中国对外投资的历史情形和现今趋势外文翻译.docVIP

本科毕业论文外文翻译 外文题目： Historic and Emergent Trends in Chinese Outward Direct Investment 出 处： Management International Review, MIR48(2008)6 作 者： Peter J. Buckley, Adam R, Cross, Hui Xin, HinrichVoss 原 文： Historic and Emergent Trends in Chinese Outward Direct Investment Entry Mode Literature on the internationalisation of developing country MNEs suggests that minority IJVs are the preferred mode of market entry (Wells 1983, Yeung 1994). One reason is that such ?rms seldom possess the level of proprietary technology and ?rm -speci?c know-how to necessitate internalisation via majority or full ownership (Buckley/Casson 1976, Dunning 1993). This is also evident in the early years of Chinese ODI development: project level SAFE data reveal that, in the early 1990s, around 70 percent of overseas projects of Chinese ?rms took the IJV form (see Table 5). Zhan (1995) also reports that Chinese ?rms tended to opt for majority equity shareholdings in overseas projects, typically in the range of 40 to 70 percent equity participation, especially in natural resource-oriented and manufacturing-related projects. A number of explanations can be envisaged. From a governmental perspective, the formal investment approval process generally required Chinese MNEs to adopt the IJV entry mode. The Chinese authorities had become familiar with the economic gains associated with the promotion of inward FDI in the form of IJVs, the promotion of which was a cornerstone of China’s ‘Open Door’ policy. The JV form was seen as a vehicle for promoting the in?ow of foreign-owned technology, management know-how and other skills to China. The authorities were also now adept and comfortable with at administering foreign invested enterprises in China. It is likely that equivalent advantages were sought when Chinese enterprises invested abroad. Familiar cost and risk-minimising features of IJVs will also have been important to the investment approval a