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首页> 外文会议>International Conference on Management Science and Engineering Management >Herd Behavior of Chinese Firm's Outward FDI Along One Belt One Road- Analysis on Chinese Listed Manufacturing Sector
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Herd Behavior of Chinese Firm's Outward FDI Along One Belt One Road- Analysis on Chinese Listed Manufacturing Sector

机译：中国企业向外外国直接投资的畜群行为沿着一条腰带一条路线分析中国上市制造业

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摘要

This paper takes the listed firms of China's manufacturing industry as the research object. FGLS model and Probit model are adopted to analyze 930 OFDI (Outward Foreign Direct Investment) events by listed manufacturing firms from 2004 to 2015. It is found that there exists obvious herd behavior in Chinese manufacturing firms' OFDI, which is more significant in the investment to developed countries. The BRI (Belt and Road Initiative) launched in 2013 significantly enhanced the herding effect, enabling firms to allocate large amounts of money to countries along OBOR (One Belt and One Road). Firms' OFDI herding behavior is more obvious in countries with lower GDP growth rate and infrastructure level. This study supports the location selection theory regarding Chinese firms' OFDI, and provides a reference for optimizing OFDI location selection of Chinese manufacturing firms and improving the investment efficiency.
机译：本文将中国制造业上市公司作为研究对象。采用FGLS模型和概率模型通过2004年至2015年通过上市制造公司分析了930个OFDI（外国直接投资）活动。发现中国制造公司OFDI中存在明显的畜群行为，这在投资中更为重要发达国家。 2013年推出的BRI（皮带和道路倡议）显着增强了勃麦效应，使公司能够将大量资金分配给腹股沟（一条带和一条路）。在GDP增长率和基础设施水平降低的国家，公司的OFDI放牧行为更加明显。本研究支持有关中国企业OFDI的位置选择理论，并为优化中国制造公司的地点选择并提高投资效率提供参考。

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