| The rise of China's economy cannot be separated from the development and growth of many enterprises.Foreign direct investment is an important path for Chinese companies' international operations.The success and setbacks of Chinese companies on the road to foreign direct investment coexist,and they need to be empirically summarized and supported by theories.The western direct foreign investment theories represented by the OLI theory cannot explain enough about the rapid development of foreign investment in developing countries since the 1990 s.This paper selects the mode of foreign direct investment of Guangdong enterprises as the research topic,because greenfield investment and cross-border mergers and acquisitions are two very different entry modes.Different modes of entry reflect different development paths of enterprises and related to the success or failure of transnational operations.Guangdong Province is the largest province in China's economy,and the development of foreign investment is relatively mature.The model selection of Guangdong as a provincial sample for direct foreign investment can provide data reference for more companies that will invest overseas,and may also be a theory of China's foreign investment.The establishment provides part of the analysis basis and realistic basis.The overall structure of this paper is to first propose the background and research significance of the topic selection,then review the basic theories of cross-border direct investment,and summarize the research perspectives of cross-border direct investment model selection according to factions,and discuss after theoretical basis combing.The development stage and background of Guangdong's foreign direct investment,analyzed the ideal entry mode selection of Guangdong enterprises' outward foreign direct investment according to different motivation theory,analyzed the status and characteristics of Guangdong enterprises' outward foreign direct investment from various angles,including the basic conditions of foreign investment.,investment subjects,location distribution,industry distribution,and influencing factors.The comparative analysis of the differences between cross-border mergers and acquisitions and greenfield investment entry mode,based on previous theories,puts forward the basic assumptions for the selection of foreign investment entry mode and establishes a regression model.This paper takes the data of the Ministry of Commerce as the base sample,supplements OFRD data from CNRDS and Zephyr,and uses the listed company database of Guotai Security CSMAR to match the enterprise information of overseas investment companies.A total of 143 companies from 2008 to 2016 were used in Guangdong.Listed companies have conducted research on 288 foreign investment records of 62 countries(regions).They examined the impact of factors such as corporate factors,host country's system,and culture on the choice of Guangdong enterprises' direct foreign investment models.This article analyzes and contrasts a series of data on foreign companies' investment lists,and finds that in terms of the absolute number of investment enterprises,Guangdong enterprises still account for the vast majority of the “going out” through green space investment.Green space investment is still the mainstream of SMEs' external investment.Investment enters the model,but cross-border mergers and acquisitions have a larger average size than greenfield investments.The empirical results show that the per capita GDP is high and low,the legal system is perfect,investment openness and cultural distance have a significant impact on the pattern of Guangdong enterprises' foreign investment.Guangdong enterprises are more inclined to mergers and acquisitions in countries with high levels of economic development and relatively complete legal systems;there is also a strong positive correlation between the distance of cultural distance and the mode of entry of cross-border mergers and acquisitions.However,in the host countries where economic growth is growing faster and cultural distances are similar,Guangdong enterprises are more inclined to implement greenfield investment.From the corporate sample of this paper,there is also a significant positive correlation between the size of the firm and the probability of implementing greenfield investment.Based on the research conclusions of this paper,the author puts forward some suggestions on how to cultivate the core competitiveness of enterprises,raise awareness of risk prevention,and strengthen support for SMEs. |
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