| Now in recent years,the rapid development of China ’s foreign direct investment has caused great attention from all over the world.However,the living conditions of our listed companies’ foreign direct investment are really worrying,for its duration is short as well as large differences can be seen among survival conditions in different countries.Then in different host countries and regions,what exactly are the differences in China’s foreign direct investment duration?And what factors caused these differences?To our regret,at present few specialized researches can be seen on the issue,while solving the problem is of great significance for better promoting the"going-out" strategy among Chinese enterprises.Therefore,based on the demand of theory as well as practice,aiming at providing more experiences for the "going-out"strategy,this paper will have an empirical research on regional differences of the duration in companies’ foreign direct investment.In this paper,we explore the duration of listed companies’ foreign direct investment from three perspectives.According to the perspective of host countries’language communicated or not,the host countries’ development degree,as well as host countries belong to "One Belt One Road" or not,from every perspective we explore differences of the duration and its influence factors between foreign direct investments in corresponding country samples respectively.Based on the review of domestic and foreign research literature,we used international production compromise theory,enterprise internationalization stage theory,the capitalization rate theory and other related theories about foreign direct investment as well as survival analysis methods to study regional differences between the duration of listed companies’ foreign direct investment.We used charts,preliminary statistical analysis,K-M analysis to study the duration and risk differences in listed companies’ foreign direct investment.We also used Cox proportional hazards model to study differences of influence factors which determines the duration in each sample’s direct investment,what’s more,a robust test of Weibull regression is adopted as well.The research results show us that the average duration of listed companies’outward direct investment is 4.609 years,less than half of the study period.From the regional differences’ perspective,the survival rate of the outward direct investment under common language samples is higher than that in uncommon ones,survival rate of the outward direct investment in developed countries is higher than that in undeveloped countries,and survival rate of the outward direct investment in non-"One Belt One Road" countries is higher than that in "One Belt One Road" ones.As for the influence factors,variables such as the number of host countries invested by a company,the number of Chinese companies in a host country as well as geographic distance between the two countries are indicators that have negative influences on the duration risk rate of listed companies’ outward direct investment,helping the duration of the overseas investment.And variables such as enterprise exports,enterprise scale,official exchange rate in host countries,the degree of host country’s opening to the outside world as well as the market size are indicators that have positive influences on the duration risk rate of listed companies’ outward direct investment,which is not conducive to the duration of overseas investments.Specifically,when it comes to the influence factors analysis of the duration of listed companies’ outward direct investment in every regional differences’ perspective,we found that the influence of these factors on overseas investments’ duration is strong along with the weak,positive along with the negative.For positive influence factors we should actively improve the influence of these factors to promote duration of outward direct investment,for negative factors we should restrain the increase of these factors to reduce the impact on the duration of overseas investment.In the end,according to the above research results,we put forward corresponding countermeasures and suggestions of promoting survival duration of listed companies’outward direct investment. |
