying and complementing type of motives, which have taken on the characteristics of sequentially diversified progress and varied with different host countries. The results from China can not only help explain the reasons forChinese OFDI, but also provide reference for the general motive studies on emerging countries' OFDI.
Zhu Hua.
Empirical study on Chinese firms' OFDI motives based on location pull factors[J]. Science Research Management. 2014, 35(1): 138-148
中图分类号：
F832.48
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
参考文献
[1] Dunning J.H. Explaining the International Direct Investment Position of countries: towards a dynamic or developmental approach[J].WeltwirtschaftlichesArchiv, 1981 (119): 30-64. [2] Enright, M. J. Geographic Concentration and Industrial Organization. Ph.D. dissertation, Harvard, Cambridge, Mass, 1991. [3] Malmberg, A., Solvell, O., & Zander, I. Spatial Clustering, Local accumulation of Knowledge and Firm Competitiveness [J]. Geographical Annals B, 1996(78):85-97. [4] Antonelli, C. Localized technological change and the evolution of standards as economic institutions. In A. D. Chandler Jr., P. Hagstrom, & O. Solvell, The Dynamic Firm [M]. Oxford: Oxford University Press, 1998. [5] Dunning, J. H. Reappraising the eclectic paradigm in the age of alliance capitalism [J]. Journal of International Business Studies, 1995(26): 461-491. [6] 鲁明泓, 潘镇. 中国各地区投资环境评估与比较:1990-2000[J].管理世界.2002(11):42-49. [7] 程惠芳, 阮翔. 用引力模型分析中国对外直接投资的区位选择[J].世界经济.2004(11): 23-30. [8] Y.W. Cheung and X.W. Qian. The Empirics of China's Outward Direct Investment, CESifo GmbH, Munich, 2008. [9] Poncet,S. Inwardand and Outward FDI in China.Working paper at the Panthéon- Sorbonne- Economie, Université Paris I CNRS and CEPII, published at the homepage of the university, 2007. [10] 毛新雅, 王桂新. FDI区位决策中的产业集聚因素[J].财经科学.2005(5): 105-111. [11] 张纪风. 对FDI区位选择决定因素的实证分析[J].商业研究.2004(19): 16-18. [12] Cheng and Ma.Cheng L. K. and Ma, Z. China's outward foreign direct investment, Paper presented at the Indian Statistical Institute.http://www.isid.ac.in/~pu/seminar/12_12_2008_Paper.doc, 2008. [13] Ivar Kolstad and Arne Wiig, What Determines Chinese FDI?. Journal of World Business, Elsevier, 2010. [14] 项本武. 东道国特征与中国对外直接投资的实证研究[J].数量经济技术经济研究.2009 (7): 33-46. [15] Dunning, J.H. Multinational Enterprises and the Global Economy [M]. Wokingham: Addison-Wesley, 1993. [16] Chen, H. and T.-J. Chen. Network Linkages and Location Choice in Foreign Direct Investment [J].Journal of International Business Studies. 1998(29):445-468. [17] Tony S. Frost, 2001, The Geographic Sources of Foreign Subsidiaries' Innovations [J]. Strategic Management Journal, Vol. 22 (2), p101-123. [18] John Child &Suzana B. Rodrigues. The Internationalization of Chinese Firms: A Case for Theoretical Extension [J]. Management and Organization Review, 2005(3) :381-410. [19] Daphne W. Yiu, Chung Ming Lau and Garry D. Bruton.International Venturing by Emerging Economy Firms: the Effects of Firm Capabilities, Home Country Networks and Corporate Entrepreneurship [J]. Journal of International Business Studies, 2007( 38): 519-540. [20] Shige Makino, Chung Ming Lau, Rhy Song. Asset-exploitation Versus Asset-Seeking: Implications for Location Choice of Foreign Direct Investment from Newly Industrialized Economies [J]. Journal of International Business Studies: The Third Quarter, 2002(33):403-421. [21] Athreye,S., &Kapur, S. The Internationalization of Chinese and Indian Firms: Trends, Motivations and Policy Implications [J]. Industrial and Corporate Change, 2009 (18): 209-221. [22] Wu, F. The Globalization of Corporate China [J]. The National Bureau of Asian Research Analysis,, 2005(16):p5-30. [23] 周君,张震. "走出去"战略下中国对外直接投资的母国约束研究[J].投资研究. 2012(2):87-102. [24] Wernerfelt, B. The Resource-based View of the Firm [J]. Strategic Management Journal, 1984(5):171-180. [25] Barney, J. B. Firm Resources and Sustainable Competitive Advantage [J]. Journal of Management, 1991(17):99-120. [26] Peteraf, M. The Cornerstones of Competitive Advantage: A Resource-Based View [J]. Strategic Management Journal, 1993(14):179-191. [27] Kumar, K., &Mcleod, M. Multinationals from Developing Countries [M]. D.C. Heath;Lexington, 1981. [28] Shige Makino, and Andrew Delios. Local Knowledge Transfer and Performance: Implications for Alliance Formation in Asia [J]. Journal of International Business Studies, 1996(27): 905-927. [29] Mathews, J.A. Dragon Multinational [M]. New York: Oxford University Press, 2002. [30] Nelson, R.R.& Winter, S.G. An Evolutionary Theory of Economic Change [M].Belknap Press: Cambridge, 1982. [31] John Cantwell and Grazia D. Santangelo. The Frontier of International Technology Networks: Sourcing Abroad,the Most Highly Tacit Capabilities [J]. Information Economics and Policy, 1999(11): 101-123. [32] Buckley, P. J., Clegg, L. J., Cross, A. R., Liu, X., Voss, H. and Zheng, P. The Determinants of Chinese Outward Foreign Direct Investment [J]. Journal of International Business Studies, 2007(38): 499-518. [33] Egger P. and M. Pfaffermayr. The Impact of Bilateral Investment Treaties on Foreign Direct Investment [J]. Journal of Comparative Economics, 2004(32):788-804. [34] Neumayer, E. and L. Spess. Do Bilateral Investment Treaties Increase Foreign Direct Investment to Developing Countries? [J]. World Development, 2005(33): 1567-85. [35] Mike W. Peng, Sunny Li Sun, Brian Pinkham, and Hao Chen. The Institution-Based View as a Third Leg for a Strategy Tripod [J]. Academy of Management Perspectives, 2009(23): 63-82. [36] Buckley, P.J. and Casson, M. The Optimal Timing of a Foreign Direct Investment [J].Economic Journal. 1981(91):75-87. [37] Xu, D., &Shenkar, O. Institutional distance and the multinational enterprise [J]. Academy of Management Review, 2002(27): 608-618. [38] Mike W. Peng. Institutional Transitions and Strategic Choices [J]. Academy of Management Review, 2003(28): 275-296. [39] Anderson, J.E. The Theoretical Foundation for the Gravity Equation [J]. American Economic Review, 1979 (69):106-116. [40] Tingbergen, J.E. Shaping the World Economy, An Analysis of World Trade Flows [M]. Twentieth Century Fund: New York,1962. [41] Jennifer L. Tobin and Susan Rose-Ackerman, When BITs have some bite: The Political-Economic Environment for Bilateral Investment Treaties [J]. The Review of International Organizations, 2010(6):1-32.
