【作者】 杨麒；

【导师】 姜凌；

【作者基本信息】 西南财经大学 ， 国际贸易学， 2010， 博士

【摘要】 经济全球化正改变着国际经济分工的格局,使得各国政府越来越重视在国际市场范围内配置生产资源。然而,仅靠对外贸易已难以使一国在国际竞争中的地位有较大提高,国际贸易顺差、逆差也无法完全反映一个国家的综合国际竞争力；仅靠引进外资参与全球分工体系,也难以在经济全球化和全球分工格局中占据有利地位。只有积极参与国际分工,主动实施“走出去”战略,积极开展对外直接投资,从全球范围内考虑资源配置和经济发展空间、开拓和利用市场,才能抓住经济全球化所提供的历史机遇,促进本国的经济发展,即只有企业积极主动地参与国际市场的竞争,才能有利于在世界范围内提高其竞争力,使其真正融入经济全球化的潮流之中。因此,除国际贸易外,对外直接投资已成为发达国家建立世界经济新秩序的重要手段,而随着经济的发展和实力的增强,发展中国家也越来越重视其在新的国际经济环境中的地位,并将对外直接投资作为其改善目前处境的重要措施。就中国而言,自改革开放以来,经济得到快速发展,经济质量不断完善,综合国力也不断提高,但中国经济在高速发展的同时也面临着产能过剩、国内需求不足以及结构失衡等问题。此外,目前我国已经成为全球成熟技术传统产业的主要基地,形成了出口型经济发展模式,从而导致了我国经济对国外市场的依赖,容易受到国际经济波动的影响。而这些问题仅仅依靠国内市场却无法得到彻底解决,必须借助于国际市场加以实现；因此,在当前的国际国内经济发展态势和趋势下,研究中国跨国企业实施对外直接投资战略不仅能有利于推动我国国民经济结构的战略性调整、拓展我国经济发展空间、提高我国的经济总体实力和国际竞争地位,而且还有利于缓解我国国内资源短缺的现状、促进对外商品出口、有效利用国内外两个市场和两种资源为我国经济建设和经济发展服务,同时,对我国跨国公司治理结构的构建及对实现我国国民经济健康、持续、稳定发展,都具有十分重要的理论和现实指导意义,本文在第1章对上述内容进行了详细的论述。鉴于此,本文将从理论、实践和政策等多方面对我国非金融跨国公司实施对外直接投资战略选择问题进行深入细致的研究。从跨国公司对外直接投资理论的发展历程来看,伴随着世界经济转向稳定发展,跨国公司对外直接投资活动迅速扩张,跨国公司在国际经济发展中的地位和作用日益突出,跨国公司对外直接投资迫切需要对跨国经营实践的理论指导。不少经济学家开始将注意力转向对新的国际经济行为主体——跨国公司的研究上来,并且随着研究的逐渐深入,形成了许多对外直接投资理论。于是,本文在第2章对这些理论进行了梳理。从发展的角度看,跨国公司对外直接投资理论的研究是沿着两条路线逐渐演进的：第一,以国家经济利益为出发点,以完全竞争为重要假设,研究跨国公司对外直接投资的变化规律及对东道国和母国的影响；第二,以企业的经济利益为中心,以不完全竞争为重要假设,研究跨国公司如何实施跨国经营的战略。从研究的对象来看,跨国公司对外直接投资的理论研究可分为两类：其一是以发达国家的跨国公司为研究主体的对外直接投资理论,这类研究反映的是西方发达国家跨国公司发展和经营的基本规律；其二是以发展中国家的跨国公司为研究主体的对外直接投资理论,这类理论研究直到上世纪80年代后期才逐渐出现,至今仍未形成一个完整的理论分析框架,而专门针对我国自身实际状况和对外投资发展状况提出的理论更是少之又少。改革开放30年来,中国企业积极开展了多种形式的跨国直接投资活动,跨国经营也取得了较为丰富的经验,尤其是进入21世纪以来,中国企业对外直接投资也呈现出了新的增长态势,但与此同时,也存在着诸如管理体制及企业本身经营素质等问题,致使“走出去”的市场绩效在一定程度上受到约束,远远不能满足中国经济发展和对外开放的需要。因此,对我国企业对外直接投资发展历程、影响因素、现阶段的特点以及存在的障碍进行分析是研究我国非金融跨国公司对外直接投资战略模式选择的必要前提,这也是本文第3章和第4章的主要研究内容。具体而言,在第3章,本文根据改革开放30年来对外直接投资总量的由小到大,将我国对外直接投资的发展历程划分了四个阶段：在探索阶段,我国对外直接投资是在高度集中的管理模式下进行的,投资额极为有限,且投资主体主要是大型的贸易和综合性集团,投资业务也以贸易活动为主；在起步阶段,我国跨国公司的国际化经营领域开始多元化,由原来的外贸专业公司和省市国际经济技术合作公司向多行业的生产企业和集团企业转变,同时海外投资的地域逐步扩大、行业也逐步延伸；而在1992-1998年期间,鉴于某些海外投资企业出现效益低下、持续亏损以及无序发展的现象,国家对跨国投资企业进行清理整顿,使得对外直接投资增长出现了趋缓的势头,从而进入了相对稳步的发展阶段；而从1999年至今,伴随着中央政府最终提出和确定“走出去”的发展战略,我国对外直接投资的规模和数量呈现高速增长的态势,进入了迅猛的发展阶段。在此基础上,本文对现阶段我国对外直接投资的影响因素和特征进行了探讨,并基于我国最新的Panel Data数据建立了回归模型进行分析。研究发现影响我国对外直接投资的因素主要包括：国内生产总值、技术发展水平、净出口、人民币汇率、外汇储备和贷款利率等,而经济发展水平、技术积累与技术发展水平也对我国对外直接投资起着至关重要的作用；我国对外投资特征显示：在总体上,对外直接投资的规模和范围得到了极大地发展；在境内投资主体上,多元化的投资格局已初步形成,对国有企业的依赖逐渐减小；在区位选择上,中国对外直接投资覆盖了全球6大洲的绝大多数国家；在行业结构上,中国对外直接投资己涉及到了18类行业领域。从我国对直接投资的发展历程和现阶段的特点来看,应该说中国对外直接投资总体上呈现了良好的发展态势,中国企业跨国投资和经营活动也取得了巨大的成效,但仍然存在着诸如投资区域相对集中和产业结构层次化较低的问题和缺陷以及政策、制度和跨国公司自身经营管理等阻碍我国跨国公司进一步发展的障碍。于是本文在第4章,从宏观和微观两个方面对现阶段我国跨国公司实施对外直接投资战略的障碍进行了分析。在宏观方面,政府对企业进行跨国投资的指导性措施不足、政策的非对称性以及相关的法律法规不完善等政策性障碍和多头审批管理、企业优惠政策难以真正获得、事后监管薄弱以及对外投资的信息服务体系尚未完全建立等制度性障碍严重制约了我国公司实施跨国投资战略的发展；在微观方面,企业实施跨国经营活动的资金短缺、核心竞争力不足、企业制度不完善、人力资源匮乏、市场信息不完全以及国际经验欠缺等也均掣肘中国企业进行跨国投资和经营活动的进一步拓展和完善。在深入分析现阶段我国跨国公司实施跨国投资战略所存在障碍的基础上,本文于第5章从成长模式、经营模式、管理模式和股权模式四个方面系统而详尽地研究了我国跨国公司实施对外直接投资战略模式的选择。在成长模式的选择上,针对先具备某种竞争优势的跨国公司,应当根据企业特点,判断自身属于何种优势类型(技术主导型、规模经济/低成本型、范围经济/综合集团型),然后再利用该优势开展跨国经营；针对期望通过跨国经营获取某种竞争优势的跨国公司,也应判断自身的优势类型(技术资源型、销售资源型、原料资源型),逐渐成长为跨国公司。在经营模式的选择上,企业应充分考虑部门或行业因素、自身因素(资产、技术、专利、管理等方面)以及制度因素以确定自己的经营模式,从分析结果来看,综合商社的经营模式是我国跨国公司对外直接投资经营模式的大势所趋。在管理模式选择上,跨国公司财务管理模式的集权化将成为我国跨国集团公司财务管理模式选择的必然趋势；在风险管理模式上,我国跨国公司应当在利润最大化基础上,同时兼顾风险管理初级形式(以寻求自然资源或廉价劳动力为导向)、中级形式(以寻求资本密集、规模扩张为导向)和高级形式(以知识型投资为核心)三种形式的风险管理模式,并积极推动跨国公司风险管理模式向以知识型投资为核心的高级管理形式过渡。在股权模式选择上,对跨国公司而言,独资进入与合资进入两种模式各有利弊,它们都是跨国公司在其整体战略指导下,结合自身资源状况以及东道国的投资环境而做出的决策结果,因而跨国公司进入模式的选择,实际上是多重因素约束下的一个综合结果。在第6章,本文给出了中国企业实施跨国直接投资战略模式选择相关配套软环境建设的主要对策及建议。本文认为,首先,我国政府应继续加大对我国企业“走出去”实现跨国经营的政策支持,并通过完善对跨国企业间接的宏观管理、在职能和政策上突出激励与扶持、制定完善的跨国经营法规体系以及加大对跨国经营的服务和支持力度等方面予以实现；其次,我国政府应加快对外经济领域内的法律建设,包括民法、知识产权保护法、商法、经济法、外商投资法、对外贸易法、劳动社会保障法及其他相关的法律体系的建设和完善；第三,我国跨国公司应大力培育自身的核心竞争力,主要通过发挥比较优势、坚持以人为本以及建立技术创新机制三个渠道来培育我国跨国公司的核心竞争力；第四,应加大企业跨国投资的风险管理能力,跨国公司的管理者以及各级风险管理人员要围绕企业的经营目标、风险承受水平和企业的风险管理综合能力等因素,为企业投资选择合适的风险管理策略；最后,我国跨国公司应完善跨国经营活动的现代企业制度,重点包括建立合理的治理机制、构建多维的立体信息网络、创建适应国际化战略的企业文化、以国际市场为导向选择合理的经营定位以及选择合适的跨国经营方式等方面。更多还原

【Abstract】 Economic globalization is changing the pattern of international economic division of labor, making governments more and more attention in the international market within the allocation of productive resources. However, trade alone has been difficult to make a country’s position in international competition has improved greatly, the international trade surplus, the deficit can not fully reflect a country’s overall international competitiveness; only through the introduction of foreign capital participation in the global division of labor, it is difficult in the pattern of economic globalization and the global division of labor to gain an advantageous position. Only by actively participating in international division of labor, take the initiative to implement the "going out" strategy, actively carry out foreign direct investment, from a global consideration of resource allocation and economic development space, explore and use of the market in order to seize the historic opportunity offered by globalization to promote the country’s economic development, and that only companies actively participate in international competition in the market in order to help enhance their competitiveness in the world to really integrate into the trend of economic globalization into. Thus, in addition to international trade, foreign direct investment has become the developed countries to establish a new world economic order, an important means for the developing countries are increasingly focusing on the new international economic environment, the status of, and foreign direct investment as part of its an important measure to improve the current situation.The case of China, since the reform and opening up its rapid economic development, economic quality and constant improvement of overall national strength has been increased, but the rapid development of Chinese economy is also facing the same excess capacity, insufficient domestic demand and structural imbalances and other issues, while these problems can not rely on the domestic market to be completely resolved, you must be achieved by means of the international market. In addition, China has become the world’s proven technology of traditional industries, the main base for the formation of the export-oriented economic development model, which led to Chinese economic dependence on foreign markets, vulnerable to international economic fluctuations.t Thus, in the current international and domestic economic development situation and trends, the study of Chinese multinational companies to implement foreign direct investment strategy can not only help promote the strategic restructuring of Chinese national economy, expanding space for Chinese economic development and improve the overall strength of our economy and the international competitive position, but also help alleviate the shortage of resources in our country the status quo, promoting commodity exports, effective utilization of both domestic and overseas markets and two resources for Chinese economic construction and economic development, while the governance structure of multinational corporations in China Construction of Chinese national economy to achieve healthy, sustainable and stable development of great theoretical and practical significance. With Chinese growing number of multinational corporations and the growing foreign direct investment activities, coupled with our government of "going out" strategy formulation and implementation of a growing number of scholars have begun to pay attention to China enterprises to implement the phenomenon of cross-border direct investment, and through a variety of ways from every point of view of the phenomenon of foreign direct investment of Chinese enterprises to conduct the analysis and interpretation.In this paper, the domestic research literature has been systematically combing found that existing multinational companies in China foreign direct investment behavior of multinational companies in China focused on the motives of foreign direct investment, benefits, policies, mechanisms and models, etc, The above were discussed in Chapter 1 of this paper in detail.In view of this, this article from the theory, practice and policies of transnational corporations and other aspects of the implementation of Chinese strategic choice of foreign direct investment issues in-depth and meticulous research.From the development process point of the Theory of Foreign Direct Investment view, Along with the world economy’s steadily development, Foreign direct investment multinational rapid expansion, transnational corporations in international economic development status and role of increasingly prominent MNCs urgent the need for theoretical guidance in transnational business practice. Many economists turned their attention to the new international economic actors-multinational, and with the gradual in-depth research to create a lot of foreign direct investment theory. Therefore, this article in Chapter 2 of these theories has been combed. From a development point of view, the Theory of Foreign Direct Investment research is gradually evolving along two lines:First, national economic interests as the starting point, perfect competition as the importance of assuming, to study the variation and the impact of host and home countries of foreign direct investment of multinational companies. Second, this paper studied how to implement the strategy of transnational business, which taking the economic interests of enterprises as the center, taking the imperfect competition of multinational corporations as importance of assumption. From the view of the object of study, Foreign direct investment can be divided into two categories in the theory: The first is the study of multinational corporations in developed countries, Which kinds of theories research the reflects of the development of Western developed countries and multinational companies operating in the fundamental law; The other multinational companies theories is based in developing countries to study the subject Foreign direct investment theories, these theories gradually surface only and has yet to form a complete theoretical framework in the late 80s until last century, but specifically for china actual status and situation of Investing Abroad are lesser. Reform and opening up 30 years ago, Chinese Non-financial TNCs to actively carry out various forms of cross-border direct investment and transnational business has also made a more rich experience, especially into the 21st century, foreign direct investment in Chinese enterprises have also shown a new growth momentum, At the same time, there also exist such as the management system and corporate issues such as the quality of its own operations, resulting in "going out" of the market performance to some extent subject to control, far from being able to meet Chinese economic development and opening-up needs. Thus, foreign direct investment of Chinese Non-financial enterprises development process, at this stage of the characteristics and analysis of obstacles in the study of Chinese foreign direct investment strategy of transnational corporations a necessary prerequisite for mode selection, which is Chapter 3 of this article and Chapter 4 of the main research contents. Specifically, in Chapter 3, article 30 years under the reform and opening up foreign direct investment flows from small to large, will Chinese foreign direct investment in the development process into four stages:in the exploration stage, China’s foreign direct investment in the highly centralized management style carried out under very limited amount of investment, and investors are mainly large-scale integrated group of trade and investment operations also dominated trade activity; in the initial stage, Chinese multinational corporations began to diverse areas of international operations technology, from the professional foreign trade companies and provinces international economic and technological cooperation to a multi-industry manufacturing company and group enterprises to transform their businesses, while gradually expanding the geographical overseas investment, the industry is gradually extended; in the period 1992 to 1998, in view of a Some foreign-invested enterprises appear inefficient, continued losses and the phenomenon of sprawl, the state-invested enterprises to conduct clean-up cross-border consolidation, allowing foreign direct investment growth has slowed down the momentum to enter a relatively stable stage of development; while from 1999 to date, along with the central government put forward and to determine the final "go global" development strategy, China’s foreign direct investment, the size and number of present high growth momentum, into the rapid stage of development. On this basis, the paper at the present stage of China’s foreign direct investment, factors and characteristics were discussed and the Panel Data Based on the latest data to establish a regression model for analysis. Found that affect China’s foreign direct investment mainly include:gross domestic product, technology development level, net exports, net exports, the RMB exchange rate, foreign exchange reserves and loan interest rates; In domestic investors, the diversified investment pattern has taken shape, to gradually reduce the reliance on state-owned enterprises; In location choice, Chinese foreign direct investment in the country covering the ball the majority of countries on 6 continents; in the industry structure, Chinese foreign direct investment has involved 18 classes of sectors.Of direct investment from Chinese history and characteristics of the current stage point of view, it should be said of Chinese foreign direct investment in general showed a good development trend, Chinese enterprises cross-border investments and business activities have also achieved great success, but there are still such as investment in the region is relatively centralized and hierarchical structure of the problems and shortcomings, and the lower the policies, systems and multinational companies such as self-management hindered the further development of Chinese multinational companies obstacles. So, in chapter 4 of this paper, from the macro-and microeconomic aspects of the implementation stage of Chinese multinational corporation’s barriers to foreign direct investment strategy were analyzed. In the macro level, the government enterprises guiding cross-border investment measures are inadequate, the policy of non-symmetry and related laws, regulations and other policy-related barriers and imperfect long examination and approval management, enterprise hardly be able to obtain preferential treatment, and afterwards, as well as weak supervision of foreign investment The information service system has not yet been fully established institutional barriers such as Chinese companies has seriously hampered the implementation of the development of cross-border investment strategies; in micro-level, cross-border business activities of enterprises of funding shortages, lack of core competitiveness, enterprise system is imperfect, human resources are scarce, incomplete market information, as well as the lack of international experience, also are restrictions on Chinese enterprises to multinational investment and business activities to further expand and improve.In-depth analysis of the implementation stage of Chinese multinational cross-border investment strategy based on the existence of barriers, this article in Chapter 5 constructed with four models, including growth model, business model, management models and equity model of four systems studied in detail the implementation of foreign multinationals in China Direct investment strategy model of choice. In the growth model of choice, to tackle the multinational companies have a competitive advantage, should be based on characteristics of enterprises, to determine what kind of advantages of its own type (technology-driven type, economies of scale/low-cost type, economies of scope/ Integrated Group type), and then use the advantage of carrying out cross-border operation; cross-border operations against the wanted to get a competitive advantage, multinational corporations should also be the type to judge its own advantages (technical resource-based, sales resource-based, raw material resource-based), has grown into a multinational. In the choice of business model, companies should take full account of sector or industry factors, self-factors (assets, technology, patents, management, etc.) as well as institutional factors in order to determine its own business model, from the analysis results, a comprehensive trading company’s business model Chinese foreign direct investment multinational business model trend. In the management mode selection, the multinational financial management model will become the centralized financial management of Transnational Corporation an inevitable trend of mode selection. In the risk management model, our multinational corporations should be based on profit maximization, taking into account the primary form of risk management (search for natural resources or cheap labor-oriented), intermediate form (to seek a capital-intensive, scale expansion-oriented) and Senior form (to the knowledge-based investments for the core) three forms of risk management, and actively promoting risk management model to the multinational companies to invest in knowledge form the core of the senior management transition. In the equity model of choice for multinational corporations, the wholly-owned joint venture entered into with the two models have advantages and disadvantages, which are multinational corporations under the guidance of its overall strategy, combined with their own resources as well as the host country’s investment environment and make decisions The results, thus the choice of companies to access the mode is actually one of the constraints of multiple factors combined result.Finally, in Chapter 6, cross-border direct investment enterprises in China Strategic Choice of supporting software environment, the main countermeasures and suggestions This paper argues that, first of all, our government should continue to increase Chinese enterprises "going out" policy support to achieve cross-border operations, and indirectly through multinational corporations to perfect macro-management, in terms of functions and policies necessary to highlight the incentives and support, to develop complete legal system for cross-border operations, as well as increase cross-border operations and other aspects of service and support to be achieved; Secondly, our government should speed up the field of foreign economic laws of construction, including civil law, intellectual property protection law, commercial law, economic law, foreign Investment Law, Foreign Trade Law, Labor and Social Security Law and other relevant legal system; Third, Chinese multinational companies should strive to culture their core competitiveness, mainly through the comparative advantages, adhere to people-oriented technical innovation mechanism and the establishment of three channels to the core competitiveness of Chinese multinational companies; Fourth, we should increase the cross-border investment enterprise risk management capabilities, managers of multinational companies, as well as risk management at all levels of personnel should focus on corporate business objectives, risk tolerance level and enterprise risk management comprehensive capacity and other factors, in order to choose the right business investment risk management strategy; Finally, our cross-border business activities of transnational corporations should improve the modern enterprise system, focusing on governance including the establishment of a reasonable mechanism to build multi-dimensional three-dimensional information network, creating an international strategy to adapt to corporate culture to the international market-oriented management choose the right location and choose a suitable cross-border mode of operation and so on.更多还原