基于FDI的我国企业“走出去”战略研究

【作者】 宋维佳；

【导师】 何剑；

【作者基本信息】 东北财经大学 ， 国际贸易学， 2006， 博士

【摘要】 经过20多年的改革开放，我国经济得到了飞速的发展，取得了令世界瞩目的成就。我国已经成为了世界上最重要的资本流入国，外商直接投资对中国经济的发展起了巨大的促进作用。因此在很长的一段时间内，我国政府、企业以及经济学界的学者对于跨国资本流动的研究更多地着眼于如何吸引和利用国外的资金与技术，以及利用外资对中国经济的影响等问题，更多地关注于“引进来”战略的研究。而与之相对应的中国企业对外投资问题却鲜有研究与讨论。随着经济全球化进程的不断加深，仅靠引进外资参与全球分工体系，被动地接受发达国家及其跨国公司的全球战略布局，我国是难以在经济全球化和全球分工格局中占据有利地位的。这是因为，经济全球化既是世界经济发展的趋势，也是一种新的国际经济体制，经济全球化的主要特点是生产的全球化。因此，企业作为经济增长和生产发展的原动力，在创造就业机会、发展新兴科技、积累物质财富方面都发挥着关键作用，并成为经济全球化的主导力量。所以，我国必须建立起“引进来”和“走出去”的双向思维，才能实现与世界经济的接轨与融合，才能紧紧地抓住国内外投资环境改善的机遇。只有这样，才能从全球范围开拓和利用市场，才能抓住经济全球化所提供的历史机遇，促进我国自身的经济发展，使我国的对外直接投资迈上新的发展台阶，从而真正实现投资规模扩大化、投资区域全球化、投资主体机构化。我国领导人审时度势，及时认识到我国企业“走出去”的战略意义。江泽民同志指出，在今后的对外开放中，必须不失时机地实施“走出去”战略。把“引进来”和“走出去”紧密结合起来，更好地利用国内国外两种资源、两个市场。要鼓励和支持优势企业逐渐扩大对外投资，开展跨国经营，通过建立海外销售网络、生产体系和融资渠道，促进企业在更大范围内进行专业化、集约化和规模化的跨国经营，加快培育我们自己的跨国公司。党中央为我国的基本国策注入了新的内容。从当前条件看，中国企业虽然已初步具备了“走出去”的基本条件，但是从目前我国企业“走出去”的现状分析，我国企业的跨国投资仍处于初期发展阶段，对外投资规模与我国的经济地位是极不相称的。我国的对外投资总额仅占世界对外投资存量的0．15070，吸引外资与对外投资的比例为1：0．09，不仅大大低于发达国家1：1．1的水平，而且也远低于发展中国家1：0．13的水平，对外投资占国内固定资产的投资比重也很低。这种状况不利于我国企业充分利用两种资源、两个市场，提高资源配置的效率和能力。“引进来”的成功与“走出去”的缓慢步伐形成了巨大的反差，如何加快实施“走出去”战略已成为我国对外开放中的迫切需要解决的问题。论文的研究，融理论解析、比较研究、实证分析、策略建议和实践运用于一体。本文首先从我国企业对外直接投资和“走出去”的内涵界定入手，通过对宏观、微观和发展中国家对外直接投资理论的总结性评述，试图为我国企业实施“走出去”战略建立坚实的理论基础。然后通过对我国企业对外直接投资历程的回顾，分析了我国企业对外直接投资尤其是实施“走出去”以来发展现状的分析，通过中外企业对外直接投资优势比较，提出我国企业实施“走出去”的战略规划。本文的主体框架由三部分构成：第一部分：我国企业“走出去”的理论基础和实践依据，包括论文的第二章和第三章；第二部分：我国企业发展FDI历史轨迹和总体评价，包括论文的第四章和第五章；第三部分：我国企业实施“走出去”的战略选择，包括论文的第六章、第七章、第八章、第九章和第十章。具体来说，本文共分十章：第一章导论。主要对本文所涉及的基本概念——对外直接投资和企业“走出去”进行界定，同时也提出了本文的研究背景、选题的意义、研究方法和本文的创新点及其需要深化研究的内容。第二章对外直接投资理论评述。首先简要介绍对外直接投资的传统理论中最有影响力的宏观和微观的流派。宏观国际直接投资理论主要有麦克杜格尔的国际投资利益分配模型、小岛清的比较优势投资理论和邓宁的国际投资发展阶段论；微观国际直接投资理论主要有海默的垄断优势理论、巴克利和卡森及邓宁的内部化理论、弗农的产品周期理论、邓宁的国际生产折衷理论；发展中国家对外直接投资理论主要有小规模技术理论、技术地方化理论、技术积累—技术改变的演进理论和动态比较优势投资理论；并指出各流派的理论在解释对外直接投资现象中存在的缺陷或不足。本章对这些对外直接投资理论进行评述的目的是为后面的战略分析提供理论支持。第三章发展中国家对外直接投资的发展。基于发展中国家对外直接投资的理论，详细地分析了近年来发展中国家对外直接投资迅猛发展的原因，并总结出发展中国家对外直接投资的基本特征，为我国企业的“走出去”提供借鉴。第四章我国企业“走出去”战略的提出。通过对我国企业“走出去”战略从孕育、提出、形成，到进一步的完善，从“走出去”的战略内涵入手，分析了我国企业“走出去”的必要性和紧迫性明确了企业“走出去”的内涵，阐述了“引进来”和“走出去”的辩证关系，论述了我国企业“走出去”的战略意义。第五章我国企业“走出去”的总体评价。本章首先回顾了我国对外直接投资的发展轨迹，分析了我国对外直接投资的特点，以及我国企业“走出去”的基本特征，剖析了我国企业在“走出去”过程中存在的问题，进行了中外跨国企业之间的国际竞争力的对比，旨在为我国企业“走出去”的战略规划提供依据。第六章我国企业“走出去”的主体选择战略。跨国公司是对外直接投资的主要载体，因此一个国家具有跨国公司的多少，表明国家的经济实力。本章首先通过对投资主体一般概念的分析，导出从事对外直接投资的主体——跨国公司的概念；通过对我国目前对外投资主体的分析，提出培养我国自己的跨国公司的战略构想。第七章我国企业“走出去”的产业选择战略。本章通过分析了在经济全球化背景下影响企业对外直接投资产业的影响因素，提出了我国企业对外直接投资的产业选择基准，最后提出了我国企业实施“走出去”战略的产业选择方式路径。第八章我国企业“走出去”的区位选择战略。区位现在是我国企业实施“走出去”战略的关键问题，合理的区位选择，是保证项目能够取得预期效益的重要条件。本章首先提出了区位选择的现实意义，然后分析了影响区位选择的各种因素，分析了目前我国企业“走出去”的区位选择现状，最后提出了正确进行区位选择的途径。第九章我国企业“走出去”的市场进入战略。本章首先较为系统地分析了进入市场的各种方式的利弊，然后深入分析了中小企业跨国经营进入方式选择的影响因素，最后通过定量模型分析，从多角度探讨了我国企业对外直接投资的进入方式的选择途径。第十章我国企业“走出去”的政府支持战略。无论是发达国家还是发展中国家，在整个对外直接投资的过程中，政府的支持是必不可少的。本章首先介绍了政府在市场经济中应起的作用，然后进行了发达国家和发展中国家政府关于对外直接投资政策的国际对比，进一步分析了我国政府的对外直接投资政策现状和存在问题，提出了政府在企业“走出去”过程中应进一步改善其职能的具体思路，在此基础上，提出了政府支持战略。更多还原

【Abstract】 Since the reform and opening policy was adopted by the Chinese government 20 years ago, Chinese economy has developed quickly and attracted the whole world’s attention. Our country has already become the most important capital inflow country in the world, and the foreign direct investment has promoted Chinese economy greatly. Therefore in very long period of time, in our country, the research of capital flow between countries mainly focus on the ways to attract and use overseas fund and the technology, the influence of foreign capital on our economy, and the "coming-in" strategy. Relatively, there are few researches and discussions about the foreign investment of Chinese corporation.With the advancement of economical globalization, it’s difficult for our country to take good advantage of the economical globalization and the global division of labor pattern only depends on the introduction of foreign capital and the passive acceptance of the developed country and its multinational corporation’s global strategy. This is because the economical globalization is not only a tendency of the development of the world economy, but also a new kind of international economy system. The main character of the economical globalization is the production globalization. Therefore, as the driving force of economical growth and the production development, corporations are playing the key role in creating employment opportunity, developing emerging science and technology and accumulating material wealth, and becoming the leading strength for the economical globalization. Therefore, it’s necessary for our country to establish bidirectional thought of "coming-in" and "going-out". Only in this way can we make our economy connected with the whole world economy, can we closely hold the opportunity to develop our domestic and foreign investments environment. Only then, can we develop and use the market from the global scope, can we hold the historical opportunity which the economical globalization provides to promote our economic development, can we make the foreign direct investment of our country to step into the higher level, thus can we truly realize the magnification of investment scale, the globalization of investment region, and the organization of investment main body.Considering the current situation, the leaders in our country have promptly realized the strategic sense of the "going-out" strategy to Chinese enterprises. Former president Jiang Zemin has pointed out that we should implement the "going-out" strategy at every possible opportunity in the future opening. We should integrate the "coming-in" and the "going-out" strategies, and use the two kinds of resources of domestic and overseas and two markets well. We must encourage and support the superior enterprises to expand foreign investment gradually, to conduct multi-national businesses, and to carry out transnational management in wider range through establishing the overseas sale network, the production system and the financing channels. In this way we can speed up to cultivate our own multinational corporations. The Central Party Committee has poured into the new content for our basic national policy.Looking from the current condition, the Chinese enterprises have already got the basic abilities for "going-out". However, when we analysis the present situation of our corporations’ "going-out", we can see that our enterprises’ transnational investment is still at the initial period, and that the foreign investment scale and our country’s economic status are extremely not symmetric. Our country’s foreign total investment only accounts for the world foreign investment storage quantity 0.15070. The ratio of foreign capital to the foreign investment is 1: 0.09. Not only is greatly lower than that of developed country (1: 1.1), but is far lower than that of developing nation (1: 0.13). The proportion of foreign investment in domestic fixed asset investment is also very low. This kind of condition is disadvantageous for our enterprises to use two kinds of resources and two markets and to enhance the efficiency and ability to dispose resources. The success of "coming-in" and the slow step of "going-out" have formed a strong contrast. Therefore, how to speed up the implementation of the "going-out" strategy is becoming a problem needed to solve urgently in the opening of our country.Based on the principle of integrating the theory and reality, this paper has conducted a systematic research on the foreign investment of Chinese enterprises, and believes that it’s necessary and feasible for Chinese enterprises to carry out foreign direct investment. And according to the above analysis, this paper proposes some countermeasures for Chinese enterprises from both macroscopic and the microscopic stratifications.This paper includes the theory analysis, the comparison research, the real diagnosis analysis, the strategy suggestion and the practice utilization. It starts with the connotations of foreign direct investment and "going-out" strategy of Chinese enterprises, and attempts to establish the solid theory foundation for the implementation of "going-out" strategy of Chinese enterprises. Then the paper reviews the course of Chinese enterprises’ foreign direct investment, analyses the present situation of Chinese enterprises’ foreign direct investment especially after the implementation of "going-out" strategy, compares the foreign direct investment of both domestic and abroad corporations, and proposes the strategic plan for the "going-out" of Chinese enterprises.The paper is composed of three parts. The first part introduces the rationale and the practice basis of "going-out" strategy of Chinese enterprises, including the second and third chapter of the paper. The second part introduces the history and the overall appraisal of the development of FDI in Chinese enterprises, including the fourth and fifth chapter of the paper. The third part introduces the strategic choice of implementing "going-out" strategy in Chinese enterprises, including the sixth, seventh, eighth, ninth and tenth chapter of the paper.The paper is divided into ten chapters:The first chapter is the introduction. It mainly defines the basic concept mentioned in the paper-foreign direct investment and the "going-out" strategy of Chinese enterprises; Simultaneously, it also proposes the research background, the significance of the selected topic, the research technique, innovative points and the contents needed to be studied further.The second chapter is the evaluation on FDI theory. Firstly, it introduces the most influential macroscopic and the microscopic school. At present, the main macroscopic foreign direct investment theory has Macdougall ’s international investment benefit assignment model, K. Kojima’s comparison superiority investment theory, and John Dunning ’s international investment development phase theory; the foreign direct investment microscopic theory mainly has S.Hymer ’s monopoly superiority theory, Peter. J. Buckley, Mark. Casson and John Dunning ’s internalization theory, Vernon’s product cycle theory, John Dunning’s Eclectic Theory of International Production; in the developing countries, foreign direct investment theory has the small scale technology theory, the technical localization theory, the technology accumulates—the technical change evolution theory and the dynamic comparison superiority investment theory. This chapter also points out the theory of various schools which explain the phenomenon of foreign direct investment is insufficient. This chapter carries on the narration to these foreign direct investment theory in order to provide the theory support for the behind strategic analysis.The third chapter introduces the practice of foreign direct investment in the developing countries. Based on the FDI theory of the developing nations, this chapter especially analyzes the reasons of swift development of FDI in the developing nations in recent years, summarizes the basic characteristics of FDI in the developing countries, and provides the model for "going-out" strategy of Chinese enterprises.The fourth chapter introduces the proposal, the formation and the perfection of the "going-out" strategy of Chinese enterprises. This chapter mainly focuses on the proposal, the formation and perfection of the "going-out" strategy, begins with the connotation of "going-out" strategy, analyses the necessity and the urgency of "going-out" for Chinese corporations, discusses the dialectical relations of "coming-in" and "going-out", and elaborates the strategic sense of Chinese enterprises’ "going-out".The fifth chapter introduces the development of Chinese enterprises’ foreign direct investment. This chapter firstly reviews the course of the foreign direct investment of Chinese corporations, then analyzes their characters as well as the basic characters of the "going-out" strategy, proposes the problems existing in the progress of Chinese enterprises’ "going-out", and at last compares the international competition of transnational enterprises both domestic and abroad.The sixth chapter introduces the choice of the main body of Chinese enterprises’ "going-out" strategy. The multinational corporation is the main carrier of foreign direct investment; therefore, the number of multinational corporations in one country can indicate its economic potentiality. This chapter firstly analyzes the general concept of the main body of investment, then introduces the concept of multinational corporations which is the main body of foreign direct investment, and proposes the strategic conception of raising our own multinational corporations.The seventh chapter introduces the industrial choice of Chinese enterprises’ "going-out" strategy. This chapter analyzes the factors that influence the industries of foreign direct investment under the economical globalization background, proposes the principles for the industrial choice of Chinese enterprises’ foreign direct investment, and finally gives some suggestions on ways to choose the industries for Chinese enterprises to implement "going-out" strategy.The eighth chapter introduces the location choice strategy of Chinese enterprises’ "going-out" strategy. At present, location is the key question in implementing "going-out" strategy of Chinese enterprises. The reasonable location choice can guarantee the anticipated benefit obtained by the project. This chapter first proposes the realistic meaning of location choice, then analyzes all kind of factors which influences location choice, and the status of location choice at present; at last, it proposes correct ways of location choice.The ninth chapter introduces market entry strategy of "going-out" strategy of Chinese enterprises. This chapter first systematically analyzes the advantages and disadvantages of each way of entering the market, and then thoroughly analyzes the influencing factors of transnational management of the small and medium-sized enterprise. Finally, through the quota model analysis, the paper has discussed the entry mode of foreign direct investment from the multiple perspectives.The tenth chapter introduces the government’s support strategy of the "going-out" of Chinese enterprises. Regardless of the developed country or the developing country, in the entire process of foreign direct investment, government’s support is essential. This chapter first introduces the government’s role which should play in the market economy, then has carried on international contrast on FDI strategy between the developed country and the developing country, has analyzed the present situation and the existent question in FDI strategy, points out that the government should improve its function in the process of "going-out" strategy of Chinese enterprises, in this foundation, proposes the government’s support strategy.更多还原