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中国企业对外直接投资的经营绩效及市场价值研究
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摘要
任何一个国家和地区经济的对外开放,最终都必然引致规模不断扩大的对外直接投资。作为发展中国家,中国企业开展对外直接投资的时间较晚,深度和广度也相差甚远。但毋庸置疑的是,随着中国经济转型和企业改革的不断深化,对外直接投资已成为中国企业发展的重要推动力量和战略选择。本文通过研究、探寻我国企业对外直接投资的总体特征、发展轨迹与演进趋势,对其投资动机、进入模式、控制程度和投资绩效进行全面、系统的分析。本文共分为七章:
     第一章首先论证了论文选题的背景、论文的理论价值和现实意义,并对跨国公司对外直接投资的相关概念进行了界定。在明确论文研究目的、方法和思路的基础上,从总体上构建了本文的分析模型和结构安排,并对本文可能的创新之处进行了归纳和总结。
     第二章在对国内外跨国公司对外直接投资进行回顾的基础上,理顺了其投资动机、投资类型、运营阶段、国际化特征以及投资绩效的理论发展脉络,进而运用比较研究的方法,对跨国公司对外直接投资理论作了不同区位、不同方向的理论对比。
     第三章系统性的构建了跨国公司对外直接投资的理论框架。首先,对跨国公司环境组织分析模型的研究明确了东道国环境、母国环境以及全球环境的重点与关系;其次,通过对跨国公司对外直接投资的进入模式分析,提出了进入模式钻石模型的分析框架,阐述了跨国公司海外进入决策的战略选择机制;再次,论述了跨国公司开展对外直接投资的主要动机及相关类型,并指出跨国公司对外直接投资动机演变的影响因素;最后,本章结合定性分析与定量分析论证了跨国公司对外直接投资的综合绩效体系。
     第四章旨在说明如何确定中国企业对外直接投资的样本来源和研究方法,来了解其对外直接投资的市场价值及经营绩效。本章首先了确定了全文实证分析的研究架构,并以此为基础构建了6个主要假设群和30个研究假说,进而通过研究变量的界定建立了跨国公司对外直接投资的市场价值与经营绩效模型。
     第五章通过对中国企业对外直接投资的实证分析,本章对样本厂商的总体特征、投资动机、进入模式及其控制程度进行了调查和归纳,最终对中国企业对外直接投资的经营绩效和市场价值进行了深入分析与比判。
     第六章最终得出本文的结论和启示,指出本文中存在限制与不足,并给出后续研究建议。
The opening-door policy in any territories will inevitably leads to foreign direct investment of ever-increasing scales. As far as a developing country is concerned, it's not quite a long time for Chinese corporations to pursue foreign direct investment, and great gap exists in the depth and extent of FDI compared to that of the developed countries. But undoubtedly, foreign direct investment has been the important impetuses and strategic alternatives for Chinese corporations' development alongside the economic transfer and enterprising reformation domestically. This thesis implements an overall and systemic analysis through making research on the integrative characteristics, development tracks and evolving tendency of Chinese corporations' foreign direct investment, which consists of the investment motives, entry modes, controlling degrees and investment performance. This thesis is divided into seven chapters:
     The first chapter lays more emphasis on the base, importance and significance of the dissertation, and gives distinct definitions to the corresponding concepts of Multinational Corporation's foreign direct investment. Then this chapter composes the analytic model and structuring arrangement for the paper, and summarizes the possible innovations in the dissertation.
     The second chapter clarifies the venations of the theoretical development in Multinational Corporation's foreign direct investment with regards to the motives, types, phases, attributes and performance of FDI. Furthermore, this chapter makes comparisons of foreign direct investment in different locations and directions
     The third chapter forms the theoretical frameworks for Multinational Corporation's foreign direct investment. This chapter differentiate the emphasis of the host country, parent country and global environment through the Multinational Corporation's environmental-organizational analytic model; then puts forward the diamond model of overseas entry modes, which narrates the strategic mechanism for their entry decisions; this chapter also discusses the primary motives and corresponding types of Multinational Corporation's foreign direct investment; then finally forms the synthetic performance system for measuring Multinational Corporation's foreign direct investment through the method of qualitative analysis and quantitative analysis.
     The fourth chapter mainly discusses the sampling sources and research methods of Chinese corporations' foreign direct investment with the purpose of measuring the market values and operation performance. This chapter composes six primary hypothetic groups and thirty hypotheses on the basis of empirical framework. Finally this chapter establishes the mathematical model of the market value and operation performance for foreign direct investment of Multinational Corporations.
     The fifth chapter investigates into the integrative characteristics, investment motives, entry modes and controlling degrees of the sampling firms through empirical research, and penetrates into the market value and operation performance for foreign direct investment of Chinese Corporations.
     The last chapter comes to the final conclusion in combination with the research revelation, then points out the restrictions and limitations of this paper and gives suggestions for the subsequent research.
引文
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