Drivers of China’s outward foreign direct investment: a comprehensive panel data analysis

IF 2.1 Q2 BUSINESS, FINANCE

Pacific Accounting Review Pub Date : 2023-07-25 DOI:10.1108/par-08-2022-0131

Tong Tong, T. Singh, Bin Li, Le-le Liu

引用次数: 0

Abstract

Purpose This paper aims to investigate the primary motivations for China’s outward foreign direct investment (ODI) decisions. Design/methodology/approach Using a panel data sample covering the period 2003–2012 and a comprehensive set of 176 host countries. Findings This study finds that market size, trade variables and natural resource variables are strongly related to the Chinese ODI stocks. This indicates that Chinese ODI decisions are driven by both market- and resource-seeking motives. The subperiod sample test results lend even stronger support to the market-seeking motive for ODI. Originality/value These results seem to emerge from the policy changes that were undertaken during the sample period. Consistent with subgroup tests, this study finds that the main purposes of China’s ODI in the top 100 countries are natural resource explorations and production line replacements.

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中国对外直接投资驱动因素:综合面板数据分析

目的研究中国对外直接投资(ODI)决策的主要动因。设计/方法/方法采用涵盖2003-2012年期间的面板数据样本和176个东道国的综合数据。研究发现，市场规模、贸易变量和自然资源变量对中国对外直接投资存量有显著的影响。这表明中国对外直接投资决策既有市场动机，也有资源寻求动机。分时期样本检验结果更有力地支持了对外直接投资的市场追求动机。原创性/价值这些结果似乎来自于抽样期间所进行的政策变化。与亚群检验相一致，本研究发现中国对外直接投资在前100个国家的主要目的是自然资源勘探和生产线更新。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific Accounting Review BUSINESS, FINANCE-

CiteScore

3.80

自引率

9.50%

发文量

期刊介绍： Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.