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研究生:白安本
論文名稱:Chinese foreign direct investment to Germany
論文名稱(外文):Chinese foreign direct investment to Germany
指導教授:湯京平湯京平引用關係Tang Ching-Ping
學位類別:碩士
校院名稱:國立政治大學
系所名稱:亞太研究英語碩士學位學程(IMAS)
學門:社會及行為科學學門
學類:區域研究學類
論文種類:學術論文
畢業學年度:100
語文別:英文
論文頁數:115
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China successfully attracted massive inflows of foreign direct investment since the beginning of its open door policy in the late 1970s. Recently however, this trend has been reversed and China itself became a major supplier of FDI for other parts of the world. This development is part of a larger strategy termed The Go Global Policy- officially adopted in the tenth five-year plan and creating a host of OFDI-friendly policies for Chinese enterprises. While China primarily invests into other developing and emerging economies, it also slowly emerges as an investor in developed markets- a development furthered by its massive holdings of foreign reserves. In particular Germany has developed into one of the primary locations attracting Chinese OFDI. While extensive attention has been devoted to Chinese OFDI flows to developing countries, little is known about its activities in developed markets like Germany.
This case study based research paper concludes that Chinese FDI to Germany is largely limited to urban- and industrial clusters. While M&;A in industrial clusters is the fastest growing entrance strategy for the Chinese, the takeover process is increasingly welcomed by German companies seeking to be taken over for own strategic reasons. The Chinese capacity to preprocess at low prices, access to the Chinese market and supply with funds are all key factors in shaping such a consensus- based M&;A. However, as European governance provides for a variety of social and governmental stakeholders, the investment process is also highly regulated. Given a loophole on European level, the federal Republic has been able to extend its capabilities to direct and impinge upon Chinese FDI across all sectors. As this potential for regulation is largely not employed in practice, conflict between social and governmental stakeholders becomes increasingly likely, as unions already point to malpractice and violations by Chinese investors. Furthermore, hollow Chinese investments on municipal level may cause a general bias towards OFDI from China, which will make approval of future projects unlikely.
List of Figures and Tables VI
Abbreviations VII
1. Introduction 1
1.1 Motivation 1
1.2 Research Objective 3
1.3 Research Design 4
1.4 Literature 6
1.5 Organization of Chapters 7
2. Theories of Foreign Direct Investment 8
2.1 Terminology and Distinction 8
2.2 Categories of FDI 9
2.3 Motivations behind Foreign Direct Investment 9
3. Theoretical Approaches toward FDI 12
3.1 The Eclectic Paradigm 12
3.2 The Investment Development Path Hypothesis 14
3.3 Critique of Dunning’s Approach 15
3.4 Latecomers and Born Globals 16
4. Foreign Direct Investment from Emerging Economies 18
4.1 Development of FDI from Emerging- and Developing Countries 18
4.2 New Parameters for FDI from Emerging Countries 20
4.3 Geographic Distribution of Emerging Country Investment 23
5. China’s (Economic) Rise 26
5.1 China’s Economic Development 26
5.2 China’s Evolving Role in a Global Economy 29
5.3 Motivation behind Chinese Investments 31
5.4 China’s OFDI Policy 33
5.5 The Chinese Sovereign Wealth Fund CIC 38
5.6 Geographic Distribution of Chinese FDI 40
5.7 Chinese FDI to developed economies: Europe 43
6. Chinese Investment to Germany 50
6.1 Between Facts and Fallacies 50
6.2 What do they do, where do they do it and how? 55
6.2.1 Sector Focus 55
6.2.2 Regional Focus 57
6.2.3 Post-acquisition management and employment structure 62
6.3 Frameworks for M&;A Transactions in Germany 64
6.4 Case Studies of Chinese M&;A in Germany 66
6.4.1 Case Study I: Kelch&;Links 67
6.4.2 Case Study II: Schiess 69
6.4.3 Case Study III: Putzmeister 71
7. Governmental Stakeholders 73
7.1 Institutions matter 73
7.2 Government Intervention in FDI 76
7.2.1 European Capacity in Foreign Investment 76
7.2.2 Federal Capacity in Chinese Foreign Direct Investment 79
7.2.3 State Capacity in Foreign Direct Investment 83
7.2.4 Social Stakeholder Capacity in Chinese Foreign Direct Investment 89
8. Conclusion 91
8.1 Outlook 96
9. Literature 99
Appendix 114
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