Suchergebnisse

Sovereign wealth funds (SWFs) have emerged in developing Asia as a policy response to an unprecedented accumulation of foreign exchange (FX) reserves since 2000. At the same time, developing countries have become an increasingly important source of outward foreign direct investment (FDI). The central objective of this paper is to evaluate the prospects for SWFs to serve as a major conduit for the region's outward FDI. In principle, FDI represents an attractive means of earning higher returns on FX reserves than traditional reserve assets. In practice, the limited institutional capacity and the political sensitivity of state-led FDI severely constrains the ability of developing Asia's SWFs to undertake FDI on a significant scale. Therefore, the potential for developing Asia's SWFs to become major sources of outward FDI is more apparent than real. This paper also explores the implications of the Santiago Principles and the global financial crisis on outward FDI by SWFs.

The paper re-investigates the determinants of China's outward foreign direct investment (OFDI) employing panel data analysis collecting between 2003 and 2014. The results highlight that the market-seeking variables as GDP, GDP Per Capita, and openness to trade have a positive impact on China's OFDI. In addition, Chinese investors are likely to be not associated with economic growth of host countries. Importantly, the previous studies confirmed that only the rich natural resources and the weak institutions countries attracted China's OFDI. However, we found out that, in recent years, not only weak institutions but also good institutions with rich natural resources countries attracted China's OFDI. Moreover, China – ASEAN FTA and cultural proximity between the host country and China both have a significant positive effect of China's OFDI.

Spanish outward direct investment grew substantially during the 1990s, transforming some Spanish businesses from national players to transnationals and adding a distinctive Latin American dimension to an essentially European economy. More broadly foreign investment contributed towards
further globalisation. This paper examines the process of outward direct investment, the logic behind it, and some of its implications for the Spanish economy. It concludes that a number of Spanish businesses are now transnationals and that there is an interdependence between the Spanish and
Latin American economies. Moreover, the Spanish business realm has emerged from the isolation of much of the twentieth century to re-establish itself in Latin America.

AbstractThe extant research provides inconsistent results regarding the effect of outward foreign direct investment (OFDI) on firm productivity. There is no research on the effect of OFDI in belt and road (B&R) countries on Chinese firm productivity. In this paper, the impact of B&R OFDI on Chinese firm productivity and its influencing mechanisms are investigated. The main findings of this research are as follows. First, B&R OFDI positively influences productivity by alleviating firms' financial constraints. Second, the presence of market‐driven and production‐driven subsidiaries in B&R countries exerts a favorable moderating impact on firm productivity. Finally, the productive influence of B&R OFDI is more pronounced for firms in eastern China and for those in the energy and transportation sectors, and it is particularly significant for nonstate‐owned enterprises. These findings have practical implications for governments engaged in the design of effective policies for the promotion of B&R OFDIs and for firms developing robust OFDI strategies along the Belt and Road to improve their levels of productivity.

The world has witnessed the rise of multinational corporations from emerging markets as well as the narrow gap of growth between developed and underdeveloped economies. Considering this, Chinese companies are looking for investment opportunities in different countries. The purpose of this review study is to find out the reasons, why Chinese companies wish to invest other country. During this review study, we aimed thoroughly investigate FDI. We found key motivations for Chinese firm to go abroad investment. We explored a variety of economic, political, social and external factors that influenced the organization to go global.

With its GDP rivalling that of the US, China is fast becoming the world's largest economy. China's foreign exchange reserves have increased rapidly alongside it's economic development, and it has become one of the largest recipients of foreign direct investment. This study makes useful contributions to existing literature on China's outward investment's by examining the causes and consequences of China's outward foreign direct investment (OFDI) explosion. It is the first of its kind to introduce a partial stock adjustment model to examine the dynamic adjustment of China's OFDI. -- -- The authors provide a comprehensive view of the development of China's OFDI by comparing the early period of 1991-2000 and the more recent period of 2003-2009. Through the use of case studies and modeling approaches the authors examine the effects of China's outward investment on individual companies or industrial sectors. They study the underlying motivations and locational determinants of China's OFDI, the impact on other source countries' OFDI in the host countries, and the dynamic adjustment of China's OFDI and its relationship with China's inward foreign direct investment (IFDI). The two case studies on Chinalco's investment in Rio Tinto and Geely's acquisition of Volvo reveal two important motivations of Chinese firms: resource-seeking and technological seeking. The modelling results show that China's outward investments have had significant displacement effect on OECD countries' investments. In contrast to many media commentaries, the authors suggest that such effects are not resources-oriented. Finally, the study examines the motivation behind China's outward investments, and suggests that China has implemented a national policy to promote overseas investment for two reasons: national security and national status as a business power. -- -- This study focuses on the development of China's OFDI and the examines the impact it has on the world economy. It will be an indispensable tool for scholars and researchers interested in FDI, China, and the developing economics.

What drives the outward foreign direct investments (OFDIs) by emerging market firms (EMFs)? Drawing on a strategy tripod framework, this article proposes a theoretical model to predict OFDI by EMFs from China. Specifically, we use institution- and industry-based views to examine two facets of home country environment, namely, the supportiveness from home government and unfavorableness from home industry, as important determinants of OFDI, and compare the relative strength of these effects. Further, we use the resource-based view to argue that the effect of the home country environment is contingent on the international experience portfolios of EMFs.

The MiDi is a collection of individual (i.e. firm-to-firm or private individuals-to-firms) investment relations originally collected to calculate aggregate measures of German foreign direct investment (FDI). It is based on an annual data collection on foreign direct investment stocks that was established by the Deutsche Bundesbank in 1976 in accordance with the German Foreign Trade and Payments Regulation ("Aussenwirtschaftsverordnung"), with the intention to get a better and more accurate picture of the structure and scope of inward and outward FDI of German enterprises. Since 1996, individual companies can be traced over time, which made it possible to prepare a micro-level panel dataset for research purposes. Due to changes in data protection regulation, the available anonymized research data covers all years from 1999 until the respective last currently processed year.

The MiDi is a collection of individual (i.e. firm-to-firm or private individuals-to-firms) investment relations originally collected to calculate aggregate measures of German foreign direct investment (FDI). It is based on an annual data collection on foreign direct investment stocks that was established by the Deutsche Bundesbank in 1976 in accordance with the German Foreign Trade and Payments Regulation ("Aussenwirtschaftsverordnung"), with the intention to get a better and more accurate picture of the structure and scope of inward and outward FDI of German enterprises. Since 1996, individual companies can be traced over time, which made it possible to prepare a micro-level panel dataset for research purposes. Due to changes in data protection regulation, the available anonymized research data covers all years from 1999 until the respective last currently processed year.