中國加入WTO後對外直接投資分析：以華為技術、中國中車為例

Abstract

中國大陸自改革開放以來，經濟表現維持高成長，前期偏重吸引外商直接投資，倚賴「引進來」促進國家整體經濟發展，而「走出去」戰略則是在1997年之後逐漸明朗，當局開始鼓勵具有比較優勢的企業到海外投資，善用國內與國外兩個市場、兩種資源。中國正式加入世界貿易組織之後，隨著進出口總額不斷刷新紀錄，其外匯存底至2007年突破萬億美元，成為中國企業「走出去」的資金優勢。在國家政策支持下，國有企業成為第一批跨國投資的實踐者，目標從取得戰略性資源演進到補強技術和品牌。與此同時，民營企業的對外投資也持續增長，儘管資本規模不若國有企業龐大，領頭企業仍能在全球市場取得一席之地。然而，看似順遂的過程卻引發國際廣泛質疑，究竟中國資金帶有多少非商業目的，本論文以中國中車、華為技術為企業個案，發現無論是國有或民營企業，一定金額以上的申請案都會受到外國政府安全風險審查，且技術含量越高、涉及敏感產業者，其遭否決可能性越高，再加上中國對美貿易順差減少致外匯存底水位降低，目前中國當局已有收緊企業對外投資之跡象。

Since China`s reform and opening-up policy was implemented in 1978, China`s economy has enjoyed enormous growth. At the initial stage, China emphasized on bringing-in foreign investment, while after 1997 “going global” has gradually been appeared to be a crucial strategy to boost national economic development. Being granted by “going global” policy, some advantaged Chinese enterprises—especially those state-owned—began to integrate into worldwide market. In addition, with the obtaining of the WTO membership and the continuous increase in foreign exchange reserve, the Chinese government has gradually been able to provide enterprises with strong financial support. With the support of the state policy, the state-owned enterprises have become the first batch of the practitioners of transnational investment, while the goal of the Chinese government has been evolved from the acquisition of strategic resources to technological advancement and commercial branding enhancement. Meanwhile, although not being as favored as the state-owned ones, some of the private enterprises has gained market-leading status. While this developmental process could be described as a smooth one, some suspicions concerning how many “other-than-commerce purposes” have been hidden under the Chinese investment. To address these issues, this thesis will examine two case studies: CRRC and Huawei. The findings in this research suggests that, on condition that the investment exceeds a certain amount, both state-owned and private enterprises will undergo a detailed examination by foreign government. In most cases, the more advanced and sensitive the involved technology is, the less possible it will be approved. Furthermore, China’s foreign exchange reserve has been decreasing due to China-US trade contraction, now China is more conservative about any application of capital outflow.