中國(guó)對(duì)外投資的歷史情形和現(xiàn)今趨勢(shì)外文翻譯-文庫(kù)吧
2025-04-17 17:49 本頁(yè)面
【正文】 would also have been easier to establish. Thus, we see both institutional and ?rmspeci?c factors in?uencing the choice of IJV by Chinese ?rms at this time. From the mid1990s onwards, however, SAFE data at individual project level reveal that whollyowned FDI projects have increasingly substituted for jointlyowned ones in the international expansion of Chinese enterprise, with 61 percent of overseas af?liates in approved projects taking this form in 2020 pared to 30 percent in 1991. We note that this contrasts somewhat with the ?ndings of Taylor (2020), who reports much greater use of IJVs in the recent internationalisation of Chinese ?rms, especially in manufacturing related activity. A number of reasons explain the more frequent use of the whollyowned entry mode in recent years. First, more frequent approval of wholly Chineseowned projects re?ects growing con?dence among the regulating authorities that managers of state owned Chinese MNEs have bee suf?ciently experienced and skilled to take control of, and coordinate effectively, the activities of geographicallydispersed af?liates. It is also a re?ection, at least in part, of the strategic importance placed on particular projects by the Chinese authorities. Theory asserts that, by internalising markets, the internationalising ?rm 3 is able to reduce its dependency on independent intermediaries。 militate against the threat of technology and knowhow leakage。 reduce the risk of opportunistic behaviour by alliance partners and allow for full appropriation of returns on investment (Buckley/Casson 1976). Both the investment approval agencies and enterprises will have found such advantages attractive, despite the costs and risks associated with full ownership. Second, greater use of whollyowned af?liates may re?ect improved availability of investment funds. Government initiatives under the ?go global? (Zou chuqu) policy have released capital to stateowned ?rms (often at below market rates) in the form of loans and improved access to hard currencies, to help them ?nance the outright purchase of foreign assets (Antkiewicz/Whalley 2020). Many Chinese enterprises are also now skilled at raising investment funds on international capital markets, especially in Hong Kong (Buckley et al. 2020, Chan 1995). Thus, many Chinese ?rms are no longer obligated to reduce investment cost by undertaking an IJV. Third, the growth in international market entry by acquisition will have led Chinese enterprises to establish more whollyowned subsidiaries in foreign markets rather than jointlyowned projects. The standard theoretical model of “Asian ODI” suggests that China is not unusual among Asian countries in using wholly owned subsidiaries more frequently over time (Pang/Komaran 1985, Euh/Min 1986, Yeung 1994). However, caution should be exercised in assuming that this mirrors improvements in the managerial capacity and petitiveness of Chinese MNEs: greater deployment of majority and whollyowned foreign operations may also be more a function of the government?s desire to retain effective control of state assets abroad and
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