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1、本科毕业论文外文翻译外文题目：HistoricandEmergentTrendsinChineseOutwardDirectInvestment出处：ManagementInternationalReview,MIR48(2008)6作者：PeterJ.Buckley,AdamR,Cross,HuiXin,HinrichVoss原文：HistoricandEmergentTrendsinChineseOutwardDirectInvestmentEntryModeLiteratureontheinternationalisatio
2、nofdevelopingcountryMNEssuggeststhatminorityIJVsarethepreferredmodeofmarketentry(Wells1983,Yeung1994).Onereasonisthatsuchfirmsseldompossessthelevelofproprietarytechnologyandfirm-specificknow-howtonecessitateinternalisationviamajorityorfullownership(Buckley/Casson1976,Dun
3、ning1993).ThisisalsoevidentintheearlyyearsofChineseODIdevelopment:projectlevelSAFEdatarevealthat,intheearly1990s,around70percentofoverseasprojectsofChinesefirmstooktheIJVform(seeTable5).Zhan(1995)alsoreportsthatChinesefirmstendedtooptformajorityequityshareholdingsinover
4、seasprojects,typicallyintherangeof40to70percentequityparticipation,especiallyinnaturalresource-orientedandmanufacturing-relatedprojects.Anumberofexplanationscanbeenvisaged.Fromagovernmentalperspective,theformalinvestmentapprovalprocessgenerallyrequiredChineseMNEstoado
5、pttheIJVentrymode.TheChineseauthoritieshadbecomefamiliarwiththeeconomicgainsassociatedwiththepromotionofinwardFDIintheformofIJVs,thepromotionofwhichwasacornerstoneofChina’s‘OpenDoor’policy.TheJVformwasseenasavehicleforpromotingtheinflowofforeign-ownedtechnology,managem
6、entknow-howandotherskillstoChina.TheauthoritieswerealsonowadeptandcomfortablewithatadministeringforeigninvestedenterprisesinChina.ItislikelythatequivalentadvantagesweresoughtwhenChineseenterprisesinvestedabroad.Familiarcostandrisk-minimisingfeaturesofIJVswillalsohaveb
7、eenimportanttotheinvestmentapprovalagencies(Zhan1995,Taylor2002,Wang2002).Fromanenterpriseperspective,inefficientdomesticcapitalmarketsandbudgetconstraintsmeantthatmanyChineseenterprises,includingstate-ownedones,oftenfounditdifficulttoobtainsufficientfundstopurchaseovers
8、easassetsoutright,compellingthemtooptfortheIJValternative.TheJVformalsoallowedChineseMNEstoexerciseadegreeofcontroloverlocal
