中國對外投資的歷史情形和現(xiàn)今趨勢外文翻譯-文庫吧在線文庫
【正文】 gement knowhow and other skills to China. The authorities were also now adept and fortable with at administering foreign invested enterprises in China. It is likely that equivalent advantages were sought when Chinese enterprises invested 2 abroad. Familiar cost and riskminimising features of IJVs will also have been important to the investment approval agencies (Zhan 1995, Taylor 2020, Wang 2020). From an enterprise perspective, inef?cient domestic capital markets and budget constraints meant that many Chinese enterprises, including stateowned ones, often found it dif?cult to obtain suf?cient funds to purchase overseas assets outright, pelling them to opt for the IJV alternative. The JV form also allowed Chinese MNEs to exercise a degree of control over local operations whilst avoiding outright ownership and the conitant exposure to political and mercial risk. Chinese enterprises could tap foreign partner contributions, such as improved access to market intelligence, knowledge of the local operating environment, opportunities for reputation riding and better access to local distribution channels through the IJV (Taylor 2020). When established with other ethnicallyChinese enterprises (in Hong Kong and elsewhere), the JV form also allowed relational assets to be optimised, reducing perceived risks and costs associated with psychic distance, especially for smaller and less experienced Chinese investors (Zhan 1995). Mutual trust 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。 1995 年中國學(xué)者也報告說中國企業(yè)傾向于選擇在海外的項目中持有更多的股份，通常以 40%到 70%之間參股，特別是天然資源導(dǎo)向型和與生產(chǎn)有關(guān)的項目。該合資企業(yè)的形式也讓中國的跨國公司對本地業(yè)務(wù)有一定程度的控制，同時也可以避免買斷所有權(quán)和隨之而來的政治和商業(yè)風(fēng)險。有很多解釋了近幾年更多使用獨資進(jìn)入模式的原因。目前中國很多企業(yè)在國際資本市場上對于提高投資資金很有經(jīng)驗，尤其在香港。 1．求自然資源的對外直接投資 為了滿足本國消費者，向后整合以獲得或保證國外特殊限定區(qū)域的資源和商品的供應(yīng)已經(jīng)成為自 20世紀(jì) 70年代末以來中國對外直接投資的主要驅(qū)
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