دانلود رایگان مقاله تصمیم گیری در مورد OFDI و مکان برای شرکت های چند ملیتی ناهمگن: شواهد از شرکت های چینی

abstract

This paper explores how multinational firm take decisions with regard to outward FDI (OFDI) depending on total factor productivity (TFP). In particular, we examine how the TFP of an individual firm interacts with the host country's factors, and its indirect impact on the location decision. An annual data set from 2008 to 2013 for publicly listed multinational firms in China is examined. The empirical results suggest that, first, the TFP could stimulate the OFDI engagement of a firm. Second, the influence of the firm's TFP is consistent across firms with different institutional advantages. Third, the firm's TFP reduces the importance of the host country's market potential on the likelihood of the firm's entry into a host country.

5. Discussion and implications

Micro-level analyses of Chinese enterprises' OFDI have been largely ignored because of a lack of data on China's OFDI. Thus, using firmlevel data, we explored the internal determinants that might affect firms' OFDI and location decisions. The empirical evidences suggests that (1) the more productive the Chinese firms, the higher their motivation to participation in OFDI; and (2) the influence of the firm's TFP is consistent across firms with different institutional advantages, in this case, we find that the SOEs with institutional advantages do not have an upper hand over non-SOEs in terms of OFDI engagement. These findings extend the empirical literature on EMEs as they explain the effects of TFP on firms' OFDI decisions.