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For a decade since the “going global” strategy was initiated in 1999, the Chinese enterprises have been making high profile forays into foreign markets so that China has emerged as one of the most significant sources of outward foreign direct investment (OFDI) in the world. While many studies in the literature investigate various aspects of China’s OFDI, little work has been devoted to investigate what unique advantages Chinese multinational corporations (MNCs) possess. Especially no studies have provided comprehensive and systematic analyses of sources of such advantages. This paper tends to close the gap by identifying China’s firm-specific and country- specific advantages (FSAs and CSAs), based on a well-designed framework. The main findings are as follows: (a) while FSAs possessed by Chinese MNCs are growing and increasing strong, they are limited in comparison with developed-country MNCs; (b) the most important competiveness of Chinese MNCs comes from CSAs, especially for large SOEs, and ? like OFDI from developed countries, some Chinese MNCs are advantage-utilizing, while most of them are the type of advantage-seeking OFDI due to their weak FSAs.