Resource Endowment,Regional Technological Innovation Capability And The Foreign Sole Ownership Of Sino-Foreign Joint Ventures

With the continuous opening of China's market and economy,the proportion of fdi in China is increasing.Recently,China's "One Belt And One Road" construction has further expanded the new situation of opening to the outside world,and the formation of the new pattern will introduce more foreign investment Joint venture as one of the main forms of foreign investment in China,it is a very unstable state,a lot of sino-foreign joint ventures of foreign forced China to abandon equity,by various means to increase their stake in the joint venture,so as to achieve the purpose of mergers and acquisitions wholly owned,speed up the process of our wholly foreign mergers and acquisitions of transnational joint venture.From the perspective of China's space,there are obvious regional differences in the trend of foreign ownership.The behavior of sole proprietorship caused by the unstable alliance will not only increase the cost for China to absorb foreign technology and management experience,but also lead to the serious economic decline of Chinese enterprises.At the same time,this phenomenon of sole-proprietorship is becoming more and more serious,which may threaten China's industrial security and the orderly development of social economy.Previous scholars on the sino-foreign joint venture joint venture-mergers and acquisitions-the foreign owned "study,from the interior of the joint venture equity control behavior and non-equity control behavior perspective,identify the foreign joint venture in the plot,to guard against Chinese enterprises in the foreign mergers and acquisitions,prevent Chinese companies for years.In addition to the internal activities of the enterprise,the external environment also plays a vital role in the behavior of the enterprise.As a characteristic of external environment,resource endowment has the phenomenon of "resource curse" on economic activities,and it is also one of the main factors to change the regional result of fdi.Therefore,starting from the macro environment,this paper focuses on the impact of resource endowment on the sole-proprietorship of sino-foreign joint ventures.Abundance of natural resources will be out of the local innovation behavior,and the technical innovation ability is an important index of regional competitiveness,and choose the important influencing factors of foreign investment area,so the regional technology innovation ability of this variable is introduced into the model for consideration.This study by China in 2000-2007 panel data of 31 provinces,using robust GMM dynamic panel model to empirical research,investigates the resources endowment,the regional technology innovation ability and the joint venture company wholly foreign-owned mechanism between these three,and divided into eastern,central and west our country the three regions,respectively,to further verify the robustness.Overall,the study found that,from our country the more abundant natural resources,a sino-foreign joint venture owned transition probability is smaller,high resources endowment of the influence of the central and western regions is greater than the eastern region;Across the country,regional technology innovation ability and the higher the area more likely a sino-foreign joint venture is a wholly foreign owned,but the role is different in the eastern,central and western regions,the regional technology innovation ability in eastern China biggest influence of the joint venture,wholly foreign owned;Resources endowment inhibits the regional technology innovation ability,and through the mediation of regional technology innovation ability promote sino-foreign joint venture to wholly foreign owned transition,intermediary effect significantly exist in eastern China,and in the central and western regions is not significant.Finally,the paper puts forward some Suggestions from the government and enterprises,which provides a reference basis for preventing transnational joint venture from being acquired by foreign parties.Including:the government should strengthen the guidance to foreign direct investment;Accelerate the transformation of industries in resource-oriented areas and upgrade traditional industries.Deepening scientific and technological innovation and increasing technical support and guidance;Reasonable selection of foreign partners;To strengthen their own technological innovation ability,and so on,provides a reference basis for the strategic plan of promoting the economic transformation and development of China's resource-based regions.