Motives for Outward FDI of Chinese Private Firms Firm Resources, Industry Dynamics, and Government Policies

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1、ManagementandOrganizationReview7:2223–248doi:10.1111/j.1740-8784.2010.00184.xMotivesforOutwardFDIofChinesePrivateFirms:FirmResources,IndustryDynamics,andGovernmentPoliciesmore_184223..248123JiangyongLu,XiaohuiLiu,andHonglingWang123PekingUniversity,China,LoughboroughUniversity,UK,andChines

2、eAcademyofSocialSciences,ChinaABSTRACTUsingrecentsurveydata,thisstudyexaminestheimpactoffirmresources,industrydynamics,andgovernmentpoliciesontheoutwardforeigndirectinvestment(FDI)motivesofChinesefirms,basedontheintegrated‘strategytripod’framework.Theresultssuggestthatsupportivegovernmentpo

3、liciesareimportantmotivatorsforbothstrategicasset-seekingandmarket-seekingoutwardFDI.Firms’technology-basedcompetitiveadvantagesandahighlevelofindustryresearchanddevelopment(R&D)intensitytendtomotivatestrategicasset-seekingoutwardFDI,whereasfirm’sexportexperienceandhigherlevelofdomesticind

4、ustrycompetitiontendtoinducemarket-seekingoutwardFDI.KEYWORDSChineseprivatefirms,market-seekingoutwardFDI,outwardFDImotives,strategicasset-seekingoutwardFDIINTRODUCTIONOutwardforeigndirectinvestment(outwardFDI)fromemergingeconomies(EE)hasincreasedsubstantiallyinrecentyears(UNCTAD,2006).Amo

5、rethoroughunderstandingofthespecialcircumstancesthatsurroundthisnewbreedofmul-tinationalenterprise(MNE)fromEEcanhelptoextendtheexistingMNEtheo-riesfurther(Luo&Tung,2007).RecenttheoreticalstudieshighlightthatamajordifferencebetweenEEMNEsandMNEsfromdevelopedeconomies(DEMNEs)isthattheformera

6、redrivenbydifferentmotives(Mathews,2006;Witt&Lewin,2007).WhileDEMNEsaremorelikelytoexploittheircompetitiveadvantageestablishedathome(Dunning,2001),EEMNEsneedtobalanceassetexploitationandexplorationintheprocessofinternationalizationandtouseoutwardFDIasaspringboardtoacquirestrategicresource

7、s(Luo&Tung,2007;[1]Makino,Lau,&Yeh,2002).Yamakawa,Peng,andDeeds(2008)have©2010TheInternationalAssociationforChineseManagementResearch224J.Luetal.developedaframeworkfromthestrategytripodperspectivethatincorporatesthedirectimpactofinternalresources,industrydynamics,an