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The Institutional Foundation of Foreign-Invested Enterprises (FIEs) in China

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Author Info
Yasheng Huang
Abstract

Foreign-invested enterprises (FIEs) are now an important component of the Chinese economy. Since 1992, the growth of FIEs has been exponential. However our understanding of the institutional factors driving the FIE growth remains limited. This paper uses data from 39 industries in China for a period of three years (1995-1997) to explore the institutional foundation of the FIE growth. Our findings suggest that the debt obligations on the part of the SOEs and the local control of the SOEs promote the growth of FIEs and that some of the foreign direct investment (FDI) inflows result in acquisition of existing assets and shift asset controls from SOEs to FIEs.

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Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number 264.

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Date of creation: 01 Sep 1999
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Handle: RePEc:wdi:papers:1999-264

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Related research
Keywords: foreign direct investment; economic transition; China;

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Find related papers by JEL classification:
P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
P33 - Economic Systems - - Socialist Institutions and Their Transitions - - - International Linkages
F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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  1. Lall, Sanjaya, 1978. "Transnationals, Domestic Enterprises, and Industrial Structure in Host LDCs: A Survey," Oxford Economic Papers, Oxford University Press, vol. 30(2), pages 217-48, July. [Downloadable!] (restricted)
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    Other versions:
  4. Wei, Shang-Jin, 1995. "Attracting foreign direct investment: Has China reached its potential?," China Economic Review, Elsevier, vol. 6(2), pages 187-199. [Downloadable!] (restricted)
  5. Caves, Richard E, 1974. "Causes of Direct Investment: Foreign Firms' Shares in Canadian and United Kingdom Manufacturing Industries," The Review of Economics and Statistics, MIT Press, vol. 56(3), pages 279-93, August. [Downloadable!] (restricted)
  6. Blomstrom, Magnus & Persson, Hakan, 1983. "Foreign investment and spillover efficiency in an underdeveloped economy: Evidence from the Mexican manufacturing industry," World Development, Elsevier, vol. 11(6), pages 493-501, June. [Downloadable!] (restricted)
  7. Robert Z. Lawrence, 1993. "Japan?s Low Levels of Inward Investment: The Role of Inhibitions on Acquisitions," NBER Chapters, in: Foreign Direct Investment, pages 85-112 National Bureau of Economic Research, Inc. [Downloadable!]
  8. Groves, Theodore, et al, 1994. "Autonomy and Incentives in Chinese State Enterprises," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 183-209, February. [Downloadable!] (restricted)
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  9. David K Tse & Yigang Pan & Kevin Y Au, 1997. "How MNCs Choose Entry Modes and Form Alliances: The China Experience," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 28(4), pages 779-805, December. [Downloadable!] (restricted)
  10. Shang-Jin Wei, 1996. "Foreign Direct Investment in China: Sources and Consequences," NBER Chapters, in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 77-105 National Bureau of Economic Research, Inc. [Downloadable!]
  11. Yigang Pan, 1996. "Influences on Foreign Equity Ownership Level in Joint Ventures in China," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 27(1), pages 1-26, March. [Downloadable!] (restricted)
  12. H H Aswicahyono & Hal Hill, 1995. "Determinants of Foreign Ownership in LDC Manufacturing: An Indonesian Case Study," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 26(1), pages 139-158, March. [Downloadable!] (restricted)
  13. Chow, Clement Kong Wing & Fung, Michael Ka Yiu, 1998. "Ownership Structure, Lending Bias, and Liquidity Constraints: Evidence from Shanghai's Manufacturing Sector," Journal of Comparative Economics, Elsevier, vol. 26(2), pages 301-316, June. [Downloadable!] (restricted)
  14. Yingyi Qian, 1999. "The Institutional Foundations of China's Market Transition," Working Papers 99011, Stanford University, Department of Economics. [Downloadable!]
  15. Blomstrom, Magnus, 1986. "Foreign Investment and Productive Efficiency: The Case of Mexico," Journal of Industrial Economics, Blackwell Publishing, vol. 35(1), pages 97-110, September. [Downloadable!] (restricted)
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