中国企业“走出去”对外投资并购的视角.pdf

Perspectives on Chinas Outward Foreign Direct Investment Randall Morck University of Alberta School of Business and NBER Tel: (780) 492-5683 randall.morck@ualberta.ca Bernard Yeung Stern School of Business New York University Tel: (212) 998-0425 byeung@ Minyuan Zhao Ross School of Business University of Michigan Tel: (734) 647-6978 myzhao@ June 2007 * The authors are grateful for the helpful comments from William Allen, Tom Pugel, and Changqi Wu. Perspectives on Chinas Outward Foreign Direct Investment Randall Morck Bernard Yeung Minyuan Zhao Abstract Recent economic data reveal that, at the infant stage, China’s outward foreign direct investment (FDI) is biased towards tax haven countries and South East Asian countries and are mostly conducted by State controlled enterprises with government sanctioned monopoly status. Further examination of China’s savings rate, corporate ownership structures, and bank dominated capital allocation suggests that, although a surge in China’s outward FDI might be economically sensible, the most active players have incentives to conduct excess