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1、中国企业“走出去”对外投资并购的视角PerspectivesonChina'sOutwardForeignDirectInvestmentRandallMorckUniversityofAlbertaSchoolofBusinessandNBERTel:(780)492-5683randall.morck@ualberta.caBernardYeungSternSchoolofBusinessNewYorkUniversityTel:(212)998-0425byeung@stern.nyu.eduMinyuanZhaoRossSch
2、oolofBusinessUniversityofMichiganTel:(734)647-6978myzhao@umich.eduJune2007*TheauthorsaregratefulforthehelpfulcommentsfromWilliamAllen,TomPugel,andChangqiWu.PerspectivesonChina'sOutwardForeignDirectInvestmentRandallMorckBernardYeungMinyuanZhaoAbstractRecenteconomicdatare
3、vealthat,attheinfantstage,China’soutwardforeigndirectinvestment(FDI)isbiasedtowardstaxhavencountriesandSouthEastAsiancountriesandaremostlyconductedbyStatecontrolledenterpriseswithgovernmentsanctionedmonopolystatus.FurtherexaminationofChina’ssavingsrate,corporateownershipstru
4、ctures,andbankdominatedcapitalallocationsuggeststhat,althoughasurgeinChina’soutwardFDImightbeeconomicallysensible,themostactiveplayershaveincentivestoconductexcessiveoutwardFDIwhilecapitalconstraintslimitplayersthatmostlikelyhavevalue-creatingFDIopportunities.Wethendiscusspl
5、ausiblefirm-leveljustificationsforChina’soutwardFDIflow,itsimportance,andpromisingavenuesforfurtherresearch.I.IntroductionBarelythirtyyearsago,mostwouldconsiderChinaapooragriculturaleconomy.In2008ChinaishostingtheOlympicstosignalitsemergenceasamajoreconomicpower.Thisphenomen
6、aldevelopmentappropriatelydrawsinternationalbusinessscholars’attention.OneespeciallycuriouscharacteristicofChina’sdevelopmentpathisarecentsurgeinitsoutwardforeigndirectinvestment(FDI).Successfulandnot-so-successfulforeignacquisitionsbycompanieslikeHaier,Lenovo,TCLandCNOOC(Ch
7、inaNationalOffshoreOilCorporation)grabheadlines.Muchdiscussionisofthephenomenonitself.Withoveratrilliondollarsinforeignreservesandincreasingeconomicclout,Chinacansendflagshipcompaniesabroadtoacquiretechnologies,brands,resources,andbetteraccesstointernationalmarkets.Insomeind
8、ustriesatleast,risingcapacityandintensifyingdomesticpricecompetitionarecutt
