The Development of Outward FDI Regulation and the Internationalization of Chinese Firms
The Development of Outward FDI Regulation and the Internationalization of Chinese Firms
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DOI：
10.1080/10670564.2014.882535
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发表时间：
2014-08
影响因子：
2.6
通讯作者：
Yuefang Si
中科院分区：
文献类型：
--
作者：
Yuefang Si
投资发展路径（IDP）模型已被广泛接受，它根据发达经济体的数据说明了一个国家的内向和外向外国直接投资（FDI）地位与其经济地位之间的关系。然而，近年来，发展中经济体的对外直接投资急剧增加，有人认为，除了经济指数之外，制度也是“前沿”因素。在本文中，我们使用中国的统计数据来检验IDP模型的有效性，中国经历了巨大的监管改革和FDI的发展。我们还追溯了中国FDI监管发展的历史，以回答以下问题：在不同时期，监管对FDI的重要性体现在哪些方面？我们以联想为例研究中国企业如何“避免”和“适应”监管变化。研究发现，中国的FDI发展仍然遵循IDP模式；然而，中国政府通过积极的监管改革加快了这一进程。在中国这样的转型经济中，外国直接投资与监管共同发展，能够影响或预见政策变化的公司可以相当繁荣。
The Investment Development Path (IDP) model has been widely accepted for illustrating the relationship between the inward and outward foreign direct investment (FDI) positions of a country and its economic status based on the data from developed economies. In recent years, however, outward FDI from developing economies has increased dramatically and it has been argued that institutions are ‘forefront’ factors in addition to the economic index. In this article, we use statistical data from China, which has gone through dramatic regulation reform and FDI development, to test the validity of the IDP model. We also trace the history of Chinese FDI regulation development to answer the following question: in what way are regulations important for FDI in different periods? We use Lenovo as a case study to show how a Chinese firm ‘avoids’ and ‘adapts to’ regulation changes. We find that the FDI development of China still follows the IDP model; however, the Chinese government has accelerated the whole process through active regulation reform. In a transition economy such as China, FDI co-evolves with the regulation, and the firms which can influence or foresee the policy changes can prosper considerably.