( 您好!臺灣時間:2021/05/13 20:10
字體大小: 字級放大   字級縮小   預設字形  


研究生(外文):YEH, YU-LIANG
論文名稱(外文):China Solar Energy Enterprises Affected by China OFDI Policy
指導教授(外文):LIN, HSIN-MEI
外文關鍵詞:China Solar IndustryHome Party PolicyOFDI
  • 被引用被引用:0
  • 點閱點閱:61
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0

The policies formulated by the home country government and the direction of the development can determine the ability and performance of domestic enterprises to invest overseas. Institutional theory shows that, in order to survive, enterprises should not only understand the system norms, but also to adapt to the local environment in the rules and beliefs in order to reduce the barriers to the international behavior. China government develops policies to encourage Chinese solar energy companies to support the globalization policy. Solar energy companies in China start foreign direct investment behavior, affecting the performance of solar energy business in China.
This research hopes to prove that the solar energy companies in China facing Chinese government embed them, and solar energy companies in China taking foreign direct investment does affect the performance of solar energy companies in China. In order to test the policy requirements of Chinese political parties and the response strategies of solar enterprises, China has become the most suitable stage during the period from 2011 to 2015. This research used narrative statistical analysis, correlation analysis and regression analysis as methods. The results are in line with the hypothesis of this study, that is, solar energy companies in China to take direct investment behavior and to face the Chinese government's policy intervention, indeed the performance of solar energy companies in China having a significant positive impact.

致謝辭 i
摘要 ii
Abstract iii
目次 iv
表目次 vi
圖目次 vii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 章節架構與研究流程 5
第二章 文獻回顧及探討 7
第一節 制度理論 7
第二節 母國政黨政策要求 8
第三節 中國太陽能產業面臨的挑戰 9
一、 產能過剩 9
二、 核心技術缺失 10
三、 海外市場疲乏 10
第三章 研究假說與研究方法 11
第一節 研究架構 11
第二節 研究假說 11
一、 對外直接投資行為與太陽能企業績效 11
二、 母國政黨政策要求與太陽能企業績效 12
第三節 研究變數之操作性定義與測量 14
一、 依變數 14
二、 自變數 14
三、 控制變數 15
第四節 資料來源與研究對象 16
第五節 研究方法 17
一、 敘述性統計分析 17
二、 相關分析 17
三、 迴歸分析 17
第四章 實證結果與分析 18
第一節 敘述性統計分析 18
一、 中國太陽能企業2011-2016年各年度對外投資案件數 18
二、 樣本投資國家分佈 19
第二節 相關分析 20
第三節 迴歸分析 22
第四節 模型 24
一、 模型1 24
二、 模型2 25
三、 模型3 25
第五章 結論與建議 26
第一節 研究結論 26
第二節 研究貢獻 28
第三節 研究建議與研究限制 29
參考文獻 31
一、 英文部分 31
二、 中文部分 40

表3.1 本篇研究的假說 14
表3.2 研究變數定義 15
表4.1 樣本各年度對外投資案件數 18
表4.2 樣本投資國家分佈 19
表4.3 相關分析結果 21
表4.4 研究樣本之迴歸分析 23
表4.5 假說驗證結果 24

圖1.1 1999-2015年中國對外直接投資流量情形 3
圖1.2 2002-2015年中國對外直接投資流量情形 4
圖1.3 研究流程圖 6
圖3.1 研究架構圖 11

1.Aggarwal, R. and Agmon, T., (1990). The international success of developing country firms: role of government-directed comparative advantage, Management International Review, 30(2): 163-180.
2.Aharoni, Y., (1996). The foreign investment decision process(Vol. 403). Boston.
3.Aitken, B. J., & Harrison, A. E., (1999). Do domestic firms benefit from direct foreign investment? Evidence from Venezuela. The American Economic Review, 89(3): 605-618.
4.Barkema, Harry G. and Drogendijk Rian, (2007). Internationalising in small, incremental or larger steps? Journal of International Business Studies, 38 (7): 1132-1148.
5.Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1): 99-120.
6.Belderbos, R., Tong, T. W., & Wu, S. (2014). Multinationality and downside risk - The roles of option portfolio and organization.
7.Belderbos, R., & Zou, J., (2007). On the growth of foreign affiliates: Multinational plant networks, joint ventures, and flexibility. Journal of International Business Studies, 38(7): 1095-1112.
8.Bilkey, W. J., & Nes, E., (1982). Country-of-origin effects on product evaluations. Journal of international business studies, 13(1), 89-100.
9.Boddewyn, J.J. and Brewer, T. (1994). International-business political behavior: New theoretical directions. Academy of Management Review, 19(1): 119-144.
10.Bowman, E. H., & Hurry, D. (1993). Strategy through the options lens: an integrated view of resource investments and the incremental-choice process. Academy of Management Review, 18 (4): 160-182.
11.Buckley, P.J., Clegg, J.L., Cross, A.R., Liu, X., Voss, H., Zheng, P., (2007), The determinants of Chinese outward foreign direct investment, Journal of International Business Studies, 38(4): 499-518.
12.Cardoza, G., Fornes, G., Li, P., Xu, N., & Xu, S. (2015). China goes global: public policies' influence on small- and medium-sized enterprises' international expansion.
13.Castrogiovanni, G.J. (1991). Environmental munificence: A theoretical assessment. Academy of Management Review, 16(3): 542-565.
14.Caves, R. E., (1971). International corporations: The industrial economics of foreign investment. Economica, 1-27.
15.Chang Y, Thomas H. (1989). The impact of diversification strategy on risk–return performance. Strategic Management Journal, 10(3): 271-284.
16.Chen, G., Firth, M., & Xu, L. (2009). Does the type of ownership control matter? Evidence from China’s listed companies. Journal of Banking & Finance, 33(1): 171-181.
17.Child, J. & Rodrigues, S. (2005). The internationalization of Chinese firms: a case for theoretical extension? Management and Organization Review, 1(3): 381-410.
18.Cull. (2015). Government connections and financial constraints - Evidence from a large representative sample of Chinese firms.
19.Dacin, Tina M., (1997), Isomorphism in Context: The Power and Presciption of Institutional Norms, Academy of Management Journal, 40(1): 48-61.
20.Damodaran, A. (2016). Equity Risk Premiums (ERP) - Determinants, Estimation and Implications.
21.Daniels, J. D., & Bracker, J., (1989). Profit performance: do foreign operations make a difference?. Management International Review, 46-56.
22.Das. (2013). Home Country Determinants of Outward FDI from Developing Countries.
23.Deephouse, D. L., (1996), Does isomorphism legitimate? Academy of Management Journal, 39(4): 1024-1039.
24.Deng, P. (2004). Outward investment by Chinese MNCs: Motivations and implications. Business Horizons, 47(3): 8-16.
25.Deng, P. (2013). Chinese Outward Direct Investment Research - Theoretical Integration and Recommendations.
26.DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(1): 147-160.
27.DiMaggio, P. J., (1988). Interest and agency in institutional theory, in LG Zucker (ed.), Institutional patterns and organizations: culture and environment, Cambridge, MA, De.
28.Ding, X.L., (2000). Informal privatization through internationalization: the rise of nomenklatura capitalism in China’s offshore business, British Journal of Political Science, 30(1): 121-146.
29.Dox, Y. L., Bartlett, C., & Prahalad, C. K., (1981). Global competitive pressures and host country demands: Managing tensions in MNCs. California Management Review (pre-1986), 23(000003), 63.
30.Dunning, J.H., (1996). Multinational Enterprises and the Global Economy, Addison-Wesley: Reading, MA.
31.Du, X., & Luo, J. H. (2016). Political Connections, Home Formal Institutions, and Internationalization - Evidence from China.
32.Fabozzi, F., Gupta, F. & Markowitz, H. (2002). The legacy of modern portfolio theory. Journal of Investing, 11(3): 7-22.
33.Ghertman M., (1988). Foreign subsidiary and parents' roles during strategic investment and divestment decisions. Journal of International Business Studies, 19(1): 47-67.
34.Globerman, S., & Shapiro, D. (2009). Economic and strategic considerations surrounding Chinese FDI in the United States. Asia Pacific Journal of Management, 26(1): 163-183.
35.Grewal, R., & Dharwadkar, R. (2002). The role of the institutional environment in marketing channels. Journal of Marketing, 66(3), 82-97.
36.Guler, I. and Guille´n, M. (2010). Institutions and the internationalization of US venture capital firms. Journal of International Business Studies, 41(2): 185-205.
37.Guo, B., Xu, G., & Li, W. (2017). Seeking legitimacy - Chinese OFDI and domestic isomorphic pressures.
38.Haar, J., (1989), A comparative analysis of the profitability performance of the largest US, European and Japanese multinational enterprises, Management International Review, 29(3): 5-18.
39.Hall, P.A. and Soskice, D., (2001). An Introduction to Varieties of Capitalism, in P.A. Hall and D. Soskice (eds.) Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford University Press: Oxford, pp: 1-68.
40.He, W., & Lyles, M. A. (2008). China’s outward foreign direct investment. Business Horizons, 51(6): 485-491.
41.Henisz, W. J., & Zelner, B. A. (2005). Legitimacy, interest group pressures, and change in emergent institutions: The case of foreign investors and host country governments. Academy of Management Review, 30(2), 361-382.
42.Hirschman, A.O., (1970). Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States. Harvard University Press: Cambridge, MA.
43.Hitt, M.A., Hoskisson, R.E. and Kim, H., (1997), International diversification: effects on innovation and firm performance in product-diversified firms, Academy of Management Journal, 40(4): 767-798.
44.Holburn, G. L., & Zelner, B. A. (2010). Political capabilities, policy risk, and international investment strategy: Evidence from the global electric power generation industry. Strategic Management Journal, 31(12), 1290-1315.
45.Hong et al. (2015). The role of the state in explaining the internationalization of emerging market enterprises.
46.Hotho, J. J., Lyles, M. A., & Easterby‐Smith, M. (2015). The mutual impact of global strategy and organizational learning - current themes and future directions.
47.Hymer, S. H. (1976). The international operations of national firms: A study of direct foreign investment (Vol. 14, pp. 139-155). Cambridge, MA: MIT press.
48.Jensen, M. (2003). The role of network resources in market entry: Commercial banks’ entry into investment banking, 1991–1997. Administrative Science Quarterly, 48(3): 466-497.
49.JJ.Boddewyn. (2015). Political aspects of MNE theory.
50.Kerner, A., & Lawrence, J. (2014). What's the risk - Bilateral investment treaties, political risk and fixed capital accumulation.
51.Kogut, B., (1991). Joint Ventures and the Option to Expand and Acquire. Management Science, 37(1): 19-33.
52.Kostova, T., Roth, K., & Dacin, M. T. (2008). Institutional theory in the study of multinational corporations: A critique and new directions. Academy of Management Review, 33(4), 994-1006.
53.Levy H. and M. Sarnat, (1970), International diversification of investment portfolios. American Economic Review, 60(4): 668-675.
54.Li, F., & Ding, D. Z. (2013). The effect of institutional isomorphic pressure on the internationalization of firms in an emerging economy: evidence from China.
55.Lin Cui and Fuming Jiang, (2012), State ownership effect on firms' FDI ownership decisions under institutional pressure: a study of Chinese outward-investing firms, Journal of International Business Studies, 43(1): 264-284.
56.Longin, F. and B. Solnik, (1995), Is the Correlation in International Equity Returns Constant: 1960-1990, Journal of International Money and Finance, 14(1): 3-26.
57.Lu, J., Liu, X., Wright, M., & Filatotchev, I. (2014). International experience and FDI location choices of Chinese firms: The moderating effects of home country government support and host country institutions.
58.Lu, J.W. and Ma, X. (2008). The contingent value of local partners’ business group affiliations. Academy of Management Journal, 51(2): 295-314.
59.Luo, Y. (2005). Transactional characteristics, institutional environment and joint venture contracts. Journal of International Business Studies, 36(2), 209-230.
60.Luo, Y., Xue, Q., & Han, B. (2010). How emerging market governments promote outward FDI: Experience from China. Journal of World Business, 45(1): 68-79.
61.Makhija M., (2003). Comparing the resource-based and market-based views of the firm: empirical evidence from Czech privatization. Strategic management journal, 24(5): 433-451.
62.Markowitz, H., (1952). Portfolio selection, Journal of Finance, 7(1): 77-91.
63.Markowitz, H. (2014). Mean–variance approximations to expected utility.
64.Marquis and Raynard. (2015). Institutional Strategies in Emerging Markets.
65.Martinez, R. J., & Dacin, M. T. (1999). Efficiency motives and normative forces: Combining transactions costs and institutional logic. Journal of Management, 25(1), 75-96.
66.Mairesse, J., Sassenou, M., (1991). R&D and productivity: a survey of econometric studies at the firm level. Science Technology and Industry Review, 8(1): 317-348.
67.McGrath, R.G., (1997). A real options logic for initiating technology positioning investments, Academy of Management Review, 22(4): 974-996.
68.Meyer, K. E., Ding, Y., Li, J., & Zhang, H. (2014). Overcoming distrust: How state-owned enterprises adapt their foreign entries to institutional pressures abroad.
69.Morck, R., Yeung, B. and Zhao, M., (2008). Perspectives on China´s outward foreign direct investment, Journal of International Business Studies, 39(3): 337-350.
70.Mudambi, R., (1998), The role of duration in multinational investment strategies, Journal of International Business Studies, 29(1): 239-261.
71.Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83(2): 340-363.
72.Neter, John, William Wasserman and Michael H. Kutner, (1985), Applied Linear Statistical Models, Homewood, IL: Richard D. Irwin, Inc.
73.North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge university press.
74.Oetzel, J.M., Bettis, R.A. & Zenner, M. (2001). Country risk measure: How risky are they? Journal of word business, 36(2): 128-145.
75.Oliver, C., (1991). Strategic responses to institutional processes, Academy of Management Review, 16(1): 145-179.
76.Palich, L. E., Cardinal, L. B., & Miller, C. C. (2000). Curvilinearity in the diversification–performance linkage: An examination of over three decades of research. Strategic Management Journal, 21(2): 155-174.
77.Peng, M.W., Wang, D.Y.L. and Jiang, Y. (2008). An institution based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5): 920-936.
78.Pfeffer, J., & Salancik, G. R., (1978). The external control of organizations. New York: Harper & Row.
79.Radaelli. (2000). Policy transfer in the European Union - institutional isomorphism as a source of legitimacy.
80.Ramamurti, R. (2012). What is really different about emerging market multinationals? Global Strategy Journal, 2(1): 41-47.
81.Rosenzweig, P.M. & J.V. Singh, (1991). Organizational environments and the multinational enterprise. Academy of Management Review, 16(2): 340-361.
82.Rugman, A. M., & Li, J. (2007). Will China’s multinationals succeed globally or regionally? European Management Journal, 25(5): 333-343.
83.Salomon and Wu. (2012). Institutional distance and local isomorphism strategy.
84.Schoppa, L.J., (2006). Race for the exits: the unraveling of Japan’s system of social protection, Cornell University Press: Ithaca, NY.
85.Scott, W.R. (1995). Institutions and organizations, Thousand Oaks, CA: Sage.
86.Scott, W. R. (2002). The changing world of Chinese enterprises: An institutional perspective. In A. S. Tsui & C. M. Lau (Eds), Management of enterprises in the People’s Republic of China, 59-78. Boston: Kluwer Academic Press.
87.Solnik, Bruno. (1991). International Investments, Reading, Mass.: Addison-Wesley Pub. Co.
88.Stefan Eckert, Marcus Dittfeld, Thomas Muche, Susanne Rassler, (2010). Does Multinationality Lead to Value Enhancement? International business reviews, 19(6): 562-574.
89.Stevens, C. E., Xie, E., & Peng, M. W. (2015). Toward a legitimacy-based view of political risk: the case of Google and Yahoo in China.
90.Stoian. (2016). OFDI from emerging economies.
91.Suchman, Mark C., (1995), Managing Legitimacy: Strategic and Institutional Approaches, Academy of Management Review, 20(3): 571-610.
92.Tallman S, Li J. (1996). Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management Journal, 39(1): 179-196.
93.Tang, Gordon Y N. (1995). Effect of investment horizon on international portfolio diversification International. Journal of Management, 12(2): 240-246.
94.Tseng, C., Tansuhaj, P., Hallagan, W., & Mc Cullough, J. (2007). Effects of firm resources on growth in multinationality. Journal of International Business Studies, 38(6): 961-974.
95.Wang, C.; Hong, J.; Kafouros, M.; Boateng, A., (2011), What Drives the Internationalization of Chinese Firms? Testing the Explanatory Power of Three Theoretical Frameworks, International Business Review, 21(3): 425-438.
96.Wang Chengqi, Junjie Hong, Mario Kafouros & Mike Wright, (2012), Exploring the role of government involvement in outward FDI from emerging economies, Journal of International Business Studies, 43(7): 655-676.
97.Wei, T., Clegg, J., & Ma, L. (2015). The conscious and unconscious facilitating role of the Chinese government in shaping the internationalization of Chinese MNCs.
98.White, H., (1980). A heteroscedasticity consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica, 48(4): 817-838.
99.Witt, Michael A. and Lewin, Arie Y., (2007). Outward Foreign Direct Investment as Escape Response to Home Country Institutional Constraints, Journal of International Business Studies, 38(4): 579-594.
100.Wiersema M.F. and Bowen. H.P., (2008). Corporate international diversification: the impact of foreign competition. industry globalization and firm diversification. Strategic Management Journal, 22(1): 115-132.
101.Yamakawa, Y., Peng, M.W. and Deeds, D.L. (2008). What drives new ventures to internationalize from emerging to developed economies? Entrepreneurship Theory and Practice, 32(1): 59-82.
102.Zhang, J., Zhou, C., & Ebbers, H. (2011). Completion of Chinese overseas acquisitions: Institutional perspectives and evidence. International Business Review, 20(2): 226-238
103.Zhou, N., & Guillen, M. F. (2015). From home country to home base: A dynamic approach to the liability of foreignness. Strategic management journal, 36(6), 907-917.
104.Hsin-Mei, Lin, Working Paper, Outward foreign direct investment as compliance response to home political influence: perspective from the chinese new pattern.
1.中國[專題研究 走出去戰略]之分析:跨世紀中國經濟的轉變.展望與探索, 2008, 6.8: 45-62.
13.裴長洪、樊瑛,(2010),中國企業對外直接投資的國家特定優勢,中國工業經濟(China Industrial Economics),第7期,頁45-54。

電子全文 電子全文(網際網路公開日期:20221231)
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔