中國多國籍企業對外直接投資決定因素之探討

The Determinants Of Chinese Multinational Enterprises Outward Foreign Direct Investment

王宗義(Tsung-Yi Wang)

指導教授 ： 林欣美

國立暨南國際大學/管理學院/經營管理碩士學位學程在職專班/碩士(2012年)

摘要

隨著經濟發展，中國政府逐漸放寬各種管制，1998年中國政府為鼓勵國內產業進行對外投資，實施「走出去」策略，期待藉以促進國內產業結構調整，加速外資的技術引進，以擴大中國的出口機會。由於1990年後期的「走出去」對外投資策略，顯示中國政府積極推動對外投資的企圖心。中國大陸對外投資發展迅速，已引起國際間廣泛的注意，於1995年聯合國經濟暨貿易發展組織已將中國大陸列為新興的對外投資國。 本研究以1991-2010年，共20年資料，對中國大陸企業對外直接投資之關鍵前置因素進行探討。過去國際化研究的理論發展以國際化動機、國際進入模式與廠商國際化行為為主流，然而，在國際化程度相關文獻中發現，研究之實證文獻相當多，但研究對象卻多聚焦在歐洲、美國及日本等先進國家之大型企業，因此，本研究使用中國官方的投資數據建構一個推動中國大陸跨國企業對外直接投資的模型，並將焦點放在中國對外直接投資的決定因素。 本研究主要探討中國多國籍企業對外直接投資之前置因素。研究認為母國之股權結構與地主國層級的國家風險因素將影響中國多國籍企業對外直接投資之國際化程度。主要探究因素分為三方面：(1) 企業結構：主要說明中國多國籍企業的基本特質對國際化程度所造成的影響；(2) 資本市場不完全：主要包括企業在市場上因資本架構的差異所造成的影響；(3) 投資國家風險：主要探究地主國因政治、經濟、財務風險所帶來的障礙或限制等。 本研究根據實證結果發現，近年因中國大陸鼓勵民營企業對外投資之政策帶動下，國有企業對外投資的比例有減少的趨勢，但整體而言，重要對外投資案件仍由中央企業或國有企業主導，且國營企業多積聚財富在銀行中，並未真正對外實行海外直接投資的相關活動。有鑑於此，中國股權結構深受國營企業影響，進而影響中國企業對外投資之國際化程度。此外，在地主國國家風險因素之探討中，政治與財務風險雖如預期對國際化程度具有負向效果，然而在經濟風險上，則為相反。本研究認為，有鑒於中國此新興國家本身為共產社會主義國家，相較於西方國家對經濟風險的標準，這樣的高經濟風險環境對中國企業而言是常態而不是風險，因此中國企業面對這樣的風險時並不感到意外。

關鍵字

海外直接投資 ； 本市場不完全 ； 股權結構 ； 國家風險 ； 國際化程度

並列摘要

Along with economic development, the Chinese government relaxed various control gradually. To encourage domestic industries invest in overseas, the Chinese government implement the "going out" strategy in 1998, and looking forward to promote the adjustment of domestic industrial structure, the introduction of technology to expand the export opportunities for China. Since the "going out" strategy of foreign investment in the later 1990s, the ambition of the Chinese government is actively promoting foreign investment. The rapid development of foreign investment in China has attracted widespread attention internationally. The United Nations Economic and Trade Development (OECD) has been inscribed China as an emerging outward investor in 1995.
A total of 20 years of data between 1991 and 2010 used to explore the key antecedents of foreign direct investment in Chinese mainland enterprises. The main researches of the theoretical development of internationalization in the past were the international motives, entry modes and the behavior of firms of internationalization. However, we found that there were quite more related empirical literatures of internationalization, but these studies were more than focus on Europe, the United States, Japan and other advanced countries with large-scale enterprises. Therefore, this study use the Chinese official investment data to construct a model of the Chinese multinational foreign direct investment, and focus on the determinants of foreign direct investment in China.
This study investigates the antecedents of the foreign direct investment of multinational enterprises in China. This study suggests that the factors of the shareholding structure in the home country and host country level of country risk will affect the degree of MNEs’ internationalization of foreign direct investment. There are three main aspects: (1) enterprises structure─the influences of the characteristics of Chinese MNEs on the degree of internationalization; (2) imperfectly capital market, including the impact in the market due to differences in capital structure; (3) the risk of the investment country, mainly to explore the host country’s obstacles or restrictions due to political, economic, financial risk.
The empirical results shows that due to the policy of Chinese government encourage private enterprises to invest in foreign countries, the proportion of state-owned enterprises to invest in foreign countries is on a decreasing trend. But overall, the important cases of foreign investment is still leading by the central enterprises or state-owned enterprises; and the state-owned enterprises that merely hoard earnings as bank deposits, without actually initiating foreign direct investment activities. In the view of this study, the state-owned enterprises affect the shareholding structure deeply, thereby affecting the degree of internationalization of Chinese enterprises to invest overseas. In addition, the political and financial risks of country risk in the host country are as expected, has a negative effect on the degree of internationalization, however, the economic risk compared with the opposite. This study suggests that since China is a communist country, compared to the standards of Western countries on the economic risks, such a high economic risk environment for Chinese enterprises is the norm rather than risk. Therefore, Chinese enterprises are not surprised while face such risks.

並列關鍵字

Foreign direct investment ； Capital market imperfections ； Shareholding structure ； Country risk ； internationalization

參考文獻

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