| Since the reform and opening up,China’s economic development has made great achievements.China’s foreign direct investment(OFDI)has also experienced a development process from scratch,from less to more,with continuous optimization of structure and continuous improvement of efficiency.In 2004,the implementation of the Decision on Investment System Reform simplified the management process for Chinese enterprises to carry out OFDI activities,and encouraged and promoted Chinese enterprises to go abroad.In 2007,the report of the 17 th National Congress of the Communist Party of China(CPC)clearly required China to implement the two-way opening of "going out" and "bringing in" to develop in depth.In 2013,China’s foreign direct investment exceeded 100 billion US dollars,and in 2015,it exceeded the amount of foreign investment for the first time.In the wave of global economic integration,great changes have taken place in the world political and economic order,trade protectionism and unilateralism have risen,and China’s OFDI activities are also facing huge challenges.How OFDI enterprises should "go out","go in" and "go up" is a problem that China’s OFDI enterprises must think about and face.In order to solve the above problems,this study comprehensively reviewed and commented on the relevant literature on OFDI and corporate performance.Based on the complex network analysis technology,integrating Uppsala model,industrial relevance theory and social network theory,by using the logistics and probit regression methods,this study conducted an in-depth study on the mechanism and effect of OFDI corporate behavioral relevance network on the performance of overseas holding companies,The following questions are mainly answered: How to effectively build and describe the OFDI enterprise behavior association network? What is the basic structure and evolution of OFDI enterprise behavior association network? How does OFDI’s corporate behavior association network affect the profitability of overseas holding companies? If overseas holding companies can make profits,how to further improve their profitability? If the overseas holding company in the red,how to improve its stop loss ability?This paper has carefully collected and sorted out the data of China’s OFDI enterprises and their overseas holding companies,taking the data of CNRDS listed companies’ overseas holding companies as the main data,combining the data of Wind listed company database,the Directory of Overseas Investment Enterprises(Institutions)issued by the Ministry of Commerce,the National Input and Output Table issued by the National Bureau of Statistics,CSMAR listed company data of directors,supervisors and senior managers,The OFDI enterprise behavior association network was transformed into path association network,industry association network and executive association network.This new framework was used to analyze the structural characteristics and development evolution of OFDI enterprise behavior association network.The research found that during the period from 2010 to 2019,an increasing number of countries(regions)integrated into China’s OFDI enterprise path association network,and the intensity of economic exchanges between industries became higher than ever,The number of corporate senior executives has also made a qualitative leap,the network density,clustering coefficient and reciprocity coefficient indicate Significant improvement 。 The possible theoretical contributions of this study list as follow: first,the research proposed the correlation of corporate behaviors of Chinese OFDI enterprises,such as the spatial layout,investment path and co-employment of corporate executives of overseas participating holding companies can provide a new and feasible theoretical and empirical framework for the explanation and demonstration of the problem of "going out together" of enterprises;Secondly,the study on the evolution process and driving factors of the behavioral correlation of Chinese OFDI enterprises is helpful to explore the dynamic mechanism of Chinese enterprises’ construction of global production relations network on a global scale.The research proposes the following conclusions:(1)China’s OFDI has achieved continuous growth in most years,with a large flow scale of capital and a wide range of countries involved.As the main springboard for OFDI in China,Hong Kong is the first stop for a large number of Chinese enterprises to open foreign direct investment.In addition,nearly half of China’s OFDI funds have gone to the United States,Britain,Germany,Singapore,Australia,Canada and other developed countries,Thailand,Cambodia,Indonesia Kazakhstan and other third world countries are also regions where China’s foreign direct investment is relatively intensive due to their low human cost or unique natural resource advantages.The main body of China’s foreign direct investment is private enterprises,but the amount of foreign direct investment projects of stateowned enterprises is larger.From the regional perspective,nearly 85% of overseas investment enterprises come from the eastern coastal provinces with relatively developed economies,while the proportion of OFDI enterprises in the central and western regions is relatively low.From the perspective of industrial structure,the industries of foreign direct investment are mainly concentrated in the secondary industry,and the main investment purpose is to seek energy and resources,especially the power energy and metal mineral resources development industries,followed by the tertiary industry.The division of industries has become more detailed and comprehensive.The total value of intermediate products used between industries has been significantly improved,the interdependence between industries has become more significantly.With the rapid development of China’s economy,the number of senior executives has also undergone qualitative changes.Chain senior executives have become an important way for enterprises to obtain information resources,achieve communication and cooperation between enterprises.(2)From the perspective of path association network,OFDI enterprises can effectively improve the performance of overseas holding companies by establishing overseas holding companies in countries(regions)with high centrality in path association network,such as outdegree centrality,indegree centrality,out strength,in strength,betweenness centrality and Page Rank centrality.Relatively speaking,the path association network play a key role in improving the profitability of overseas holding companies of state-owned enterprises,mediumsized enterprises,eastern enterprises,and manufacturing enterprises.At the same time,overseas holding companies set up in countries along the Belt and Road are more likely to be profitable than those set up in countries not along the Belt and Road.(3)The improvement of the outdegree,out strength and Page Rank centrality of OFDI enterprises’ industries in the industry association network will improve the performance of overseas holding companies.To be specific,the industrial association network can improve the profitability of overseas holding companies of different types and industries to varying degrees.It can also significantly improve the profitability of overseas holding companies of large enterprises and eastern enterprises.At the same time,the industrial association network can also significantly improve the performance of overseas holding companies established in countries along the Belt and Road.(4)Both the path association network and the industrial association network have greatly improved the profitability of overseas holding companies of China’s OFDI enterprises.However,from the empirical results of the sub sample of the overseas holding companies in profitable or in the red status,the network has a certain degree of constraint on the further improvement of the performance of the overseas holding profitable companies,in the meantime,network has improved the stop loss ability of the overseas holding companies in the read,A balance effect of network on performance has been formed.In addition,OFDI’s senior management network has some relatively minor negative effects on the performance of overseas holding companies.This phenomenon may be caused by the different cultural backgrounds and institutional environments in the overseas market.At this stage,the senior management network of OFDI enterprises is still lack of international communication,which is caused by the lack of communication,cooperation and information sharing among overseas holding companies.Therefore,international communication,cooperation and information sharing between OFDI enterprises are more important.Combined with the above research conclusions,this paper proposes feasible business strategies and policy recommendations for OFDI enterprises and the government to help Chinese enterprises integrate into the "Belt and Road" construction when making foreign direct investment,not only to "go out","go in" but also to "go up" to achieve high-quality and sustainable development. |
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