中国公司实施跨国投资战略的模式研究
发布时间：2018-07-26 10:10
【摘要】： 经济全球化正改变着国际经济分工的格局,使得各国政府越来越重视在国际市场范围内配置生产资源。然而,仅靠对外贸易已难以使一国在国际竞争中的地位有较大提高,国际贸易顺差、逆差也无法完全反映一个国家的综合国际竞争力；仅靠引进外资参与全球分工体系,也难以在经济全球化和全球分工格局中占据有利地位。只有积极参与国际分工,主动实施“走出去”战略,积极开展对外直接投资,从全球范围内考虑资源配置和经济发展空间、开拓和利用市场,才能抓住经济全球化所提供的历史机遇,促进本国的经济发展,即只有企业积极主动地参与国际市场的竞争,才能有利于在世界范围内提高其竞争力,使其真正融入经济全球化的潮流之中。因此,除国际贸易外,对外直接投资已成为发达国家建立世界经济新秩序的重要手段,而随着经济的发展和实力的增强,发展中国家也越来越重视其在新的国际经济环境中的地位,并将对外直接投资作为其改善目前处境的重要措施。 就中国而言,自改革开放以来,经济得到快速发展,经济质量不断完善,综合国力也不断提高,但中国经济在高速发展的同时也面临着产能过剩、国内需求不足以及结构失衡等问题。此外,目前我国已经成为全球成熟技术传统产业的主要基地,形成了出口型经济发展模式,从而导致了我国经济对国外市场的依赖,容易受到国际经济波动的影响。而这些问题仅仅依靠国内市场却无法得到彻底解决,必须借助于国际市场加以实现；因此,在当前的国际国内经济发展态势和趋势下,研究中国跨国企业实施对外直接投资战略不仅能有利于推动我国国民经济结构的战略性调整、拓展我国经济发展空间、提高我国的经济总体实力和国际竞争地位,而且还有利于缓解我国国内资源短缺的现状、促进对外商品出口、有效利用国内外两个市场和两种资源为我国经济建设和经济发展服务,同时,对我国跨国公司治理结构的构建及对实现我国国民经济健康、持续、稳定发展,都具有十分重要的理论和现实指导意义,本文在第1章对上述内容进行了详细的论述。鉴于此,本文将从理论、实践和政策等多方面对我国非金融跨国公司实施对外直接投资战略选择问题进行深入细致的研究。 从跨国公司对外直接投资理论的发展历程来看,伴随着世界经济转向稳定发展,跨国公司对外直接投资活动迅速扩张,跨国公司在国际经济发展中的地位和作用日益突出,跨国公司对外直接投资迫切需要对跨国经营实践的理论指导。不少经济学家开始将注意力转向对新的国际经济行为主体——跨国公司的研究上来,并且随着研究的逐渐深入,形成了许多对外直接投资理论。于是,本文在第2章对这些理论进行了梳理。从发展的角度看,跨国公司对外直接投资理论的研究是沿着两条路线逐渐演进的：第一,以国家经济利益为出发点,以完全竞争为重要假设,研究跨国公司对外直接投资的变化规律及对东道国和母国的影响；第二,以企业的经济利益为中心,以不完全竞争为重要假设,研究跨国公司如何实施跨国经营的战略。从研究的对象来看,跨国公司对外直接投资的理论研究可分为两类：其一是以发达国家的跨国公司为研究主体的对外直接投资理论,这类研究反映的是西方发达国家跨国公司发展和经营的基本规律；其二是以发展中国家的跨国公司为研究主体的对外直接投资理论,这类理论研究直到上世纪80年代后期才逐渐出现,至今仍未形成一个完整的理论分析框架,而专门针对我国自身实际状况和对外投资发展状况提出的理论更是少之又少。 改革开放30年来,中国企业积极开展了多种形式的跨国直接投资活动,跨国经营也取得了较为丰富的经验,尤其是进入21世纪以来,中国企业对外直接投资也呈现出了新的增长态势,但与此同时,也存在着诸如管理体制及企业本身经营素质等问题,致使“走出去”的市场绩效在一定程度上受到约束,远远不能满足中国经济发展和对外开放的需要。因此,对我国企业对外直接投资发展历程、影响因素、现阶段的特点以及存在的障碍进行分析是研究我国非金融跨国公司对外直接投资战略模式选择的必要前提,这也是本文第3章和第4章的主要研究内容。 具体而言,在第3章,本文根据改革开放30年来对外直接投资总量的由小到大,将我国对外直接投资的发展历程划分了四个阶段：在探索阶段,我国对外直接投资是在高度集中的管理模式下进行的,投资额极为有限,且投资主体主要是大型的贸易和综合性集团,投资业务也以贸易活动为主；在起步阶段,我国跨国公司的国际化经营领域开始多元化,由原来的外贸专业公司和省市国际经济技术合作公司向多行业的生产企业和集团企业转变,同时海外投资的地域逐步扩大、行业也逐步延伸；而在1992-1998年期间,鉴于某些海外投资企业出现效益低下、持续亏损以及无序发展的现象,国家对跨国投资企业进行清理整顿,使得对外直接投资增长出现了趋缓的势头,从而进入了相对稳步的发展阶段；而从1999年至今,伴随着中央政府最终提出和确定“走出去”的发展战略,我国对外直接投资的规模和数量呈现高速增长的态势,进入了迅猛的发展阶段。在此基础上,本文对现阶段我国对外直接投资的影响因素和特征进行了探讨,并基于我国最新的Panel Data数据建立了回归模型进行分析。研究发现影响我国对外直接投资的因素主要包括：国内生产总值、技术发展水平、净出口、人民币汇率、外汇储备和贷款利率等,而经济发展水平、技术积累与技术发展水平也对我国对外直接投资起着至关重要的作用；我国对外投资特征显示：在总体上,对外直接投资的规模和范围得到了极大地发展；在境内投资主体上,多元化的投资格局已初步形成,对国有企业的依赖逐渐减小；在区位选择上,中国对外直接投资覆盖了全球6大洲的绝大多数国家；在行业结构上,中国对外直接投资己涉及到了18类行业领域。 从我国对直接投资的发展历程和现阶段的特点来看,应该说中国对外直接投资总体上呈现了良好的发展态势,中国企业跨国投资和经营活动也取得了巨大的成效,但仍然存在着诸如投资区域相对集中和产业结构层次化较低的问题和缺陷以及政策、制度和跨国公司自身经营管理等阻碍我国跨国公司进一步发展的障碍。于是本文在第4章,从宏观和微观两个方面对现阶段我国跨国公司实施对外直接投资战略的障碍进行了分析。在宏观方面,政府对企业进行跨国投资的指导性措施不足、政策的非对称性以及相关的法律法规不完善等政策性障碍和多头审批管理、企业优惠政策难以真正获得、事后监管薄弱以及对外投资的信息服务体系尚未完全建立等制度性障碍严重制约了我国公司实施跨国投资战略的发展；在微观方面,企业实施跨国经营活动的资金短缺、核心竞争力不足、企业制度不完善、人力资源匮乏、市场信息不完全以及国际经验欠缺等也均掣肘中国企业进行跨国投资和经营活动的进一步拓展和完善。 在深入分析现阶段我国跨国公司实施跨国投资战略所存在障碍的基础上,本文于第5章从成长模式、经营模式、管理模式和股权模式四个方面系统而详尽地研究了我国跨国公司实施对外直接投资战略模式的选择。在成长模式的选择上,针对先具备某种竞争优势的跨国公司,应当根据企业特点,判断自身属于何种优势类型(技术主导型、规模经济/低成本型、范围经济/综合集团型),然后再利用该优势开展跨国经营；针对期望通过跨国经营获取某种竞争优势的跨国公司,也应判断自身的优势类型(技术资源型、销售资源型、原料资源型),逐渐成长为跨国公司。在经营模式的选择上,企业应充分考虑部门或行业因素、自身因素(资产、技术、专利、管理等方面)以及制度因素以确定自己的经营模式,从分析结果来看,综合商社的经营模式是我国跨国公司对外直接投资经营模式的大势所趋。在管理模式选择上,跨国公司财务管理模式的集权化将成为我国跨国集团公司财务管理模式选择的必然趋势；在风险管理模式上,我国跨国公司应当在利润最大化基础上,同时兼顾风险管理初级形式(以寻求自然资源或廉价劳动力为导向)、中级形式(以寻求资本密集、规模扩张为导向)和高级形式(以知识型投资为核心)三种形式的风险管理模式,并积极推动跨国公司风险管理模式向以知识型投资为核心的高级管理形式过渡。在股权模式选择上,对跨国公司而言,独资进入与合资进入两种模式各有利弊,它们都是跨国公司在其整体战略指导下,结合自身资源状况以及东道国的投资环境而做出的决策结果,因而跨国公司进入模式的选择,实际上是多重因素约束下的一个综合结果。 在第6章,本文给出了中国企业实施跨国直接投资战略模式选择相关配套软环境建设的主要对策及建议。本文认为,首先,我国政府应继续加大对我国企业“走出去”实现跨国经营的政策支持,并通过完善对跨国企业间接的宏观管理、在职能和政策上突出激励与扶持、制定完善的跨国经营法规体系以及加大对跨国经营的服务和支持力度等方面予以实现；其次,我国政府应加快对外经济领域内的法律建设,包括民法、知识产权保护法、商法、经济法、外商投资法、对外贸易法、劳动社会保障法及其他相关的法律体系的建设和完善；第三,我国跨国公司应大力培育自身的核心竞争力,主要通过发挥比较优势、坚持以人为本以及建立技术创新机制三个渠道来培育我国跨国公司的核心竞争力；第四,应加大企业跨国投资的风险管理能力,跨国公司的管理者以及各级风险管理人员要围绕企业的经营目标、风险承受水平和企业的风险管理综合能力等因素,为企业投资选择合适的风险管理策略；最后,我国跨国公司应完善跨国经营活动的现代企业制度,重点包括建立合理的治理机制、构建多维的立体信息网络、创建适应国际化战略的企业文化、以国际市场为导向选择合理的经营定位以及选择合适的跨国经营方式等方面。
[Abstract]:The economic globalization is changing the pattern of international economic division of labor, making the governments attach more and more importance to the allocation of production resources in the international market. However, it is difficult to improve the status of a country in international competition, the surplus of international trade and the deficit can not fully reflect the comprehensive international competitiveness of a country. It is difficult to take part in the global division of labor by introducing foreign capital only, and it is difficult to occupy a favorable position in the economic globalization and global division of labor. Only actively participate in the international division of labor, take the initiative to implement the "going out" strategy, actively carry out foreign direct investment, consider the space of resource allocation and economic development from the global scope, and exploit and utilize the market. To seize the historical opportunity provided by economic globalization and promote the economic development of our country, that is, only by actively participating in the competition in the international market, can it be beneficial to improve its competitiveness in the world and make it truly integrate into the trend of economic globalization. Therefore, in addition to international trade, foreign direct investment has become a developed country. As an important means to establish a new world economic order, with the development of the economy and the enhancement of its strength, the developing countries also pay more and more attention to their position in the new international economic environment, and take foreign direct investment as an important measure to improve their current situation.
As far as China is concerned, since the reform and opening up, the economy has developed rapidly, the economic quality has been perfected, and the comprehensive national strength has been continuously improved. However, China's economy is also facing problems such as overcapacity, insufficient domestic demand and unbalance of structure at the same time. In addition, China has become the main basis for the world's mature technology and traditional industries. As a result, the export oriented economic development model has led to the dependence of our economy on foreign markets and the impact of international economic fluctuations. These problems can not be solved completely by the domestic market and must be realized in the international market. Under the situation, the study of the foreign direct investment strategy of Chinese transnational enterprises will not only help to promote the strategic adjustment of our national economic structure, expand our economic development space, improve the overall economic strength and international competitive status of our country, but also help to alleviate the current situation of the shortage of resources in China and promote the export of foreign goods. The effective use of two markets and two kinds of resources at home and abroad serves China's economic development and economic development. At the same time, it has a very important theoretical and practical guidance to the construction of the governance structure of China's transnational corporations and the realization of the healthy, sustained and stable development of our national economy. In this article, the above contents are detailed in the first chapter. In view of this, this article will make a thorough and detailed study of the strategic choice of foreign direct investment in China's non financial transnational corporations from many aspects, such as theory, practice and policy.
From the view of the development of foreign direct investment theory of transnational corporations, with the steady development of the world economy, the rapid expansion of foreign direct investment activities of transnational corporations, the increasingly prominent position and role of transnational corporations in the development of international economy, and the urgent need for transnational corporations to guide the theory of transnational business. Few economists have begun to turn their attention to the study of the new international economic actors, transnational corporations, and with the gradual deepening of the research, many foreign direct investment theories have been formed. Therefore, the second chapters have combed these theories. From the angle of development, the research on the theory of foreign direct investment of MNCs. The study is based on the gradual evolution of the two routes: first, taking the national economic interests as the starting point and taking full competition as an important hypothesis, the paper studies the changing rules of foreign direct investment and the influence on the host country and the host country. Second, taking the economic interests of the enterprises as the center, and taking the incomplete competition as an important hypothesis, research the multinational corporations as the important hypothesis. According to the object of the study, the theoretical research of TNCs can be divided into two categories: first, the foreign direct investment theory based on the multinational corporations in the developed countries, which reflect the basic rules of the development and management of the MNCs in the developed countries; the second is the basic law of the development and management of the MNCs in the developed countries. Based on the foreign direct investment theory of the multinational corporations in the developing countries, this kind of theoretical research has not gradually emerged until the late 80s of the last century. It has not yet formed a complete theoretical analysis framework, but the theory that is specially aimed at the actual situation of our country and the situation of foreign investment development is less.
In the past 30 years of reform and opening up, Chinese enterprises have actively carried out a variety of forms of transnational direct investment activities, and the transnational operation has also gained a lot of experience. Especially since twenty-first Century, the foreign direct investment of Chinese enterprises has also shown a new growth trend, but at the same time, there are also such as management system and enterprise itself management. To some extent, the market performance of "going out" is bound to a certain extent, which is far from meeting the needs of China's economic development and opening to the outside world. Therefore, the development of China's foreign direct investment, the influencing factors, the characteristics of the present stage and the analysis of the existing obstacles are the research of China's non-financial transnational corporations. The essential prerequisite for the choice of strategic mode of foreign direct investment is also the main content of the third and fourth chapters of this paper.
Specifically, in the third chapter, this paper divides the total amount of foreign direct investment in 30 years from the reform and opening up, divides the development course of China's foreign direct investment in four stages: in the exploration stage, China's foreign direct investment is carried out under a highly centralized management mode, with a very limited investment, and the main body of investment is large. In the initial stage, the international business area of our multinational companies began to diversify, and the original foreign trade companies and provincial and Provincial International Economic and technical cooperation companies changed to the multi industry production enterprises and group enterprises, and the region of overseas investment expanded gradually. In the 1992-1998 year period, in view of the phenomenon of low benefit, continuous loss and disorderly development of some overseas investment enterprises, the state has made clear and rectified to transnational investment enterprises, making the growth of foreign direct investment growing slowly, thus entering a relatively steady stage of development, and from 1999 From the year to date, with the central government finally putting forward and determining the development strategy of "going out", the scale and quantity of China's foreign direct investment presents a rapid growth trend and has entered a rapid development stage. On this basis, this paper discusses the influencing factors and characteristics of China's foreign direct investment at the present stage, and based on our country. The latest Panel Data data set up a regression model to analyze the factors that affect our foreign direct investment: gross domestic product, technical development level, net export, RMB exchange rate, foreign exchange reserve and loan interest rate, and economic development level, technology accumulation and technology development level to our country directly. Investment plays a vital role; the characteristics of China's foreign investment show that, on the whole, the scale and scope of foreign direct investment has been greatly developed; on the subject of domestic investment, the diversified investment pattern has been initially formed and the dependence on the state-owned enterprises gradually diminish; in location choice, China's foreign direct investment coverage is covered. The vast majority of the world's 6 continents, and in terms of industry structure, China's foreign direct investment has involved 18 categories of industries.
From the history of China's direct investment and the characteristics of its present stage, it should be said that China's foreign direct investment has shown a good development trend in general, and the transnational investment and business activities of Chinese enterprises have also achieved great achievements, but there are still problems such as relatively centralized investment region and low level of industrial structure. Defects and policies, systems and management and management of multinational corporations impede the further development of our multinational corporations. In the fourth chapter, this paper analyzes the obstacles to the implementation of foreign direct investment strategy in China's transnational corporations from two aspects of macro and micro aspects. In the macro aspect, the government has carried out transnational investment in enterprises. There are insufficient guiding measures, asymmetric policies, imperfect laws and regulations and other relevant laws and regulations, such as policy barriers and multi head examination and approval management, enterprise preferential policies are difficult to truly obtain, post supervision is weak, and the information service system of foreign investment has not been completely established. On the microcosmic aspect, the shortage of funds, insufficient core competitiveness, imperfect enterprise system, lack of human resources, incomplete market information and lack of international experience also impede the further expansion and improvement of Chinese enterprises to carry out transnational investment and operation.
On the basis of in-depth analysis of the obstacles to the implementation of transnational investment strategy in China's transnational corporations at the present stage, the fifth chapter systematically studies the choice of the strategic mode of implementing FDI in China from four aspects: growth mode, management model, management mode and equity mode. In view of the competitive advantages of a multinational company, it is necessary to determine what type of advantage itself is based on the characteristics of the enterprise (technology led, economies of scale / low cost, scope economy / integrated group), and then use the advantage to carry out transnational operation, and to achieve a competitive advantage through transnational operation. They should also judge their own advantages type (technology resource type, sales resource type, material resource type) and gradually grow into multinational corporations. In the choice of business model, enterprises should take full consideration of department or industry factors, their own factors (assets, technology, patent, management, etc.) as well as institutional factors to determine their own business model, from the analysis results. The general business model is the general trend of the foreign direct investment management model of our multinational corporation. In the choice of management mode, the centralization of the financial management mode of MNCs will become the inevitable trend of the choice of the financial management mode of our multinational corporation. In the risk management model, the multinational corporations in China should be in the profit. On the basis of maximization, at the same time, taking into account the primary form of risk management (seeking natural resources or cheap labor as the guidance), intermediate form (to seek capital intensive, scale expansion oriented) and advanced form (with knowledge based investment as the core) three forms of risk management model, and actively promote the risk management model of multinational companies to knowledge. In the choice of model investment, in the choice of equity mode, the two modes of sole proprietorship and joint venture into the transnational corporations are both advantages and disadvantages, both of which are made by the multinational corporations under their overall strategic guidance, combining their own resources and the investment environment of the host country. The choice of entry mode is actually a comprehensive result of multiple factors.
In the sixth chapter, this paper gives the main countermeasures and suggestions for the selection of relevant supporting soft environment for Chinese enterprises to implement the strategic model of transnational direct investment. Firstly, our government should continue to increase the policy support for Chinese enterprises to "go out" to realize transnational operation and improve the indirect macro management of transnational enterprises. The functions and policies should be protruding and supporting, establishing a perfect system of transnational operation and regulations, and increasing the service and support for transnational operation. Secondly, our government should speed up the legal construction in the field of foreign economy, including civil law, intellectual property protection law, commercial law, economic law, foreign investment law and foreign trade. Law, labor agency
【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2010
【分类号】：F279.2
本文编号：2145665
[Abstract]:The economic globalization is changing the pattern of international economic division of labor, making the governments attach more and more importance to the allocation of production resources in the international market. However, it is difficult to improve the status of a country in international competition, the surplus of international trade and the deficit can not fully reflect the comprehensive international competitiveness of a country. It is difficult to take part in the global division of labor by introducing foreign capital only, and it is difficult to occupy a favorable position in the economic globalization and global division of labor. Only actively participate in the international division of labor, take the initiative to implement the "going out" strategy, actively carry out foreign direct investment, consider the space of resource allocation and economic development from the global scope, and exploit and utilize the market. To seize the historical opportunity provided by economic globalization and promote the economic development of our country, that is, only by actively participating in the competition in the international market, can it be beneficial to improve its competitiveness in the world and make it truly integrate into the trend of economic globalization. Therefore, in addition to international trade, foreign direct investment has become a developed country. As an important means to establish a new world economic order, with the development of the economy and the enhancement of its strength, the developing countries also pay more and more attention to their position in the new international economic environment, and take foreign direct investment as an important measure to improve their current situation.
As far as China is concerned, since the reform and opening up, the economy has developed rapidly, the economic quality has been perfected, and the comprehensive national strength has been continuously improved. However, China's economy is also facing problems such as overcapacity, insufficient domestic demand and unbalance of structure at the same time. In addition, China has become the main basis for the world's mature technology and traditional industries. As a result, the export oriented economic development model has led to the dependence of our economy on foreign markets and the impact of international economic fluctuations. These problems can not be solved completely by the domestic market and must be realized in the international market. Under the situation, the study of the foreign direct investment strategy of Chinese transnational enterprises will not only help to promote the strategic adjustment of our national economic structure, expand our economic development space, improve the overall economic strength and international competitive status of our country, but also help to alleviate the current situation of the shortage of resources in China and promote the export of foreign goods. The effective use of two markets and two kinds of resources at home and abroad serves China's economic development and economic development. At the same time, it has a very important theoretical and practical guidance to the construction of the governance structure of China's transnational corporations and the realization of the healthy, sustained and stable development of our national economy. In this article, the above contents are detailed in the first chapter. In view of this, this article will make a thorough and detailed study of the strategic choice of foreign direct investment in China's non financial transnational corporations from many aspects, such as theory, practice and policy.
From the view of the development of foreign direct investment theory of transnational corporations, with the steady development of the world economy, the rapid expansion of foreign direct investment activities of transnational corporations, the increasingly prominent position and role of transnational corporations in the development of international economy, and the urgent need for transnational corporations to guide the theory of transnational business. Few economists have begun to turn their attention to the study of the new international economic actors, transnational corporations, and with the gradual deepening of the research, many foreign direct investment theories have been formed. Therefore, the second chapters have combed these theories. From the angle of development, the research on the theory of foreign direct investment of MNCs. The study is based on the gradual evolution of the two routes: first, taking the national economic interests as the starting point and taking full competition as an important hypothesis, the paper studies the changing rules of foreign direct investment and the influence on the host country and the host country. Second, taking the economic interests of the enterprises as the center, and taking the incomplete competition as an important hypothesis, research the multinational corporations as the important hypothesis. According to the object of the study, the theoretical research of TNCs can be divided into two categories: first, the foreign direct investment theory based on the multinational corporations in the developed countries, which reflect the basic rules of the development and management of the MNCs in the developed countries; the second is the basic law of the development and management of the MNCs in the developed countries. Based on the foreign direct investment theory of the multinational corporations in the developing countries, this kind of theoretical research has not gradually emerged until the late 80s of the last century. It has not yet formed a complete theoretical analysis framework, but the theory that is specially aimed at the actual situation of our country and the situation of foreign investment development is less.
In the past 30 years of reform and opening up, Chinese enterprises have actively carried out a variety of forms of transnational direct investment activities, and the transnational operation has also gained a lot of experience. Especially since twenty-first Century, the foreign direct investment of Chinese enterprises has also shown a new growth trend, but at the same time, there are also such as management system and enterprise itself management. To some extent, the market performance of "going out" is bound to a certain extent, which is far from meeting the needs of China's economic development and opening to the outside world. Therefore, the development of China's foreign direct investment, the influencing factors, the characteristics of the present stage and the analysis of the existing obstacles are the research of China's non-financial transnational corporations. The essential prerequisite for the choice of strategic mode of foreign direct investment is also the main content of the third and fourth chapters of this paper.
Specifically, in the third chapter, this paper divides the total amount of foreign direct investment in 30 years from the reform and opening up, divides the development course of China's foreign direct investment in four stages: in the exploration stage, China's foreign direct investment is carried out under a highly centralized management mode, with a very limited investment, and the main body of investment is large. In the initial stage, the international business area of our multinational companies began to diversify, and the original foreign trade companies and provincial and Provincial International Economic and technical cooperation companies changed to the multi industry production enterprises and group enterprises, and the region of overseas investment expanded gradually. In the 1992-1998 year period, in view of the phenomenon of low benefit, continuous loss and disorderly development of some overseas investment enterprises, the state has made clear and rectified to transnational investment enterprises, making the growth of foreign direct investment growing slowly, thus entering a relatively steady stage of development, and from 1999 From the year to date, with the central government finally putting forward and determining the development strategy of "going out", the scale and quantity of China's foreign direct investment presents a rapid growth trend and has entered a rapid development stage. On this basis, this paper discusses the influencing factors and characteristics of China's foreign direct investment at the present stage, and based on our country. The latest Panel Data data set up a regression model to analyze the factors that affect our foreign direct investment: gross domestic product, technical development level, net export, RMB exchange rate, foreign exchange reserve and loan interest rate, and economic development level, technology accumulation and technology development level to our country directly. Investment plays a vital role; the characteristics of China's foreign investment show that, on the whole, the scale and scope of foreign direct investment has been greatly developed; on the subject of domestic investment, the diversified investment pattern has been initially formed and the dependence on the state-owned enterprises gradually diminish; in location choice, China's foreign direct investment coverage is covered. The vast majority of the world's 6 continents, and in terms of industry structure, China's foreign direct investment has involved 18 categories of industries.
From the history of China's direct investment and the characteristics of its present stage, it should be said that China's foreign direct investment has shown a good development trend in general, and the transnational investment and business activities of Chinese enterprises have also achieved great achievements, but there are still problems such as relatively centralized investment region and low level of industrial structure. Defects and policies, systems and management and management of multinational corporations impede the further development of our multinational corporations. In the fourth chapter, this paper analyzes the obstacles to the implementation of foreign direct investment strategy in China's transnational corporations from two aspects of macro and micro aspects. In the macro aspect, the government has carried out transnational investment in enterprises. There are insufficient guiding measures, asymmetric policies, imperfect laws and regulations and other relevant laws and regulations, such as policy barriers and multi head examination and approval management, enterprise preferential policies are difficult to truly obtain, post supervision is weak, and the information service system of foreign investment has not been completely established. On the microcosmic aspect, the shortage of funds, insufficient core competitiveness, imperfect enterprise system, lack of human resources, incomplete market information and lack of international experience also impede the further expansion and improvement of Chinese enterprises to carry out transnational investment and operation.
On the basis of in-depth analysis of the obstacles to the implementation of transnational investment strategy in China's transnational corporations at the present stage, the fifth chapter systematically studies the choice of the strategic mode of implementing FDI in China from four aspects: growth mode, management model, management mode and equity mode. In view of the competitive advantages of a multinational company, it is necessary to determine what type of advantage itself is based on the characteristics of the enterprise (technology led, economies of scale / low cost, scope economy / integrated group), and then use the advantage to carry out transnational operation, and to achieve a competitive advantage through transnational operation. They should also judge their own advantages type (technology resource type, sales resource type, material resource type) and gradually grow into multinational corporations. In the choice of business model, enterprises should take full consideration of department or industry factors, their own factors (assets, technology, patent, management, etc.) as well as institutional factors to determine their own business model, from the analysis results. The general business model is the general trend of the foreign direct investment management model of our multinational corporation. In the choice of management mode, the centralization of the financial management mode of MNCs will become the inevitable trend of the choice of the financial management mode of our multinational corporation. In the risk management model, the multinational corporations in China should be in the profit. On the basis of maximization, at the same time, taking into account the primary form of risk management (seeking natural resources or cheap labor as the guidance), intermediate form (to seek capital intensive, scale expansion oriented) and advanced form (with knowledge based investment as the core) three forms of risk management model, and actively promote the risk management model of multinational companies to knowledge. In the choice of model investment, in the choice of equity mode, the two modes of sole proprietorship and joint venture into the transnational corporations are both advantages and disadvantages, both of which are made by the multinational corporations under their overall strategic guidance, combining their own resources and the investment environment of the host country. The choice of entry mode is actually a comprehensive result of multiple factors.
In the sixth chapter, this paper gives the main countermeasures and suggestions for the selection of relevant supporting soft environment for Chinese enterprises to implement the strategic model of transnational direct investment. Firstly, our government should continue to increase the policy support for Chinese enterprises to "go out" to realize transnational operation and improve the indirect macro management of transnational enterprises. The functions and policies should be protruding and supporting, establishing a perfect system of transnational operation and regulations, and increasing the service and support for transnational operation. Secondly, our government should speed up the legal construction in the field of foreign economy, including civil law, intellectual property protection law, commercial law, economic law, foreign investment law and foreign trade. Law, labor agency
【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2010
【分类号】：F279.2
【引证文献】
相关硕士学位论文 前2条
1 解辉;后危机时代辽宁装备制造业对外直接投资方式选择研究[D];沈阳师范大学;2012年
2 赵骞;中国企业对外直接投资结构的实证分析[D];集美大学;2012年
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