中国OFDI市场进入模式选择决定因素研究

发布时间：2018-04-21 19:04

本文选题：对外直接投资 + 国际化　；参考：《西南财经大学》2014年硕士论文

【摘要】：经济全球化已经成为当今世界发展不可逆转的潮流,只有登上这个国际大舞台,参与国际竞争,才能提高自身的发展,增强实力,从而赢得更多的话语权。而对于发展中的中国而言,登上国际舞台最好的方式就是加快对外直接投资的脚步,让我国企业参与到全球各个地区、各个行业的活动中去,为我国在国际舞台上的震惊四座打好基础。 08年的国际金融危机爆发以来,世界经济受到重创,全球主要经济体疲软,国际间的资本流动量大幅下降。但是在这个时期,我国企业OFDI仍保持增长态势,大量企业开展对外直接投资,扩展海外市场。企业在危机中求生存,进一步加大“走出去”的步伐。目前,我国企业在开展对外直接投资时,多选择绿地投资,但是随着后金融危机时代的到来,中国企业进行跨国并购的次数和金额都明显增加。但与发达相比,我国在相对和绝对数量上都有很大的差距,且我国的对外直接投资平均收益率低于其他发达国家。中国企业的对外直接投资仍然处于起步阶段,在全球化的发展浪潮中,面临的选择之一就是对外直接投资的模式的选择。在这机遇和挑战并存的背景下,中国企业在进一步加强“走出去”战略力度的同时,总结和吸取历史经验,提高企业对外直接投资的成功率,为企业长远的发展打下坚实的基础。研究企业对外直接投资模式选择,对我国企业的发展有着重要的现实意义。我国部分学者已经研究我国企业对外直接投资进入模式的影响因素,但受到某些条件所限,该领域的研究才刚刚萌芽,研究的深度和广度都不尽人意。所以,系统地分析我国企业OFDI市场进入模式是势在必行的,进而整理出我国企业OFDI市场进入模式的决定因素,以此对我国企业在选择对外直接投资市场进入模式时,给出切实可行的政策建议。企业对OFDI最常见模式是绿地投资和跨国并购,因此本文主要研究这两种海外市场进入模式。本文首先在整理国内外学者关于选择企业OFDI市场进入模式的研究,然后阐述现阶段我国OFDI的基本情况。然后根据我国OFDI市场进入模式选择的理论依据,提出本文的五点研究假设。接着通过分析中兴通讯的绿地投资和吉利收购沃尔沃的典型实例,包括公司简介、国际化的动因分析、投资历程和投资特点。结合本文的研究假设,进行定性分析,从而总结出我国企业OFDI市场进入模式的影响因素,可分为内部因素和外部因素,其中外部因素包括东道国经济发展水平、东道国和母国的文化差异、东道国的政策等,内部因素则包括资产规模、研发能力投入、管理和技术水平以及自身发展战略等因素。然后,通过案例分析结果来验证提出的五点假设的正确性。本文验证了三点假设：企业的管理技术优势、研发投入以及投资动机影响企业选择OFDI市场进入模式。当企业拥有管理技术优势时,企业采用新建投资的方式,反之则采用跨国并购；当企业研发投入较多时,倾向于选择新建投资,反之则选择跨国并购；当企业的投资动机是为了快速获得其他技术等资源时,采用跨国并购的方式。若企业是为了自身长久的发展及占领市场,会选择新建投资的方式进入东道国市场。最后,本文为中国企业在进行国际化战略时如何选择OFDI进入模式,以提升企业经营业绩,提出了四点政策建议。本文的研究目的是在分析比较我国企业对外直接投资市场进入模式的基础上,探讨我国企业在施行“走出去”战略时应注意的重点影响因素和改进建议,为我国企业对外直接投资提供相关的参考,增强企业的竞争力和影响力,提高我国的综合国力。
[Abstract]:Economic globalization has become an irreversible trend in the development of the world. Only on this international stage and participation in international competition can we improve its own development, strengthen its strength and gain more discourse power. For the developing China, the best way to board the international dance station is to speed up the pace of foreign direct investment. Let our enterprises participate in the activities of various regions and industries in the world, and lay a good foundation for China's four shocks on the international stage.
Since the outbreak of the 08 year international financial crisis, the world economy has been severely damaged, the world's major economies are weak and the international capital flows have fallen sharply. However, in this period, Chinese enterprises OFDI still maintain a growing trend, a large number of enterprises carry out foreign direct investment and expand overseas markets. Go out.
At present, Chinese enterprises choose to invest more in the field of foreign direct investment. However, with the advent of the post financial crisis, the number and amount of Chinese enterprises' transnational mergers and acquisitions have increased significantly. Compared with the developed countries, China has a large gap in relative and absolute numbers, and the average return of foreign direct investment in China. The foreign direct investment of Chinese enterprises is still at the beginning stage. In the tide of globalization, one of the choices is the choice of the mode of foreign direct investment. In the background of the coexistence of the opportunity and the challenge, the Chinese enterprises will summing up and sucking at the time of further strengthening the "going out" strategy. Taking historical experience, improving the success rate of enterprise foreign direct investment and laying a solid foundation for the long-term development of the enterprise, it is of great practical significance for the development of our enterprises to study the choice of the enterprise's foreign direct investment model. When some conditions are limited, the research in this field has just sprout, the depth and breadth of the research are not satisfactory. Therefore, it is imperative to systematically analyze the OFDI market entry mode of China's enterprises, and then sort out the determinants of the OFDI market entry mode of our enterprises, so as to choose the mode of entering the foreign direct investment market for our enterprises. At the time, practical policy recommendations are given.
The most common mode of enterprise to OFDI is green land investment and transnational merger and acquisition, so this paper mainly studies the two kinds of overseas market entry mode. First of all, this paper collates the domestic and foreign scholars' research on the choice of the enterprise OFDI market entry mode, and then expounds the basic situation of the present OFDI in China. Then, according to the entry mode of our country's OFDI market, Theoretical basis, put forward the five research hypothesis of this paper, and then through the analysis of the green land investment of ZTE and the typical examples of Geely acquisition of Volvo, including company profile, international motivation analysis, investment process and investment characteristics, combined with the research hypothesis of this paper, the qualitative analysis is carried out, thus the OFDI market entry model of Chinese enterprises is summed up. The influence factors can be divided into internal and external factors, including the economic development level of the host country, the cultural difference between host country and home country, the host country's policy and so on. The internal factors include asset scale, R & D capacity input, management and technology level and its own development strategy.
Then, the results of case analysis are used to verify the correctness of the proposed five point hypothesis. This paper validates the three hypothesis: the management technology advantage, R & D investment and investment motivation affect the OFDI market entry mode. When enterprises have management technical advantages, enterprises use new investment methods and vice versa. When the enterprise has more R & D investment, it tends to choose new investment, and conversely choose transnational merger and acquisition. When the motivation of the enterprise is to obtain other technology and other resources quickly, it adopts the way of transnational merger and acquisition. If the enterprise is for its own long-term development and occupation of the market, it will choose the new way of investment to enter the host country market. Finally, this paper puts forward four policy recommendations for Chinese enterprises to choose OFDI entry mode in order to enhance their business performance.
The purpose of this study is to analyze and compare the entry mode of Chinese enterprises' foreign direct investment market, and to discuss the key factors and suggestions that our enterprises should pay attention to in implementing the "going out" strategy, and provide relevant reference for the foreign direct investment of our enterprises, enhance the competitiveness and influence of the enterprises, and improve me. The comprehensive national strength of the country.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.6

【参考文献】