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Abstract.  We investigate the empirical determinants of China's outward direct investment (ODI). It is found that China's investments in developed and developing countries are driven by different sets of factors. Subject to the differences between developed and developing countries, there is evidence that: (i) both market‐seeking and resource‐seeking motives drive China's ODI; (ii) Chinese exports to developing countries induce China's ODI; (iii) China's international reserves promote its ODI; and (iv) Chinese capital tends to agglomerate among developed economies but diversify among developing economies. Similar results are obtained using alternative ODI data. We do not find substantial evidence that China invests in African and oil‐producing countries mainly for their natural resources.

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China has become a capital-surplus economy and its overseas investment has grown apace. Although its outward investment is still small in absolute terms, especially compared to the huge inward flow, China's overseas enterprises have been quietly gaining importance as new sources of international capital. They are now globally diversified and involved in a wide variety of sectors, including banking, manufacturing and natural resource exploitation. In the coming years, Chinese outward investment is expected to accelerate. The free trade agreement signed between ASEAN and China will no doubt intensify Chinese outward investment to the region.

The rapid international expansion of Chinese enterprises since the 1990s has attracted considerable attention in scholarly and policy circles. This book sheds fresh light on the phenomenon by explaining its determinants using the analytical lens of international business theory. -- The author focuses in particular on how Chinese firms interact with the institutional environment both at home and abroad. Drawing upon evidence and analysis from official statistics, Hinrich Voss concludes that the institutional change and market imperfections in China, combined with host country effects and the mediating role of trans-border social and business networks, are key facilitators of the rise of Chinese multinationals. -- This book provides the most up-to-date analysis of the determinants of Chinese outward foreign direct investments, and will appeal to academics with an interest in international business and management, as well as those researching China specifically and Asian business more broadly. Postgraduate students in international business, Asian business studies and international relations will find this book invaluable, as will practitioners dealing with Chinese multinational enterprises.

This dissertation elucidates the domestic politics of China's outward direct investments and its international implications. A current puzzle in CPE/IPE research is whether international investors from autocracies, particularly state-owned enterprises (SOEs), are profit- maximizing firms or agents of the state. Using formal analysis and two sets of original firm-level data on Chinese investments, I demonstrate that the behaviors of China's SOEs reflect both state preferences and firms' profit incentives and that the interaction of the two can lead to perverse outcomes unintended by the state : China's political elites depend on SOEs to carry out certain state objectives (e.g. energy security) and devise preferential policies (e.g. subsidies, insurance, bailouts) that enable firms to accomplish these objectives. SOEs, however, take advantage of these policy perquisites to seek rents. Knowing that the state will bail them out when investments fail, they take excessive risks when choosing host countries to earn high returns, ultimately passing on the cost of failed investments to the disenfranchised public. I apply this core insight to evaluate three aspects of China's approach to outbound investments: investment decisions by Chinese firms; the effect of Chinese investment on host country development and governance; and China's foreign policy toward economies that are the sites of its foreign investment