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)吧資料
2025-05-22 17:49本頁(yè)面
【正文】 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 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。 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 internalisati
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