| Since the 21 st century,with the rapid development of China’s economy and the implementation of the national strategy of "going global",the scale of overseas investment of Chinese enterprises has been increasing,and the profits from overseas investment of Chinese enterprises are feeding the domestic industry,forming a virtuous circle.As for China’s automobile manufacturing industry,its development level obviously lags behind the world’s advanced level,and it is difficult for automobile enterprises to catch up only by themselves.It is an inevitable choice for Chinese automobile brand to achieve internationalization by OFDI to expand the international market,acquire advanced technology.However,due to the lack of overseas investment experience and talent reserve,Chinese automobile enterprises frequently fail in overseas investment practice,which affects the overall investment performance of the industry.The review and evaluation of OFDI performance is an effective way to grasp the investment status of the automobile industry and seek for the improvement of investment efficiency.Therefore,it is of practical significance to study the performance of OFDI in China’s automobile manufacturing industry.In view of this,this paper aims to explore the performance of OFDI in China’s automobile manufacturing industry.Firstly,this paper sorts out the development history and current situation of OFDI of China’s automobile manufacturing industry,and then conducts empirical analysis on the performance of China’s automobile OFDI in the following chapters,as well as the cause analysis of the empirical results,and finally proposes Suggestions to improve the performance.Core content of this article is the performance evaluation of China’s automobile manufacturing OFDI,first of all,on the performance evaluation system,the establishment of the main reference for the government guidance and the existing research results,combined with the characteristics of the auto industry,reasonable selection of the research methods,evaluation indexes,the empirical method,and choose OFDI case of the auto industry in 2008-2015 and corresponding index data according to certain standard,and then use the principal component analysis empirically,build performance score expression and generation into the standardized score data calculation.Performance results analysis from overall research and the classification of two angles,classification study included according to the secondary industry,according to the enterprise property,according to investment methods of classification and research results for the final summary-OFDI sample enterprise performance in the first and second year after the investment is poorer,and presents the volatility,the third year after the investment performance trends to improve,but the effect is not obvious,industry as a whole OFDI poor performance;The performance of sample parts manufacturer is better than that of vehicle manufacturer.The investment performance of sample private enterprises is better than that of state-owned enterprises;The overall performance of cross-border m&a of sample enterprises is better than greenfield investment.The last part of the paper puts forward some Suggestions at the government level to improve the performance of OFDI,including strengthening policy guidance,strengthening investment coordination,establishing risk early warning and performance evaluation mechanism,as well as Suggestions at the enterprise level to increase r&d investment,strengthen preliminary research,pay attention to cultural integration,and establish enterprise alliance. |
