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首页> 外文期刊>Journal of Chinese Economic and Foreign Trade Studies >The role of context-specific factors in IFDI's influence on OFDI of developing country Evidence from China
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The role of context-specific factors in IFDI's influence on OFDI of developing country Evidence from China

机译：特定环境因素在IFDI对发展中国家OFDI的影响中的作用中国的证据

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Purpose - Although prior research has highlighted the importance of foreign direct investment (FDI) on a country's internationalization, it has largely focused on developed countries. As a result, the FDI performance of a developing country, which differs fundamentally from that of developed countries in their environment, remains unclear. Under the newly development environment, the traditional FDI theories have been challenged by the increasing investments from emerging and transition economies. The theory system needs a fresh situation's supplement urgently. Design/methodology/approach - On the basis of a literature review, this paper constructed an empirical model to further study the moderating effects of context-specific factors on the influence of inbound foreign direct investment (IFDI) on outbound foreign direct investment (OFDI). China was chosen as the representation of a developing country, and its data of mutual investments with 125 countries from 2003 to 2014 were used to carry out hypothesis testing. Findings - The analysis and results of this paper suggested: first, for China, the overall influence of IFDI on OFDI is positive. That is to say, IFDI's positive spillover effect is greater than the negative competition effect. Second, innovational distance's effect on FDI is complicated. It can either be positive or negative, which calls for further investigation. Third, economic distance negatively affects OFDI and negatively moderates IFDI's effect on OFDI, especially the export. To some extent, the moderating effect that resulted from the competition effect will reduce overseas investment by extruding some of the local enterprises. Fourth, cultural distance's effect is closely related to the spillover effect that will positively moderate IFDI's influence on OFDI. Originality/value - This paper enriched the international investment theoretical system by adding a mechanism of multiway international investment of a developing country. The research also has a guiding significance for developing countries' governments in coordinating mutual international investments. Also, these results have important implications for how policymakers promote OFDI and put forward new theoretical avenues for conceptualizing the internationalization process.
机译：目的-尽管先前的研究强调了外国直接投资（FDI）对一国国际化的重要性，但它主要集中在发达国家。结果，尚不清楚发展中国家的外国直接投资业绩在本质上与发达国家不同。在新的发展环境下，新兴和转型经济体不断增加的投资挑战了传统的外国直接投资理论。理论体系迫切需要新形势的补充。设计/方法/方法-在文献综述的基础上，本文构建了一个经验模型，以进一步研究因地制宜的因素对入境外国直接投资（IFDI）对对外外国直接投资（OFDI）的影响的调节作用。选择中国作为发展中国家的代表国，并使用其2003年至2014年与125个国家的相互投资数据进行假设检验。发现-本文的分析和结果表明：首先，对于中国而言，IFDI对OFDI的总体影响是积极的。也就是说，IFDI的正溢出效应大于负竞争效应。其次，创新距离对外国直接投资的影响是复杂的。它可以是正面的或负面的，这需要进一步的研究。第三，经济距离对外国直接投资产生负面影响，对国际直接投资对外国直接投资尤其是出口的影响产生负面影响。在某种程度上，由竞争效应引起的调节效应将通过挤出一些本地企业而减少海外投资。第四，文化距离的影响与溢出效应密切相关，溢出效应将积极缓和IFDI对OFDI的影响。原创性/价值-本文通过增加发展中国家的多方国际投资机制，丰富了国际投资理论体系。该研究对发展中国家政府协调相互的国际投资也具有指导意义。同样，这些结果对于政策制定者如何促进对外直接投资以及为概念化国际化进程提出新的理论途径也具有重要意义。

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