【正文】 al 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 a growing con?dence in its ability to do so than of purely ?rmspeci?c or marketrelated considerations Motives for Chinese Outward FDI In this section, we relate historic and emergent trends in aggregate Chinese ODI data identi?ed above to changes in the motivations driving the internationalisation of Chinese MNEs. Dunning (1993) identi?es four basic motivations that provide the impetus for foreignowned production and are discussed below: namely, naturalresource seeking, marketseeking, ef?ciencyseeking and strategic assetseeking motives. 4 Natural ResourceSeeking FDI Backward integration to acquire or secure the supply of speci?c locationbound resources and modities abroad for domestic consumption has been the predominant driver of Chinese outward FDI since the late 1970s (Taylor 2020). More recently, China?s rapid economic growth over the past decade has fuelled what some say is an almost insatiable demand for raw materials and other inputs in many sectors (Economist 2020).13 The dual objective of further improving the supply of natural resources from abroad while ameliorating (at a national level) exposure to political and mercial risk has seen Chinese enterprises recently investing in natural resourcesoriented projects across a broad range of resourcerich countries, especially in Africa and East and Central Asia (see Table 3). Leading recent recipients are Zambia (for copper), Peru (iron ore), and western and central Asian countries like Kazakhstan (oil exploration and extraction). Most investors are stateowned enterprises which enjoy strong support from the Chinese government in the form of direct ?nancial assistance。 militate against the threat of technology and knowhow leakage。其中一個(gè)原因是這樣的公司很少擁有專有技術(shù)和知道如何進(jìn)行多數(shù)或全部所有權(quán)內(nèi)部化。來自一個(gè)政府的透視，正式的投資審批過程一般要求中國的跨國公司采用國際合資企業(yè)進(jìn)入模式。國際合資企業(yè)熟悉的成本和風(fēng)險(xiǎn)最小化特征對投資審批機(jī)構(gòu)也變得重要起來。當(dāng)與 其他中國族裔企業(yè)（在香港或其他地方），合資的形勢也讓關(guān)系資產(chǎn)趨于優(yōu)化，降低了知覺風(fēng)險(xiǎn)和心理距離的費(fèi)用，尤其對于那些規(guī)模較小，經(jīng)驗(yàn)不足的中國投資者。在 2020年 61%的海外分支機(jī)構(gòu)在批準(zhǔn)的項(xiàng)目中采取獨(dú)資的形式，然而在 1991年只有 30%。同時(shí)也反映了，至少是部分，中國當(dāng)局把戰(zhàn)略的重要性放在具體的項(xiàng)目上。其次，更好地利用全資的子公司可能反應(yīng)改善了的投資基金的可用性。第三，通過收購，國際市場的進(jìn)入不斷增加，這將導(dǎo)致中國企業(yè)在國外市場上建立更多全資附屬公 司，而不是合資項(xiàng)目。 二、 中國對外直接投資的動(dòng)機(jī) 8 在這一部分，我們從已經(jīng)確定的總的中國對外投資的數(shù)據(jù)的歷史和現(xiàn)今趨勢來分析中國跨國公司國際化動(dòng)機(jī)的動(dòng)機(jī)。進(jìn)一步增加來自國外的自然資源的供應(yīng)的這雙重目的，以及為了減少政治和商業(yè)風(fēng)險(xiǎn)的遭受已經(jīng)成為中國企業(yè)目前在一些資源豐富的國家投資自然資源導(dǎo)向型的項(xiàng)目，尤其是非洲和中亞。榜樣的公司包括中國天然石油天然氣集團(tuán)公司（ CNPC）、蘇丹的一家合資石油生產(chǎn)工廠（加拿大、馬來西亞以及當(dāng)?shù)氐睦媸且黄鸬模?、新加坡、上海寶鋼?6 家合資企業(yè)的擁有者，在澳大利亞、巴西和南非進(jìn)行鐵礦開采和鋼鐵交易的）、中國化工進(jìn)出口公司以及中國海洋石油總公司（ CNOOC） 。雖然近幾年知識的獲取對中國變得越來越重要，但是很多中國的在工業(yè)化國家的直接投資主要是為了尋求自然資源，尤其在 20 世紀(jì) 90 年代早期。眾所周知，中國在低成本勞動(dòng)力資源和勞動(dòng)密集型產(chǎn)品上具有比較優(yōu)勢。中國出口商普遍面臨國外的一系列關(guān)稅和非關(guān)稅貿(mào)易壁壘。在那些很少建制造工廠的工業(yè)化國家，中國將把工廠建于那里，出口配額和其他反傾銷措施，或是那個(gè)國家配額權(quán)比較容易獲得。