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Perspectives on China's outward foreign direct investment

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Author Info

  • Randall Morck

    (Department of Finance and Management Science, University of Alberta and NBER, Edmonton, Canada)

  • Bernard Yeung

    ([1] 2Stern School of Business, New York University, New York, USA [2] 3Guanghua School of Management, Peking University, Beijing, China)

  • Minyuan Zhao

    (Ross School of Business, University of Michigan, Ann Arbor, USA)

Abstract

Recent economic data reveal that, at the infant stage, China's outward foreign direct investment (FDI) is biased towards tax havens and Southeast Asian countries and are mostly conducted by state-controlled enterprises with government sanctioned monopoly status. Further examination of China's savings rate, corporate ownership structures, and bank-dominated capital allocation suggests that, although a surge in China's outward FDI might be economically sensible, the most active players have incentives to conduct excessive outward FDI while capital constraints limit players that most likely have value-creating FDI opportunities. We then discuss plausible firm-level justifications for China's outward FDI, its importance, and promising avenues for further research. Journal of International Business Studies (2008) 39, 337–350. doi:10.1057/palgrave.jibs.8400366

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Journal of International Business Studies.

Volume (Year): 39 (2008)
Issue (Month): 3 (April)
Pages: 337-350

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Handle: RePEc:pal:jintbs:v:39:y:2008:i:3:p:337-350

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Citations

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Cited by:
  1. Tolentino, Paz Estrella, 2008. "The determinants of the outward foreign direct investment of China and India: Whither the home country?," MERIT Working Papers 049, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  2. Lin Cui & Fuming Jiang, 2010. "Behind ownership decision of Chinese outward FDI: Resources and institutions," Asia Pacific Journal of Management, Springer, vol. 27(4), pages 751-774, December.
  3. Thierry Pairault, 2014. "Chinese direct investment in Africa. A state strategy?," Post-Print halshs-00981417, HAL.
  4. Gabor Hunya & Roman Stöllinger, 2009. "Foreign Direct Investment Flows between the EU and the BRICs," wiiw Research Reports 358, The Vienna Institute for International Economic Studies, wiiw.
  5. Thierry PAIRAULT, 2013. "Chinese Direct Investment In Africa: A State Strategy ?," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 37, pages 259-284.
  6. David Greenaway & Alessandra Guariglia & Zhihong Yu, . "The More the Better? Foreign Ownership and Corporate Performance in China," Discussion Papers 09/05, University of Nottingham, GEP.
  7. Christian Milelli & Françoise Hay, 2008. "Chinese and Indian firms’ entry into Europe: characteristics, impacts and policy implications," EconomiX Working Papers 2008-35, University of Paris West - Nanterre la Défense, EconomiX.

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