《国际投资》课程教学资源（书籍文献）Chinese Outward Direct Investment Research - Theoretical Integration and Recommendations

暖 Management and md Organization:3,November 2013.513-539 doi10.1111/moe12030 理组 研猷 究管 Chinese Outward Direct Investment Research: Theoretical Integration and Recommendations Ping Deng(邓平) Cleveland State University,USA ABSTRAcr This article reports a detailed analysis of 138 peer-reviewed articles in 41 journals published in the last 12 years(2001-2012)that focus on Chinese outward foreign direct investment from a theoretical advancement perspective.It assesses how the topic has been explored both conceptually and empirically and identifies the substantive contributions to the literature using a thematic analysis.The article argues that research on the international expansion of Chinese multinational corporations offers a unique opportunity to extend and develop extant theorizing in four primary research muences;the ty of foreignn Building on n the results ticle offer as promis sng ways eoretical inquiry.(1) among tn kEYwoRps Chinese multinational corporations (NCs).cross-border mergers and acquisitions (M&As),international expansion,outward foreign direct investment (OFDD theoretical advancement 通过研究中国对外投资发展理论：现实与建议 摘要 本研究从理论发展视角.详细分析了过去12年 2在不同领域里集中研究中 将资的 主要理论和实证研究结果进行了评估，从而发据出对更广泛文献的实质性贡献】 总结认为研究中国跨国企业国际扩展，为四大领域的理论延伸和发展提供了独特的机 会：迟来者观点、中国国家和政府的影响、创业者与制度的动态关系、以及外来者的 不利条件。基于综合回顾与分析，并以理论延伸和拓展为宗旨，本文指出了未来五个 研究方向可为深入进行理论探讨开辟新的路径：（山）对现有四大领域的研究进行交叉探 索，（②把资源和制度理论与其他理论有机结合，(3运用跟踪纵向法对国际化过程进行 更多的探究，④采用多层次分析方法，（⑤）更加重视与其他新兴市场体的比较研究。 关键词：中国跨国公司，跨国并购，国际扩展，对外直接投资，理论发展 e 2013 The International Association for Chinese Management Research

Chinese Outward Direct Investment Research: Theoretical Integration and Recommendations Ping Deng (邓平) Cleveland State University, USA ABSTRACT This article reports a detailed analysis of 138 peer-reviewed articles in 41 journals published in the last 12 years (2001–2012) that focus on Chinese outward foreign direct investment from a theoretical advancement perspective. It assesses how the topic has been explored both conceptually and empirically and identifies the substantive contributions to the literature using a thematic analysis. The article argues that research on the international expansion of Chinese multinational corporations offers a unique opportunity to extend and develop extant theorizing in four primary research streams: the latecomer perspective; Chinese state and government influences; the dynamics of firms and institutions; and the liability of foreignness. Building on the results of this analysis, the article offers five recommendations as promising ways to open up theoretical inquiry: (1) cross-fertilization among the four research streams; (2) integration of resource- and institution-based theories with other theoretical lenses; (3) research on the process dimensions using a longitudinal approach; (4) adoption of multi-levels of analysis; and (5) consideration of the wider emerging market literature. KEYWORDS Chinese multinational corporations (MNCs), cross-border mergers and acquisitions (M&As), international expansion, outward foreign direct investment (OFDI), theoretical advancement 通过研究中国对外投资发展理论: 现实与建议 摘要 本研究从理论发展视角, 详细分析了过去12年 (2001–2012) 在不同领域里集中研究中 国对外直接投资的138篇学术期刊文章。应用主题分析法, 作者对如何研究该题目的 主要理论和实证研究结果进行了评估, 从而发掘出对更广泛文献的实质性贡献。本文 总结认为研究中国跨国企业国际扩展, 为四大领域的理论延伸和发展提供了独特的机 会: 迟来者观点、中国国家和政府的影响、创业者与制度的动态关系、以及外来者的 不利条件。基于综合回顾与分析, 并以理论延伸和拓展为宗旨, 本文指出了未来五个 研究方向可为深入进行理论探讨开辟新的路径: (1) 对现有四大领域的研究进行交叉探 索, (2) 把资源和制度理论与其他理论有机结合, (3) 运用跟踪纵向法对国际化过程进行 更多的探究, (4) 采用多层次分析方法, (5) 更加重视与其他新兴市场体的比较研究。 关键词：中国跨国公司，跨国并购，国际扩展，对外直接投资，理论发展 bs_bs_banner Management and Organization Review 9:3, November 2013, 513–539 doi: 10.1111/more.12030 © 2013 The International Association for Chinese Management Research

514 P.Deng INTRODUCTION China's internationalization,one of the most profound business phenomena of the last decade (Economist,2010),is occurring in different forms.In particular,its outward foreign direct investment(OFDI)has grown exponentially to the point where China is now one of the world's largest investors with a cumulated FDI stock ofover S500billion by 2012(MOC.2012:UNCTAD.2013).As Chinamoves to the centre of the global economy,research on the internationalization of Chinese multinational corporations (MNCs)has gained importance because China offers particularly good test case for the general theory of FDI(Buckley,Clegg,Cross,Liu. Voss,Zheng,2007:500).Despite rapidly developing research on the topic,the literature on the internationalization of Chinese firms has been fragmented and lacks theoretical integration Using content analysis,Deng(2012)reviewed conceptual and empirical articles from 1991 to 2010,focusing on the antecedents,processes,and outcomes of the internationalization of Chinese firms,offering insights into several content areas critically needing further development.That study,however,did not explore th theoretical implications of the internationalization of Chinese firms,specifically OFDI.Chinese internationalization presents unique features,and provides oppor- tunities to extend existing theories and potentially develop new theories on the systematically analyzes the literature published in the last 12 years (2001-2012) from a theoretical advancement perspective and suggests how the study of Chinese OFDI could become a major driver of theoretical development,advancing the scholarship on the internationalization of Chinese firms. Four primary research themes assembled by scholars are adopted (see.e.g. Buckley et al.,2007;Child Rodrigues,2005;Ramamurti Singh,2009):(a)the omer perspective;(b)Chin of firms and institutions;and(d)the liability of foreignness.Representative rather than exhaustive works are used to illustrate how concepts and theoretical lenses are applied and/or extended to each theme.The review is approached from an integrative,process-focused,dynamic perspective nested within knowledge and multilevel analysis.integrating previous research and offering direc- tions for future research.The core research question asked is this:how have researchers explored Chinese internationalization through OFDI in terms of theo retical extension and development? MAPPING THE STATUS OF CHINESE INTERNATIONALIZATION RESEARCH Method of Article Selection The article focuses on English-language peer-reviewed articles and excludes books, edited volumes,introductions,editorials,and other non-refereed publications.This 2013 The International Asociation for Chinese Management Research

INTRODUCTION China’s internationalization, one of the most profound business phenomena of the last decade (Economist, 2010), is occurring in different forms. In particular, its outward foreign direct investment (OFDI) has grown exponentially to the point where China is now one of the world’s largest investors with a cumulated FDI stock of over $500 billion by 2012 (MOC, 2012; UNCTAD, 2013). As China moves to the centre of the global economy, research on the internationalization of Chinese multinational corporations (MNCs) has gained importance because China offers ‘a particularly good test case for the general theory of FDI’ (Buckley, Clegg, Cross, Liu, Voss, & Zheng, 2007: 500). Despite rapidly developing research on the topic, the literature on the internationalization of Chinese firms has been fragmented and lacks theoretical integration. Using content analysis, Deng (2012) reviewed conceptual and empirical articles from 1991 to 2010, focusing on the antecedents, processes, and outcomes of the internationalization of Chinese firms, offering insights into several content areas critically needing further development. That study, however, did not explore the theoretical implications of the internationalization of Chinese firms, specifically OFDI. Chinese internationalization presents unique features, and provides oppor￾tunities to extend existing theories and potentially develop new theories on the internationalization of firms and FDI (Child & Rodrigues, 2005). This article systematically analyzes the literature published in the last 12 years (2001–2012) from a theoretical advancement perspective and suggests how the study of Chinese OFDI could become a major driver of theoretical development, advancing the scholarship on the internationalization of Chinese firms. Four primary research themes assembled by scholars are adopted (see, e.g., Buckley et al., 2007; Child & Rodrigues, 2005; Ramamurti & Singh, 2009): (a) the latecomer perspective; (b) Chinese state and government influences; (c) the dynamics of firms and institutions; and (d) the liability of foreignness. Representative rather than exhaustive works are used to illustrate how concepts and theoretical lenses are applied and/or extended to each theme. The review is approached from an integrative, process-focused, dynamic perspective nested within cross-disciplinary knowledge and multilevel analysis, integrating previous research and offering direc￾tions for future research. The core research question asked is this: how have researchers explored Chinese internationalization through OFDI in terms of theo￾retical extension and development? MAPPING THE STATUS OF CHINESE INTERNATIONALIZATION RESEARCH Method of Article Selection The article focuses on English-language peer-reviewed articles and excludes books, edited volumes, introductions, editorials, and other non-refereed publications. This 514 P. Deng © 2013 The International Association for Chinese Management Research

Advancing Theories from Chinese OFDI 515 is because,in recent years,journal articles have had the most impact in the field (Bruton Lau,2008;Tsui,Nifadkar,Ou,2007).In addition, articles had to address Thus,all online publications as of luly 2012 were also included.Finally,the review focuses on Chinese outward direct investment,primarily through cross-border m AeratrecahascodtC d using keywords via three major databases(ABI/INFORM,Academic Search Elite,and Business Source Com- plete):this was supplemented by a manual perusal of all issues of the relevant journals.The keyv expansion,globalization/internationalization,and cross-border mergers and acquisitions MAs),in journal titles,abstracts,and keywords.The relevant articles were then read carefully to ensure that they were in SSCI-indexed journals and other quality jourals with rigorous peer review processes.Finally,138 articles appearing mainly in SSCI-indexed journals across various research disciplines that fit our definition of research on Chinese outward investment were identifed. The target articles were classified into three categories(left portion of Table 1). First,appeared in nine top busines and management the 210 impact factor of 1.50 was used as the cut-off point.Second.55 articles appeared in other business and management journals;their 2010 impact factors were lower than 1.50.Finally,there were 44 articles in other international and area study journals.Table I shows that the number of publications increased sharply in recent years;87%of the publications(i.e.,120 articles)were published in the last six years, indicating increasing interest in this topic.Appendix I lists the articles by author name in each category of journal. The 138 articles were also organiszed according to their research methods(right portion of Table 1).The 78 empirical articles include 57 quantitative studies;24 use survey or questionnaire data mainly at the firm level:33 use archival (primarily cross-sectional)datasets at a country or industry level,using official Chinese gov- ernment aggregate data,Thomson Financial SDC database,or the cross-border M&As by listed firms in the Shanghai and Shenzhen Stock Exchanges.For the 21 qualitative empirical works,most use multiple cases or in-depth case studies and eon prominent Chinese companies such as Haier,Lenovo,TCL,and u Ntost of the 6o conceptual or perpective paper n e and international journals.They tend to focus on the macroeconomic analysis of Chinese OFDI trends and patterns and particularly in host countries such as the U.S.and African countries Chinese OFDI and the Latecomer Perspective Studies have examined why Chinese firms use catch-up strategies,particularly resource-based theory (RBT),which offers an externally focused perspective of 2013 The International Association for Chinese Management Research

is because, in recent years, journal articles have had the most impact in the field (Bruton & Lau, 2008; Tsui, Nifadkar, & Ou, 2007). In addition, articles had to address issues of Chinese internationalization at different levels of analysis. Thus, all online publications as of July 2012 were also included. Finally, the review focuses on Chinese outward direct investment, primarily through cross-border mergers and acquisitions (M&As) and greenfield investment. A literature search was conducted using keywords via three major electronic databases (ABI/INFORM, Academic Search Elite, and Business Source Com￾plete); this was supplemented by a manual perusal of all issues of the relevant journals. The keywords included China, Chinese firms/companies/MNCs, international expansion, globalization/internationalization, and cross-border mergers and acquisitions (M&As), in journal titles, abstracts, and keywords. The relevant articles were then read carefully to ensure that they were in SSCI-indexed journals and other quality journals with rigorous peer review processes. Finally, 138 articles appearing mainly in SSCI-indexed journals across various research disciplines that fit our definition of research on Chinese outward investment were identified. The target articles were classified into three categories (left portion of Table 1). First, 39 articles appeared in nine top business and management journals; the 2010 impact factor of 1.50 was used as the cut-off point. Second, 55 articles appeared in other business and management journals; their 2010 impact factors were lower than 1.50. Finally, there were 44 articles in other international and area study journals. Table 1 shows that the number of publications increased sharply in recent years; 87% of the publications (i.e., 120 articles) were published in the last six years, indicating increasing interest in this topic. Appendix I lists the articles by author name in each category of journal. The 138 articles were also organiszed according to their research methods (right portion of Table 1). The 78 empirical articles include 57 quantitative studies; 24 use survey or questionnaire data mainly at the firm level; 33 use archival (primarily cross-sectional) datasets at a country or industry level, using official Chinese gov￾ernment aggregate data, Thomson Financial SDC database, or the cross-border M&As by listed firms in the Shanghai and Shenzhen Stock Exchanges. For the 21 qualitative empirical works, most use multiple cases or in-depth case studies and concentrate on prominent Chinese companies such as Haier, Lenovo, TCL, and Huawei. Most of the 60 conceptual or perspective papers appear in cross-cultural and international journals. They tend to focus on the macroeconomic analysis of Chinese OFDI trends and patterns and particularly in host countries such as the U.S. and African countries. Chinese OFDI and the Latecomer Perspective Studies have examined why Chinese firms use catch-up strategies, particularly resource-based theory (RBT), which offers an externally focused perspective of Advancing Theories from Chinese OFDI 515 © 2013 The International Association for Chinese Management Research

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Table 1. Journal articles and research methodology on Chinese OFDI, 2001–2012 Year Top business & management journals Other business & management journals International & area study journals Subtotal Quantitative studies (survey or archival data) Qualitative studies (single or multiple cases) Conceptual or overview studies 2001 2 2 2 2002 2 2 4 1 3 2003 1 1 1 3 1 2 2004 2 2 4 1 3 2005 1 1 2 1 1 2006 3 3 3 2007 6 3 3 12 5 2 5 2008 5 3 3 11 4 1 6 2009 5 8 11 24 10 4 10 2010 4 14 2 20 10 3 7 2011 5 7 14 26 11 4 11 2012† 12 13 2 27 16 4 7 Total 39 55 44 138 57 (24 survey data; 33 archival data) 21 (6 single cases; 15 multiple cases) 60 † As of July 2012, including all the online publications. 516 P. Deng © 2013 The International Association for Chinese Management Research

Advancing Theories from Chinese OFDI 517 how Chinese firms address their competitive disadvantages and the strategies they employ to do so (Deng,2007;Hong Sun,2006).Chinese MNCs aim to overcome latecomer disadvantages'via aggressive acquisition of 'critical assets from mature MNEs to compensate for their competitive weakness'(Luo Tung. 2007:481).To compensate for their competitive weaknesses,Chinese MNCs have set upR&D centres in high-income countries to assist in developing technologically advanced knowledge-intensive products manufactured in China (Bonaglia, Goldstein,Mathews,2007;Di Minin,Zhang,Gammeltoft,2012).They have also exploited home country-specific advantages(CSAs)to build knowledge-based firm-specific advantages(FSAs)by seeking br nds,distribution networks,technol- ogy,management,and strategy skills missing in Chinese firms (Rugman&Li, 2007).Such strategic asset-seeking FDI is orchestrated mostly through large state- controlled business groups and is well informed by in-depth case studies of some high -profile Chinese firms,including Haier,Lenovo H ei,Galanz,BOE,and TCL (see,e.g.,Duysters,Jacob,Lemmens,Yu,2009;Ge Ding,2008;Li Kozhikode,2011;Sun,2009). Empirical research largely supports rationales predicting the likelihood of Chinese overseas M&As and asset-seeking motivations.Chinese MNCs undertake cross-border M&A activities directly to seek needed ownership advantages(Huang Wang,2011;Zou Ghauri,2010),and reposition themselves strategically to close compe ps through organizational learning and/or capability building CardoaFome.2011:Wlamson&Raman.2011).In the same vein.Chines firms are able to catch up and compress the 'time space'that would have elapsed without organizational and technological transfers (Warner,Ng,Xu,2004). In terms of entry mode choices,Chinese firms emphasize stra intent more strongly than strategic fit,thus accelerating international activities via overseas acquisition (Cui Jiang,2009a,2010). However,other research has tempered support for RBT predictions of catch-up strategies by showing that asset acquisitions are not the sole determinants of Chinese overseas M&As.Other important considerations include the firm's his- torical context(Buckley,Cross,Tan,Liu,Voss,2008),home market exploitation (Huang Wang,2011),industry environment(Taylor,2002),prevailing institu- tional norms(Yuan Pangarkar,2010),corporate diversification (Cheung &Qian, 2009),entrepreneurial orientation (Liu,L.Xue,2011),and absorptive capacities (Deng,2010).For example,most publications in this area study and international journals argue that Chinese OFDI reflects the dynamics of investment strategies actively respond ing to globalization's challenges and opportunities(see,e.g.,Ning 2009;Wong Chan,2003).Moreover,OFDI expansion appears closely linked to China's expansion as a trading nation (Frost,2004;Liu,Buck,Shu,2005). Consequently,scholars argue that future studies may specify and test a compre hensive empirical model that considers all possible structural and cyclical factors in explaining the variance in Chinese OFDI flows(see,e.g.,Tolentino,2010).In 2013 The International Association for Chinese Management Research

how Chinese firms address their competitive disadvantages and the strategies they employ to do so (Deng, 2007; Hong & Sun, 2006). Chinese MNCs aim to overcome ‘latecomer disadvantages’ via aggressive acquisition of ‘critical assets from mature MNEs to compensate for their competitive weakness’ (Luo & Tung, 2007: 481). To compensate for their competitive weaknesses, Chinese MNCs have set up R&D centres in high-income countries to assist in developing technologically advanced, knowledge-intensive products manufactured in China (Bonaglia, Goldstein, & Mathews, 2007; Di Minin, Zhang, & Gammeltoft, 2012). They have also exploited home country-specific advantages (CSAs) to build knowledge-based firm-specific advantages (FSAs) by seeking brands, distribution networks, technol￾ogy, management, and strategy skills missing in Chinese firms (Rugman & Li, 2007). Such strategic asset-seeking FDI is orchestrated mostly through large state￾controlled business groups and is well informed by in-depth case studies of some high-profile Chinese firms, including Haier, Lenovo, Huawei, Galanz, BOE, and TCL (see, e.g., Duysters, Jacob, Lemmens, & Yu, 2009; Ge & Ding, 2008; Li & Kozhikode, 2011; Sun, 2009). Empirical research largely supports rationales predicting the likelihood of Chinese overseas M&As and asset-seeking motivations. Chinese MNCs undertake cross-border M&A activities directly to seek needed ownership advantages (Huang & Wang, 2011; Zou & Ghauri, 2010), and reposition themselves strategically to close competitive gaps through organizational learning and/or capability building (Cardoza & Fornes, 2011; Williamson & Raman, 2011). In the same vein, Chinese firms are able to catch up and compress the ‘time space’ that would have elapsed without organizational and technological transfers (Warner, Ng, & Xu, 2004). In terms of entry mode choices, Chinese firms emphasize strategic intent more strongly than strategic fit, thus accelerating international activities via overseas acquisition (Cui & Jiang, 2009a, 2010). However, other research has tempered support for RBT predictions of catch-up strategies by showing that asset acquisitions are not the sole determinants of Chinese overseas M&As. Other important considerations include the firm’s his￾torical context (Buckley, Cross, Tan, Liu, & Voss, 2008), home market exploitation (Huang & Wang, 2011), industry environment (Taylor, 2002), prevailing institu￾tional norms (Yuan & Pangarkar, 2010), corporate diversification (Cheung & Qian, 2009), entrepreneurial orientation (Liu, Li, & Xue, 2011), and absorptive capacities (Deng, 2010). For example, most publications in this area study and international journals argue that Chinese OFDI reflects the dynamics of investment strategies, actively responding to globalization’s challenges and opportunities (see, e.g., Ning, 2009; Wong & Chan, 2003). Moreover, OFDI expansion appears closely linked to China’s expansion as a trading nation (Frost, 2004; Liu, Buck, & Shu, 2005). Consequently, scholars argue that future studies may specify and test a compre￾hensive empirical model that considers all possible structural and cyclical factors in explaining the variance in Chinese OFDI flows (see, e.g., Tolentino, 2010). In Advancing Theories from Chinese OFDI 517 © 2013 The International Association for Chinese Management Research