【作者】 陈涛；

【导师】 金炜东；

【作者基本信息】 西南交通大学 ， 管理科学与工程， 2008， 博士

【摘要】 传统的FDI理论认为,公司对外直接投资是为了在海外利用现有资源,而与之相反,新兴的FDI理论认为,公司对外投资是为了获取自己缺乏的,但东道国丰富的战略资产。按照新兴观点,FDI是公司获取更多战略资产以弥补自身弱点的有效途径之一。作为“后来者”,中国公司更加迫切地需要更多的战略资产,尽快跟上当今的世界巨头。然而,它们以获取战略资产为目的的对外直接投资却没有得到应有的关注。本文以新兴观点为指导,从微观层面探讨了中国公司向发达国家直接投资的战略动机及作用机理,以帮助和促进企业家及政策制定者从更加实质和深入的层次来了解中国公司国际化战略的内在逻辑,为企业决策和政策制定提供建议和参考。本文遵循FDI理论研究的发展脉络,从研究对象、择重要素和基本观点等方面回顾了不同时期的代表理论,并对新兴公司FDI研究的前沿成果进行了梳理,总结了理论研究的发展趋势,提出采用新兴经济体战略管理的三大主流理论(制度理论、资源理论和交易成本理论)为基础,从微观层面来研究中国公司向发达国家的直接投资行为,能够提供对其更为系统全面的认识和理解。在理论回顾的基础上,本文以三大主流理论为基础,从战略管理的角度,分析了中国对外直接投资问题,探讨了中国公司的实践对主流理论发展的促进作用,并强调了制度理论在分析中国公司战略问题的重要性。同时本文构建了以制度理论为基础,结合资源和交易成本理论分析中国公司向发达国家直接投资的理论框架。在理论研究的基础上,本文重点关注了中国公司为什么要向发达国家直接投资(Why),以及怎样才能成功(How)两大问题。首先,本研究以战略理论为基础,构建了包含市场竞争、公司愿景和吸收能力的FDI模型,并采用多重案例研究方法,探讨了中国四大企业(海尔、TCL、京东方和联想)向发达国家的直接投资的战略动机和原理。研究表明,激烈的竞争态势和跻身世界前列的战略愿景,导致了对更多战略资产的需求,驱动了中国公司向发达国家直接投资,同时,具有较强吸收能力的中国公司会更积极地从事这种资源寻求型FDI。接着,本文从战略资产的特征分析出发,理论上比较了要素市场、合作、内部培养和并购四种途径获取战略资产的有效性,探讨中国公司向发达国家直接投资的客观必要性。该研究结合华为、中兴、格兰仕和上汽等公司的案例进行了分析,分析认为,基于战略资产的特殊性,中国公司通过“请进来”的方式,如要素市场、建立合资企业等途径,不能有效地满足中国公司在当今形势下对战略资产的大量需求,他们只有大胆地“走出去”,通过跨国并购和进行全球研发才可以获得足够的资源,参与全球竞争。随后,鉴于跨国并购是中国对外直接投资的主要形式,本文进一步以资源理论为基础,探讨了中国公司战略资产寻求型跨国并购的盈利模式。该研究从跨国并购中价值的创造和分配机制出发,分析了中国公司并购发达公司的三种资源合并模式。分析发现,在并购市场上,当中国公司比竞标对手拥有更多的优势资源时,可以在并购中创造更多的额外价值以及促使双边垄断的形成,这样,中国公司对发达公司的并购不仅可以获得所需战略资产,而且能够与并购目标分享经济收益,达成双赢。通过对“Why”和“How”两大问题的探讨,本文认为,在经济全球化的背景下,中国公司通过对外直接投资获取更多的战略资产,是其走向世界,参与全球竞争的必由之路。然而只有具备一定条件的中国公司,才有能力采用战略资产寻求型FDI这种高风险战略。最后,本文总结了该研究对企业家和政策制定者的意见和建议,以供参考。更多还原

【Abstract】 Contrary to conventional theories which view FDI as an attempt to exploit firm-specific assets abroad, the alternative theories view FDI as an attempt to access and obtain strategic assets which the investor is lacking, but available in a foreign market. According to the asset-seeking perspective, FDI is an efficient way to acquire strategic assets in order to offset the weaknesses of the investor. As a latecomer, Chinese firms are more urgent to conduct asset-seeking FDI in order to catch up with the incumbent global giants. However, there has been a lack of research attention in the area. Following the alternative perspective, this paper intends to address this important research issue by probing the strategic motivations and rationale of Chinese firms’ investing to developed countries (DCs) from the microeconomic view, so as to promote practitioner and policy maker to understand the embedded logic of Chinese firms’ globalization strategy, help them comprehend the rationale from a more essential and in-depth way.Along with the FDI theoretical research trend, this paper peer-reviews the representative theories of different evolutive phases, focusing on their objects, keystone and essence. Based on the latest research about emerging firm outward-FDI, this paper proposes that it can provide more systematic and holistic understanding of Chinese firm investing to DCs, when investigating from the microeconomic and strategic way. Based on the literature review, this paper probes strategically into China’s outward FDI from institutional, transaction costs and resource-based perspectives, and emphasizes the fundamentality of institutional theory. This paper also presents a theoretical framework of Chinese firms’ investing to DCs.Based on the theoretical analysis, this paper focuses on two main issues, (1) why do Chinese firms invest in DCs, and (2) how can they do it successfully. The dissertation explores these issues as follows. Firstly, from the strategic perspective, this paper proposes a FDI model which includes market competition, firm’s aspiration and absorptive capacities. In the scope of the model, this research makes multiple-case study of four leading Chinese companies (Haier, TCL, BOE, and Lenovo) regarding their investment activities in DCs by using the strategic theories. Within the framework, we argue that asset-seeking FDI is driven by strategic needs that are caused by high competition and aspirating to be global giants and facilitated by strong absorptive capacities.Secondly, this paper theoretically compares four different approaches to acquiring strategic assets: factor markets, cooperation, internal developments and merger and acquisition (M&A). Based on the unique features of strategic assets and practice of Chinese firms’, such as Huawei, Zhongxing, Galanz and SAIC we argue that, in the current situation, in order to take part in the global competition, Chinese firms cannot obtain sufficient strategic assets effectively through ’invite in’ strategy, such as factor markets and cooperation, but can acquire strategic assets by means of ’go out’ strategy, such as cross-border M&A and establishment of R&D centers in advanced host countries.Thirdly, as cross-border M&A is the dominate way of China’s outward-FDI, this research investigates the mechanism of value creation and distribution in M&A and identifies three resource-combined models of Chinese firms’ merge incumbents based on resource-based theory. The conclusion is that, when a Chinese firm owns more special and complementary resources than other bidders, it can create more extra value and achieve bilateral monopoly in M&A. Under this circumstance, a Chinese firm can not only get needed strategic assets, but also share the extra value with the target firm, thereby achieving a mutually beneficial M&A.After investigateing, finally, the "why" and "how" problems, we propose that in the internationalization environment, acquiring more strategic assets via outward-FDI is the must go for Chinese firms to join the global competition, however, only the firms that own more resource accumulation have the ability to adopt this high risk strategy. In the end, this paper gives the advices, comments and references to the practitioner and policy makers.更多还原