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The Research on Effects of Chinese Enterprises’ OFDI on Macro-economy in Home Country

Author: LiJingXiao
Tutor: ZhouLiQun
School: Nankai University
Course: Political Economics
Keywords: Foreign Direct Investment Country Specific AdvantageMacroeconomic Effect Investment Promotion System
CLC: F279.2
Type: PhD thesis
Year: 2013
Downloads: 158
Quote: 0
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Abstract


Economic globalization makes all countries involved in the international labor division and exchange actively or passively. The accelerated movement of products, capital, technology and information among various countries and regions greatly promoted the efficient allocation of resources within the whole world. FDI has become one of the important factors to promote the growth of the world economy. No country can develop with its own resources, funds, technology or market. So internationalization has turned into the inevitable choice. Since the development of foreign direct investment has been a long time, the study on it mostly focused on its impact on the host country’s economy, whereas pays little attention to its impact on the investing country’s economy as well as policy factors of FDI of these countries. In reality, FDI policy factors of the investing countries play an important role in deciding the magnitude of FDI, investing target places and industries, patterns of investment, and the form of ownership. With the great changes of international economic since the1980s, all countries have encouraged the inflow of foreing capital, and at the same time they also loosened restrictions on their own outward FDI and adopted various measures to promote the development of their outward FDI. These changes pose new challenges to the theoretical study on FDI as well as require positive research about all countries’practice of FDI. The pattern of China’s utilizing FDI has been transformed from emphasis on introducing foreign capital into stressing "Going out" as well as "drawing in"."Going out" strategy has become an inevitable choice for urging Chinese domestic companies to explore the world market to step up its application of foreign resources and participate in economic globalization.However, due to economic development level, historical and insitutional reasons and other aspects, there are some problems in thory and practice of FDI. This paper tries to explore China’s FDI deeply and systematically. Although FDI theory in the traditional and developing countries has some explanatory power, China’s FDI has relative independence because of the difference of economic environment, advantage of ownership, governance structure and policy. New theories and methods are needed urgently. The research on China’s FDI can enrich and promote the FDI theory of developing countries, provide theoretical reference for relevant scholars, provide policy advice to Chinese government and practical guidance for Chinese enterprises. This paper proposes the country specific advantage theory according to the above major theme, constructs the theoretical framework for FDI of Chinese enterprises. This paper also measures the influence of FDI on China’s macro economy from the aspects of economic growth, trade, employment, technology progress and industrial structure. Some countermeasures and suggestions for consummating China’s investment are proposed on the basis of analyzing the investment promotion measures of the host country.This paper is divided into the following six parts:In the part of literature review, the main international FDI theories are briefly reviewed and commented. The FDI theory of developed countries and developing countries are two main aspects. The new advances in theoretical exploration of China’s FDI theory and domestic and foreign scholars’research of FDI in China and other emerging economies are reviewed. Reviewing the existing FDI theory can provide reference for studying China’s FDI theory.In the part of situation analysis, this paper strives to grasp the evolution and general characteristics of China’s FDI and provide realistic basis for the macroeconomic effects of China’s FDI according to the analyzing of development of China’s FDI, the present situation of foreign investment, the reasons of foreign investment and the problems of foreign investment.The theoretical research part reckons the country specific advantage is the theorical basis of explaining Chinese enterprises’FDI. Dynamic mechanism, security mechanism and operating behavior mechanism are three aspects to explain the above idea. On the basis of the existing theory, theoretical framework for China’s FDI motivation and stragety is builded.The mechanism analysis part analyzes the influence of FDI on the macro economy of host country from the aspects of trade, employment, economic growth, technological progress, industrial structure adjustment, and provides a theoretical basis for the empirical analsis. The part of empirical research is the core of this paper, the influence of FDI on trade, employment, economic growth and technological progress, industrial structure adjustment is analyzed empirically. The macroeconomic effects of east, central and western regions are compared. Conclusions are as follows:OFDI plays a more significant boosting role in terms of trade, industrial structure adjustment and economic growth. Although OFDI plays a catalytic role in terms of technological progress and employment, the result is not satisfactory. Generally speaking, the effect of Chinese enterprises’OFDI on macro-economy in home country in the eastern region is more obvious than the central and western regions.The suggestion part proposes countermeasures of promoting China’s FDI according to the existing situation of China and other countries which reflects the values of this paper. These countermeasures include the following aspects:The establishment of a unified management institution; improve the overseas investment legal system; strengthens the foreign investment, finance and fiscal policy support; Improve the investment advisory and technical assistance; perfect the investment insurance and the protection of intellectual property rights; building a diversified investment pattern.

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CLC: > Economic > Economic planning and management > Enterprise economy > Companies around the world economy > China
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