| 央企对外直接投资的战略选择 |
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| 引用本文： | 冯体一.央企对外直接投资的战略选择[J].华东师范大学学报(哲学社会科学版),2015,47(2):113-123. |
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| 作者姓名： | 冯体一 |
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| 作者单位： | 上海对外经贸大学金融学院,上海，201620 |
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| 基金项目： | 本文受上海对外经贸大学０８５ 工程（Ｚ０８５ＹＹＪＪ１３０３６）的支持。 |
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| 摘 要： | 中国对外直接投资呈现了前所未有的扩张态势，其中绝对的投资主体就是中央企业。由于数据的可获性较差，国内外文献中甚少有专门针对央企OFDI的研究。基于长期手工收集的数据，并首次对央企OFDI的演进进行了回顾，由此对其战略选择即产业布局、区位分布、进入模式及主体选择进行分析的结果表明，央企对外投资时偏好于自然资源丰富的国家及地区，亚洲和非洲成为主要投资目的地，随着时间推移，在其余大洲的投资呈稳中有增态势，区位分布更加广泛和理性；产业分布则主要集中在第二产业，如采矿业、建筑业和制造业；建新厂或成立独资公司为央企OFDI主要的进入模式；2008年金融危机确实促进了央企OFDI的扩张，尤其是并购。
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| 关 键 词： | 央企 对外直接投资 战略选择 产业布局 区位分布 进入模式 |
The Strategy Choices of China’s Central-Controlled State-Owned Enterprises’ Outbound Foreign Direct Investment |
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| FENG Ti-yi.The Strategy Choices of China’s Central-Controlled State-Owned Enterprises’ Outbound Foreign Direct Investment[J].Journal of East China Normal University :Philosophy and Social Sciences Edition,2015,47(2):113-123. |
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| Authors: | FENG Ti-yi |
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| Abstract: | The expanding rate of Chinese outward foreign direct investment (OFDI) is unprecedented, and the majority is undertaken by Central-Controlled state-owned enterprises (CSOEs). However, to the best of our knowledge, there has little analysis of CSOEs’ OFDI in literature for the reason of unavailable data. To fill the research gap, this paper focuses on describing the nature characteristics of CSOEs’ OFDI by using hand-collected data especially concerning industry distribution, location distribution and entry modes. The results show that CSOEs prefer to invest in nature resource-rich countries and industries, Asia and Africa attract most CSOEs’ OFDI, and investments in rest of continents are increasing steadily. The location distribution is more rational over time. Industry distribution concentrated on the second industry, such as mining, construction and manufacture. In addition, setting up new plants or wholly-owned new companies is the main entry mode. In effect, the 2008 finance crisis has promoted CSOEs’ OFDI, especially in mergers and acquisitions. |
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