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1、外文翻译原文InternationalizationstrategyofChinesecompaniesinEuropeMaterialSource:Thenetherlands/DelftUniversityAuthor:YingZhang&SwegerFilippovAbstract:Sinceendofthe1990s,theworldhasbeenwitnessingaphenomenonofinternationalisationofChinesecompanies.Thisinternationalisat
2、ionisoftenunderstoodthroughFDIinflows,wherebymultinationalcompaniesestablishtheirpresenceinaformofsubsidiariesoverseas.However,latelymanycompanies(andChinesefirmsinparticular)startedtousestrategicalliancesandM&Asasapairoftoolsofinternationalisation.Despitethegro
3、wingbodyofliteratureonthistopicinthecontextofadvancedwesterneconomies,useofstrategicalliancesintheinternationalisationofChinesefirmsremainsanunderresearchedtopic.InthepaperweinvestigatethepotentialbenefitsforChinesecompaniestointernationalisethroughstrategicalli
4、ancesandM&As,andspecificallyincomparisontothetraditionalformsofoutwardFDI.ByusingthedatafromThomsonSDCdatabase,wespecificallyfocusontheSingleEuropeanmarketasanewprospectivelocationforChinesecompaniesandprovideaquantitativeoverviewofChinesefirms’alliancesaswellas
5、M&AsinEurope.ToillustratetheoptimalpatternofinternalisationofChinesefirmsinEurope,weadditionallyuseacasestudyofChineseautomotivemanufacturerCheryAutomobileCo.Ltd.Keywords:strategicalliances,emergingeconomies,China,Europe,internationalisation1.IntroductionChina’s
6、spectaculareconomicgrowthandunprecedentedsuccessinattractinginwardforeigndirectinvestment(FDI)hasdrawnmuchattentionofbothacademicscholarsandpolicy-makersalike.AsChinabecomesahotspotofglobalmarket,Chinesedomesticcompaniesareincreasinglyinternationalizedbyestablis
7、hinganetworkofsubsidiariesabroad.Theinternationalisationstartedbyenteringless-developedeconomies,particularlytheneighbouringAsianones.Sincerecently,Chinesecompaniesstartedpursuingtheinternationalisationstrategybyaimingtoenteradvancedwesterneconomies.Inthisstrate
8、gyofinternationalisation,Europerepresentsaparticularcase,mainlyduetotheEuropeanintegration.Firstly,byenteringonlyonememberstate,Chinesecompaniesdefactogetaccesstothee