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On foreign direct investment of Chinese enterprises
[Abstract] of economic globalization, knowledge economy, network economy, and China has become the environment of WTO member countries, how to accelerate the implementation of \shortage of resources conflicts, promote industrial restructuring, increase exports, enhance the international competitiveness of China's enterprises are facing a new topic. In summing up our corporate status of foreign direct investment and benefits, based on the general analysis of foreign direct investment of Chinese enterprises and the characteristics and effectiveness of the investment to accelerate growth, effectively promoted the development of national economy; analysis of the current foreign direct investment of Chinese enterprises the problems that the irrational investment structure, investment and a lack of talent pool hindered foreign investment enterprises pace; and proposed role into full play the national macro, good choice of business strategy, human resources and vigorously develop the appropriate development of cross-border measures.
Contents Introduction ... 1
First, the Chinese Foreign Direct Investment and Development of Advantages of ... 1
(a) Foreign Direct Investment in China The Development of ... 1
(b) foreign direct investment of Chinese enterprises the advantage of ... 2
Second, foreign direct investment of Chinese enterprises and the characteristics of effectiveness of the ... 3
(a) presents the current characteristics of China's foreign investment and trends ... 3
(b) Foreign direct investment in China's enterprises to develop the effectiveness of ... 4
Third, there is in China's foreign direct investment issues ... 6
(a) lack of efficient macro-management and coordination of a unified body ... 6
(b) of the Chinese enterprises to foreign investment structure is not reasonable ... 7
(c) small-scale overseas investment of Chinese enterprises, private Foreign Direct Investment many difficulties ... ... ... ... 7
(d) lack of talent pool of \strategy suggestions and strategies ... 9
(a) establish a modern enterprise system, adjusting the organizational structure, strengthen macro-management ... ... ... ... ... ... ... 9
(b) optimizing the industrial structure and regional distribution, and further expand investment the market ... 10
(c) improve the private enterprises \13
Conclusion ... 15
Acknowledgements 16
Reference 17
introduction of foreign direct investment is China's \the challenges of globalization, active participation in the international division of labor, the use of two resources and two markets good, avoid foreign trade barriers, absorption of foreign advanced technology and management experience and external information to grasp the positive initiatives. Admittedly, there are also foreign direct investment great risk and pay attention to the problem, the risks of overseas investment of Chinese enterprises also can not be ignored. The following foreign direct investment in China will conduct a more in-depth systematic study of theory and practice to enhance the development of Chinese enterprises to further the guidance of foreign direct investment .
First, foreign direct investment of Chinese enterprises and advantages of the development status of
(a) Foreign Direct Investment in China The Development of
past two decades, due to government support and the efforts of enterprises, China Foreign direct investment continued to grow .2001,2002 very small annual investment, in the infancy period. By 2003, just two years, the actual foreign investment in China doubled in recent times than before, the development by leaps and bounds . According to Commerce Department statistics, the end of 2003, China's foreign direct investment enterprises amounted to 7470, 11.4 billion U.S. dollars investment destination as many as 167 countries and regions.
2004 China's foreign direct investment 5.53 billion U.S. dollars, up growth of 93%, accounting for 0.9% of total global flows .2005, China's foreign direct investment 11.305 billion U.S. dollars.
Table 1:2004-2006 foreign investment enterprises in China and growth in the proportion of stock
Year
2004 年2005 2006
stock (billion dollars)
449
572
733.3
on investment (million U.S. dollars)
55.3
113.05
185
increase the proportion of
93%
123%
58%
2006, China's foreign direct investment 18.5 billion U.S. dollars, up 58%. which non-financial sector net outflow of foreign investment 15.4 billion U.S. dollars, global ranking from 17th in 2005 rose to 13. the financial sector a net outflow of foreign investment 2.4 billion. China's foreign direct investment, mainly in greenfield investment, both foreign mergers and acquisitions. the end of 2006, China's accumulated foreign direct investment $ 73,330,000,000. in 2006 \25 largest multinational companies in China and Hong Kong companies have occupied 10.
(b) foreign direct investment of Chinese enterprises the advantages of
enterprises should make full use of the host country resources, technology, capital, preferential policy, comparative advantage, access to benefits. enterprises sufficient condition for foreign direct investment: businesses must have a competitive advantage, with local businesses to offset the negative factors in the competition; the existence of incomplete markets, to enable enterprises to own and maintain these advantages, it Foreign direct investment enterprise basis.
1, China's large and medium companies have ownership advantages and internalization advantages
reform and opening up, China has formed a number of competitive medium and large multinational corporations, which have strong financial and technical strength, the introduction of foreign advanced management concept, significant in international competition with ownership advantages and internalization advantages, such as China International Trust and Investment Corporation, Sinopec, Haier Group and the Capital Iron and Steel Corporation, and other, the competition in overseas markets more favorable position. British expert on the famous transnational corporations John / Professor Deng Ning, made the famous \to have met the conditions for foreign direct investment. Professor Deng Ning eclectic theory of international production overseas investment of Chinese enterprises with a certain reference.
2, China's small enterprises in developing countries are also welcome to have a comparative advantage
the inflow of foreign capital, but to provide the investment environment is not perfect, the small scope of the market, from the limited objective of the international large-scale entry of multinational companies. Our small business is still in the small-scale phase, to avoid competition with large multinational companies suitable for the needs of the investment environment in developing countries. In addition, the cost of sending its staff to multinational corporations in China and export of spare parts are relatively cheap, the Chinese overseas processing of products to foreign markets at low prices occupation. multinationals have a competitive advantage in developing countries is not absolute advantage, but a comparative advantage. The \have a competitive advantage in developing markets; the other hand, compared to less developed countries, local enterprises, multinational companies in many developing countries but also has the advanced production technology, which has a competitive advantage. the development of China's enterprises with foreign direct investment is this comparative advantage.
3, China with independent intellectual property rights of technology and products developed
the formation of our long tradition of certain proprietary technology and sophisticated techniques, such as traditional Chinese medicine, qigong, gardening, cooking, biological engineering and aerospace technology, than most developing countries have a clear competitive advantage, foreign direct investment in China can show their skills in one.
4, China's special products and special product-specific channels
China, Traditional Chinese such as Chinese cuisine and has distinct characteristics, for a particular favorite of consumers. Although the Chinese living from home, but have the same cultural and linguistic backgrounds, easy to communicate with each other. rely on this unique Chinese channels concentrated areas in the diaspora Direct investment in factories, production of special products, the development of China's foreign direct investment multinational companies a unique advantage. Fujian Province is a famous hometown of overseas, the vast majority of overseas enterprises in Fujian set up by overseas Chinese matchmaking.
II China's foreign direct investment enterprise characteristics and effectiveness of
(a) presents the current characteristics of China's foreign investment and trends
1, the investment industry and the field was expanded from the investment industry trends
distribution, China's foreign Direct investment from the general export trade, restaurants and simple processing extend to marketing network, shipping logistics, resource development, manufacturing and design research and development and other fields, in the mining, business services and manufacturing industries are concentrated in direct investment, in 2006 these accounted for all investments in the sectors of foreign direct investment in non-financial sector 59%, 24% and 6%.
2, diversified investment market in 2004
country distribution of foreign enterprises, Hong Kong, the United States, Russia, Japan, Germany, Australia, the highest level of aggregation, concentration of 43% of foreign enterprises; of which 17% of Hong Kong, China's foreign direct investment in .2006 area for further expansion. One of the direct investment in Latin America, 7.8 billion U.S. dollars, accounting for China's foreign direct investment 六成, for 3.9 billion investment in the Asian region, accounting for 30.1% of total investment, followed by Europe and Africa, were 6.2 billion U.S. dollars and 368 million, accounting for 4.8% and 2.8%.
3, investment in new enterprises, mainly involved in mergers and acquisitions began to approach other international popular cross-border mergers and acquisitions
foreign direct investment in China has become an important way to .2005 foreign direct investment flows in China the first time exceeded 100 billion U.S. dollars, including through acquisitions, mergers implementation of direct investment flows account for half of the year. In 2005 also some overseas media as \has attracted a large acquisition .2006 extensive attention to mergers and acquisitions to achieve 4.74 billion U.S. dollars of foreign direct investment, the total foreign direct investment accounted for 37%.
2006 年 7 months, the China National Petroleum Corporation, through its wholly-owned subsidiary of CNPC and the Kazakh national oil company signed a settlement agreement the transfer of shares, sell the oil to the latter holds 33% stake in Kazakhstan oil companies PK. Earlier, the 4.18 billion U.S. dollars of oil announced the acquisition of PK in Kazakhstan oil companies, completed a Chinese company to date the largest overseas acquisition. Up to now, China's overseas investment in oil and gas group, currently a total of nearly 60 billion yuan.
4, private enterprise has become the subject of foreign direct investment in private enterprises accounted for
One of China's foreign direct investment into. However, the success rate of private enterprises is much higher than the state-owned enterprises. because there is so far the owner of state-owned enterprises and other issues of virtual spaces, despite the government's operations will be some large state enterprises under the direct out investment, but the internal drive real business is not particularly strong, relatively passive. The active behavior is completely private enterprise, high-yield and crisis driven them out of the country. developed areas in the coastal and the Mainland, there are thousands of private enterprise to obtain import and export right backward in the international market. such as universal, Lifan, new hope, Chint and other companies actively into the international market. Fudan University School of Management International Business Management Department, said Professor Xue Qiuzhi the next five years, Foreign direct investment in China will be the subject of private enterprises.
(b) Foreign direct investment in China's enterprises to develop the effectiveness of
for China enterprises, foreign direct investment have the following meanings: 20 years of practice show China's foreign investment, in many respects effectively promoted the development of national economy.
1. and stable access to scarce natural resources, economic development
more and more of the natural resource constraints. the development of overseas resources investment projects , development of the domestic shortage of oil, natural gas, forest, wood processing, paper, mining, marine fisheries and other natural resource development industry, to meet the needs of domestic economic development. eighties, China Steel Corporation established a wholly owned in Australia subsidiary - China Metallurgical Australia Pty Ltd, later renamed the China Steel Australia Limited. Then, with the Australian Steel Australia Ltd Hamersley iron ore joint venture set up by contract, just that iron ore joint venture, the Chinese side holds 40% of the shares. nineties, just that iron ore into production. to the end of 2005, have been produced over 130 million tons of iron ore, all sold by the China Steel Corporation to increase the comprehensive competitiveness of enterprises. past ten years, resources development projects have become one of China's foreign direct investment focus in the future should remain the focus of China's foreign direct investment.
2. to obtain foreign advanced technology
key science and technology in China lags behind developed countries, had hoped that through the introduction of foreign direct investment to the introduction of foreign advanced technology, the results have little effect. However, if the master through the acquisition of advanced technology enterprises in developed countries, access to advanced technology can be .2005, Nanjing Automobile Corporation in 5300 million pounds to buy the British Rover car company, access to the complete research and development equipment, four vehicle production platforms, three series engine, MG (mg) and Austin (austin) two famous brands. Nanjing Motor Company in Nanjing and the establishment of two Birmingham MG car production base production car.
3.
break trade barriers to expand the overseas market is a big trading country, the future role of exports on economic growth will continue to increase large, foreign investment should be chosen to lead their own equipment, semi-finished products export country, and bypass the barriers and reduce trade friction. If the implementation of local production and local sales ghd hair straighteners sale, you can break through this non-tariff barriers. Haier Company in April 1999 in the United States South Carolina established the United States, Haier Industrial Park, the park covers an area of 700 acres, with an annual output capacity of 50 million units of home appliances .2000, the Park was officially put into operation, through high-quality and personalized design gradually open the U.S. market, 180 liter refrigerator In the U.S. market share of over 50%. through direct investment, Haier achieved a \The United Nations report found that more and more trade barriers is to promote the developing countries including China, \blocked, through foreign direct investment to circumvent the rapid increase in the case of trade barriers.
4.
integrated enterprise to improve efficiency when the company's products with strong competitiveness, but the product system failure or incomplete marketing system, you can mergers and acquisitions, companies from developed countries to improve their production system or marketing system, resulting in an integrated advantage. Lenovo in December 2004 to 1.25 billion acquisition of IBM's personal computer business. Lenovo and IBM's PC has a strong complementary business, and Lenovo's strong in personal computers, the use of Lenovo PCs production and sales expertise to develop an integrated IBMPC will have advantage. Just over half a year, Lenovo will not be favored by the acquisition, loss of the original IBM personal computer business with the profits of industrial structure. follow the \countries to regain development advantages; the same time, based on long-term investment to the developed countries, learning, the introduction of advanced technology, a breakthrough funding constraints and market, develop high-tech industries, promote the optimization of economic structure.
Third, China's foreign direct Investment in the problems in the overseas investment of Chinese enterprises
the risk of the same can not be ignored. some corporate acquisitions so that they face greater operational risk, financial risk also increases. Many developed and developing countries have emerged signs of protectionism, particularly in relation to the discussion of cross-border mergers and acquisitions is very intense, like the CNOOC bid for Unocal is a typical example. to India along with developing countries, especially China's investment in \on June 18 reported that the Indian government is drafting a new foreign direct investment policies and programs, will require special approval of China's capital affix the label, which means that Chinese companies will invest in India will be more limited .
(a) lack of efficient macro-management and coordination of a unified body
1, foreign direct investment in low efficiency. in the industrial layout, foreign investment and insufficient coordination of the domestic industrial restructuring, resulting in some areas, a foreign investment herd these industries, Chinese enterprises are too concentrated, highly self competition, affecting the macro-economic benefits of foreign investment to play. Some enterprises lack of feasibility studies for investment projects, investment decision-making blind; \The more concentrated location.
2, multinational business information flow problems. As the business environment very different abroad, enterprises and lack of management experience in overseas branches, coupled with the lack of production technology, core competencies, resulting in poor management of certain foreign enterprises some loss of state assets.
3 ghd straighteners, the lack of international practice and understanding of laws and regulations of international investment for many companies, \successfully develop foreign markets and participate in international competition.
(b) the structure of Chinese enterprises to invest abroad is not quite reasonable
First, the structure of the geographical distribution of foreign investment, although China's foreign investments are found in more than 160 countries and regions in the world , but most concentrated in Hong Kong, Macao, Taiwan and Europe and other developed countries and regions, which account for three-quarters of China's total foreign investment, while investment in developing countries was less than normal. This development of the developing countries of market and achieve market diversification is extremely unfavorable.
Second, irrational industrial structure, industrial base, poor, weak manufacturing sector. In the industrial structure of foreign investment, China's foreign investment concentrated too much on primary products and transport, construction, oil , steel and other labor-intensive industrial investment, the relative neglect of investment in high-tech industries; emphasis on consumer goods, investment, neglect of investment in production; a result, foreign investment and domestic manufacturing enterprises out of stock and split, resulting in increased risk of foreign investment, the overall economy low efficiency. In addition, for the financial, telecommunications and other service industries, on the one hand, as in the international market with high barriers to entry, on the other hand the intensity of competition is really hard to imagine, although the Chinese enterprises in the country has a certain capital but still do not have the ability to resist risks.
(c) small-scale foreign investment, the lack of core competitiveness, foreign direct investment in private enterprises many difficulties
First, the enterprises in the international market based or rely on the magic core competitiveness. \Chinese enterprises is still a \; Global 500 \, its direct result, the majority of China's foreign direct investment for the processing trade, and products are mostly into the low-end market.
Secondly, the Chinese company's strength in the international market, with the huge gap between the developed countries, the overall size is still relatively small, below the world average. According to Commerce Department statistics show that in 2004 the world's major developed countries, foreign direct investment in the first place is still the highest in the United States, reaching more than 1,500 billion dollars, far beyond France about twice the second place more, while only 5.5 billion dollars in China, the United States, 1 / 27, the equivalent of global foreign direct investment of 0.9%. China's foreign investment has indeed been considerable development, but lags far behind developed countries. At the international on developed countries to attract foreign investment and foreign investment is generally the ratio of between 1:1.2 to 1:1.4; and developing countries, this ratio generally is between 1:0.2 to 1:0.43. even this level are Chinese not reached, it is also far from being a large country of foreign investment.
from the stock of foreign direct investment, as the stock of the United States in 2004 was 2.069 trillion U.S. dollars, the United Kingdom $ 1,128,600,000,000, to 622.5 billion U.S. dollars in Germany, Japan, Canada 3 Pure Black GHD straighteners,000 billion, and China 44.8 billion. According to statistics, the average non-financial overseas investment enterprises amounted to $ 1,330,000, while the world average for developing countries is 450 million. On the other hand, China's foreign direct investment the total scale and the disproportionate size of the overall national economy, in 2003 the total global foreign direct investment is estimated at 653 billion U.S. dollars, while the overseas investment of Chinese enterprises accounted for the total global foreign direct investment, 1.75%, China's foreign direct investment is appears to be negligible.
China's foreign direct investment in terms of investment or the stock of the year, both can not be compared to developed countries. reflects China's overall economic strength is still far from strong, long way to go catch up with developed countries.
third , although private enterprise is more than the state-owned enterprises have the advantage of cross-border investment, but private enterprises in foreign direct investment Shique face many difficulties. private enterprises in foreign direct investment project approval, the amount of investment approval, foreign exchange management and other key areas are in disadvantages, but also the right to import and export controls by the relevant departments. lack of funds to support private enterprises, it is difficult to obtain Export-Import Bank loans, foreign investment capital of a country mainly from the Export-Import Bank of the country, while China Import and Export Bank loans are mainly for state-owned enterprises to develop overseas investment projects to support. funding remains a \small private enterprises can be a little wrong beating the big Western multinationals.
(d) lack of talent pool of \international market, the strength of the competitiveness of an enterprise, the key depends on the quality and talent level to play. The widespread lack of familiarity of corporate law, good business, understand the management, the compound will be foreign language talents, some faint sense of corporate law , the local laws and regulations do not know, disputes are often helpless to respond to emergencies or major events is very passive. enterprises to adapt to international market competition, lack of required human resource management mechanism, and many enterprises have not established a modern human capital concepts, understanding of human resource management is still at the level of personnel management system, not adapt to today's international market competition. such as the acquisition of Germany's Schneider TCL Corporation, is the absence of management personnel to operational problems arise, thereby constraining China's foreign direct investment enterprises.
Fourth, the Chinese enterprises to truly implement the \> 1, the clear purpose of foreign direct investment, improve the effectiveness of foreign direct investment from China's national conditions of
present, foreign investment does not require everywhere, go hand in hand, and should be selectively targeted to foreign development to China said that foreign direct investment has three main purposes, first, access to scarce resources, and second, access to key technologies and the third is to enter a variety of barriers to foreign markets. functional departments and relevant departments should actively guide the industry to promote and support the country class enterprise with the international market situation and the actual study and formulate foreign investment in enterprises in China to focus on country strategies, to establish the industry to shift the focus to overseas areas and target markets, serious business organizations to developing countries interested in sexual conduct field study, carried out market research and project negotiations, searching for their own development of products and markets. national levels of government and relevant departments should improve their work style, improve service quality, to simplify the approval procedures, reduce administrative links, and create a good atmosphere and conditions to support enterprises to \institutions to focus on the political future of the investment objectives, market potential, system, analysis of the labor market in a timely manner, and guide the layout of foreign direct investment; improve the social intermediary services to enterprises in China's foreign direct investment, full evaluation and risk assessment, reducing foreign investment blindness, increase the success rate, providing legal, financial, intellectual property and certification of advisory services.
state-owned enterprises in the process of foreign direct investment, and more to demonstrate their own, but foreign investment as a performance, weakening the objectivity of the corresponding argument, and demonstration of high cost, this to create more investment companies and investment appraisal company to reduce costs, and can be selectively targeted investments. recommended the establishment of \integration of the various university academic departments and the Foreign Trade Development Bureau, the Foreign Investment Bureau and other relevant functional departments of the forces and strengthen the research on multinational enterprises. the establishment of \timely access to relevant laws and regulations on foreign investment and current policy.
the establishment of information network management and service system, the implementation of online reporting and online certificate of approval issued. the establishment of a set of foreign trade, foreign investment, foreign exchange, planning, management integrated in a similar China Foreign Trade Facilitation Committee - China's foreign investment management center. carry out various forms of economic cooperation, optimize the allocation of resources worldwide, the formation of specialized foreign investment management organizations, to strengthen macroeconomic management and guidance.
( b) optimizing the industrial structure and regional distribution, and further expand the investment market
1, in the industrial distribution of foreign investment, the Government should foreign direct investment through the development of Guiding Catalogue of Industries, to determine the direction of investment focus and investment, supported by appropriate Industry preferential policies,ghd sale and guide individual behavior and constraints of enterprises to change the dispersion of foreign investment, the status of the blind, to ensure the effectiveness of individual enterprise's overall objectives with our national development objectives. focus on the development of learning high-tech industry foreign direct investment and investment in resource development, vigorously develop the tertiary industry investment, making it the highlight of industry investment, the effective promotion of regional economic structure adjustment and industrial restructuring, and continuously promote the development of national economy.ghd straighteners or cheap ghd straighteners
2, in the regional distribution of foreign investment , to increase investment in developed countries, while encouraging the technological maturity of the labor-intensive industries turn to less developed regions. In addition to investing has been developed and some developing countries and regions outside the near term, in developing countries India, Pakistan, Brazil, Argentina, Mexico, Kazakhstan, Russia, Nigeria and other countries, has a large population and large consumer groups, rapid economic growth, and many industries in China relative to its domestic industry has a strong competitive advantage Gold GHD straighteners, many domestic enterprises the ideal target of foreign direct investment in the country. Furthermore, neighboring countries such as ASEAN and China in political, economic, and cultural areas close to, and \Foreign direct investment enterprises to develop partners and objects. comprehensive trade and investment liberalization goals and the implementation of regional economic cooperation, China's investment in ASEAN Mekong Sub-region to consider the point. transport facilities to reduce transport costs, the implementation of economic cooperation in areas for investment to create better conditions. coordinated development of regional and industrial policies of foreign direct investment, strengthen the key investment areas to support key enterprises, and promote foreign direct investment in the regional strategy.
specific development strategies:
(1 ) stability and promote Asian investment in China in Asia's foreign investment has geopolitical, economic, cultural and other favorable factors. Asia's rich natural resources, such as forest resources in Southeast Asia, West Asia, Central Asia's oil, iron, potassium and so on China has great appeal. and both the advantages of China's small-scale, technological advantages or features for technical advantages, such as ceramics, embroidery, garden, traditional Chinese medicine and so is suitable for investment in this area. Hong Kong, Macao and Southeast Asia, the area population great market potential; area countries and regions to attract foreign investment to develop a series of preferential policies, good investment environment.
(2) focused on the development of Europe, America, Oceania and other developed countries of investment. the United States, Canada Black GHD straighteners, Australia and other developed markets, large capacity, abundant resources, superior investment environment, strong economic ties with China, is China's important trade partner and source of surplus in favor of investment in the region to break through barriers, extensive use of foreign capital, advanced technology learning , management, access to a wealth of information, and enhance China's status in the international division of labor, improve the quality of the national economy. However, the high level of developed industrial structure, China's relative technological and management advantages difficult to play with them in the market is hard to directly competition. such as through a number of African countries to invest in and use them to enjoy preferential tariffs in Western Europe, the main Western European markets; direct investment in Latin America, North America, the area can make use of preferential policies, extensive use of North American capital, technology and market.
( 3) active development of Latin America, Africa, Central and Eastern Europe investment. these areas not only have a number of scarce natural resources, and our products and services in these areas is also more marketable, better market prospects. China's household electrical appliances, clothing , textiles, shoes, silk and other light industrial products and restaurant industry is very popular in Central and Eastern Europe, and the area is rich in oil, natural gas and other resources to China's enterprises have great appeal. Latin America, Brazil, Mexico, Chile, Venezuela , Peru and other countries for oil, iron, chromium, copper, and rich in forest resources, invest in basic good market potential, easy to play our comparative advantages and competitive business advantage; Africa in general economic backwardness, the low level of industrialization, but Libya, Nigeria , South Africa, Zaire, Zambia, oil, copper, chromium, iron and other mineral resources and abundant forest resources, and China's strong economic complementarity and broad prospects. Of course, some countries in the area of political instability, economic chaos, but most of National good investment environment, great potential for the whole.
reasonable regional distribution of foreign investment not only help avoid a variety of appropriate international trade for China's unfair treatment, as well as in favor of domestic industrial restructuring and upgrading.
3, enterprises should develop its own feature selection based on a reasonable way to enter the international market, such as greenfield investments or cross-border mergers and acquisitions. a reasonable mode of entry choice is the key to the success of overseas investment enterprises. Chinese enterprises in foreign markets to enter unfamiliar , the general should be chosen way of joint ventures, the reality is that, nearly 70% of Chinese enterprises by way of joint ventures. The main reason: the majority of Chinese overseas enterprises to use a standard technology, production of mature products, thus using set up wholly owned enterprises ...相关的主题文章:
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