| Mineral resources are directly related to the production and development of a country. The importance of mineral resources is self-evident. It determines that the global resources deployment is inevitable under the sharp contradiction between supply and demand.Under the strongly support of ’going out’ strategy, the scale of OFDI of mineral resource is constantly climbing.And it brings new opportunity for Chinese enterprises to carry out OFDI with approving of’One Belt And One Road’ and provides wide space to make global resources deployment.As the vanguard and the main force of China’s OFDI, the state-owned mineral enterprises have made important contribution to ensure the security of national strategic resources and reduce the fluctuation in price of domestic resources.Their exploration and practice in OFDI provide valuable lessons for Chinese enterprises to go out.Looking from OFDI status of the state-owned mineral enterprises in recent years, there are some problems. It is easy to see that the investments centralize in Oil, iron and aluminum, and the latter two have excess production capacity in domestic.The investments centralize after the financial crisis.It is easily to ignore their own capabilities and the value of the invested enterprise when they focus on the opportunities on the enterprise value underestimate. Then it is easy to cause inefficient investment and bring greater investment risk and liquidity risk for the state-owned mineral enterprises. Meanwhile, the investments centralize in developed countries facing the higher threshold and stronger competition, and making the assets to be exposed to exposure of the host country currency fluctuations.For its exposure to risk, it is clearly not just because of the slowing down of the real economy and the capital market volatility.This dissertation argues that the state-owned mineral enterprises form a special’arbitrage motives’under the financial attributes of mineral resources and the characteristics of the state-owned enterprises. It is the important internal motivation for OFDI of the state-owned mineral enterprises,and influencing the formation of investment decisions.The arbitrage motivation provides the profit space for the enterprises at the same time also becomes one of the important reason of the above problems.This dissertation introduces the ’arbitrage motivation’ as a neutral concept in OFDI decision-making, and mainly studies the formation and action mechanism of arbitrage motivation and OFDI decision-making mechanism of the state-owned mineral enterprises.First, through the analysis on the current situation and problems of the state-owned mineral enterprises in OFDI,the dissertation explores the characteristics and regulation of the investment. On this basis, it analyzes the formation process and mechanism of’arbitrage motivation’.Then three types of arbitrage motivations are put forward including’institutional arbitrage’,’term arbitrage’and’market arbitrage’.At the same time, we find that three arbitrage motivations affect investment decisions respectively by influencing the uncertain on investment cost, project value and the target initial value.And based on this, we screen out the index to measure the arbitrage motivation.Second, based on the real option theory, the model of investment decision containing the motivations was built. The results show that the arbitrage motivation will accelerate the OFDI. As the result of arbitrage motivations, enterprises will invest even if potential value of the project is less than the cost. Especially when arbitrage is independent of the project value, which becomes decision-makers’ gain, this problem will become more prominent.And three arbitrage motivations will all make investment in advanced even if the investment is not yet mature.Third, the dissertation establishes the empirical research framework about the influence of the arbitrage motivation of state-owned mineral enterprises on their OFDI. Based on the OFDI data of Chinese state-owned mineral enterprises from year of 2001 to 2014, this dissertation shows that three arbitrage motivations all impact on OFDI decision-making and promote OFDI of state-owned mineral enterprises. When three types of arbitrage motivations exist at the same time, institutional arbitrage has the biggest influence on investment decision-making,then, in turn are market arbitrage and term arbitrage. What’s more, the dissertation researches the influence of arbitrage motivations of state-owned enterprises on their OFDI location decision-making.The results show that arbitrage motivations significantly alter the original intention about seeking resources of state-owned mineral companies.They tend to invest in the country or region of high entry costs and low quality regulation, and the tendency is more obvious after the financial crisis.Third, in order to make the state-owned mineral enterprises earn more profits using of their own advantages, avoid problems such as inefficient investment and overseas assets loss caused by investment myopia, underestimating the risks and so on which may be driven by the arbitrage motivation, this dissertation puts forward supervision, guidance, and review mechanism according to different arbitrage motivation.Based on this, it is has important theoretical and practical significance to research on OFDI decision-making behavior and mechanism of China’s state-owned mineral enterprises under the arbitrage motivation. It can rich theoretical system of China’s OFDI, avoid inefficient investment behavior, grasp the new investment opportunity from ’One Belt And One Road’ effectively, and supervise the foreign investment behaviors of the enterprises. At the same time, it finds out the cause of the microcosmic basis for macro policy, which is of great significance to improve the system that foreign exchange service entity, and ensure the maintaining and increasing of national asset.
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