【正文】 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。對與以國際合資企業(yè)形式來促進外來直接投資相關的經(jīng)濟增長，中國當局也很熟悉，這種推廣是中國“走出去”政策的基石。相互的信任也更容易建立。理論主張，通過市場內(nèi)部化，國際化的公司能夠減少對獨立中介的依賴?！皝喼尴蛲庵苯油顿Y”的標準理論模型表明，中國跟亞洲的其他國家一樣在更頻繁地使用全資分公司。目前主要的接受者有贊比亞（銅）、秘魯（ 鐵礦石）以及西亞和中亞國家比如哈薩克斯坦（石油的勘探和開采）。比較典型的例子包括中國國際信托投資公司（ CITIC）和華光森林有限公司在新西蘭的木材種植園的投資 、中國國際信托投資公司在美國的林業(yè)投資、中國國際信托投資公司和中國國家有色金屬工業(yè)總公司在波蘭的 10%的投資（ 億美元）、在澳大利亞的鋁冶金經(jīng)營的投資。雖然中國加入 WTO 減少了貿(mào)易壁壘，但是在中國擁有巨額貿(mào)易順差的國家還是會存在一系列貿(mào)易壁壘，比如美國。據(jù)報道，這個是至少是部分由于 TCL 希望否定歐洲的對傾銷產(chǎn)品的指責的可能性。當然，在 20 世紀 90 年代早期，大部分中國的在服務業(yè)的向外直接投資是跟出口貿(mào)易有關的。但是，這種說法可能并不適用于中國。近期，中國在過去的十年里的快速的經(jīng)濟增長刺激了對原材料不斷的需求，增加了對其他許多部門的投入。因此，許多中國企業(yè)不再對通過開展一家國際合資企業(yè)來降低投資成本而負責。首先，越來越頻繁的全部中國擁有的項目的審批反映了主管機關日益高漲的信心，中國國有跨國公司的管理者已經(jīng)變得足夠有經(jīng)驗和有技能采取控制和有效協(xié)調(diào)，活動分散在各地的分支機構。中國企業(yè)可以挖掘國外伙伴的貢獻，比如完善的市場進入機制、當?shù)亟?jīng)營環(huán)境的知識、建立信譽的機會以及通過國際合資企業(yè) 7 更好地利用當?shù)氐姆咒N渠道。很多的解釋可以被設想。 1 本科畢業(yè)論文外文翻譯 外文題目： Historic and Emergent Trends in Chinese Outward Direct Investment 出 處： Management International Review, MIR48(2020)6 作 者： Peter J. Buckley, Adam R, Cross, Hui Xin, HinrichVoss 原 文 ： Historic and Emergent Trends in Chinese Outward Direct Investment Entry Mode Literature on the internationalisation of developing country MNEs suggests that minority IJVs are the preferred mode of market entry (Wells 1983, Yeung 1994). One reason is that such ?rms seldom possess the level of proprietary technology and ?rm speci?c knowhow to necessitate internalisation via majority or full ownership (Buckley/Casson 1976, Dunning 1993). This is also evident in the early years of Chinese ODI development: project level SAFE data reveal that, in the early 1990s, around 70 percent of overseas projects of Chinese ?rms took the IJV form (see Table 5). Zhan (1995) also reports that Chinese ?rms tended to opt for majority equity shareholdings in overseas projects, typically in the range of 40 to 70 percent equity participation, especially in natural resourceoriented and manufacturingrelated projects. A number of explanations can be envisaged. From a governmental perspective, the formal investment approval process generally required Chinese MNEs to adopt the IJV entry mode. The Chinese authorities had bee familiar with the economic gains associated with the promotion of inward FDI in the form of IJVs, the promotion of which was a cornerstone of China?s ?Open Door? policy. The JV form was seen as a vehicle for promoting the in?ow of foreignowned technology, mana