Chinese Returnees and High-Tech Sector
Outward FDI: The Case of Changzhou
Zhao Chen, Tony Fang
Asian Economic Papers, Discussion Paper No.
10045, July 2016
陈钊，复旦大学中国社会主义市场经济研究中心常务副主任，教授、博导。研究领域为中国经济、城市与区域经济发展。
Abstract
The rapid growth and high levels of
internationalization by Chinese firms, raise a natural interest in the study of
the factors which have led the notable international presence of Chinese firms.
To contribute to this effort, we use data from the 2008-10 survey of China’s High-tech
firms, conducted by the Chinese Ministry of Science and Technology, to estimate
the determinants of Chinese firm outward FDI (OFDI). In our analysis, the
primary independent variables include high-tech intensity, human capital
acquisition, and institutional factors. We have also controlled for various
firm characteristics such as firm age, total value of fixed assets, and firm
ownership. Estimation from our fixed-effects model uncovers a number
interesting patterns in OFDI outcomes. Most notable, among the significant determinants
of OFDI, the number of Chinese returnees employed by a firm seems to be more
important than tax reduction policies. Further, the effects of the Chinese
returnees have a stronger effect on non state-controlled firms than they do for
state-controlled firms. This finding is intuitive, since the Chinese returnees
who were trained in the West have an understanding of product markets, labour
markets, financial markets, language and business culture, and trade laws in
both China and the West. Their unique skill sets and knowledge appear to serve
as an important catalysts in the growth of OFDI and internationalization by Chinese
firms.
Keywords: OFDI, Chinese firm internationalization,
panel data
附件：
陈钊-Chinese Returnees and High-Tech Sector Outward FDI.pdf
