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題名 Chinese foreign direct investment to Germany
Chinese foreign direct investment to Germany作者 白安本 貢獻者 湯京平<br>Tang Ching-Ping
白安本日期 2011 上傳時間 30-十月-2012 11:51:11 (UTC+8) 摘要 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. 參考文獻 Aggarwal, R. (1999). Technology and Globalization as Mutual Reinforcers in Business: Reorienting Strategic Thinking for the New Millennium. Management International Review Special Issue 1999/2, pp.83-104.Alderman, L. (2010, November 1). Looking for Investments, China turns to Europe. New York Times, retrieved from URL: http://www.nytimes.com/2010/11/02/business/global/02euro.htmlAltman, R. (2009). The Great Crash- 2008. Foreign Affairs, Jan/Feb 2009. htt p://www.foreignaffairs.org/20090101faessay88101/roger-c-altman/the-great-crash- 2008.htmlAmerican Heritage Foundation (2012). China Global Investment Tracker. Retrieved online from URL: http://www.heritage.org/research/projects/china-global-investment- tracker-interactive-mapAnderlini, J. (2010, October 19). CIC launches Hong Kong Subsidiary. Financial Times, retrieved from URL: http://www.ft.com/intl/cms/s/0/90f5bb38-dba0-11df- a1df-00144feabdc0.htmlAntkiewicz, A. & Whalley, J. (2006). Recent Chinese Buyout Activity and the Implications for Global Architecture. (NBERWorking Paper 12072) National Bureau of Economic Research, Cambridge (Massachusetts), US. http://www.nber.org/papers/w12072.pdf?new_window=1Aykuth, D. & Ratha, D. (2004). South-South FDI flows. How big are they? UNCTAD, Transnational Corporations Research Note, UNCTAD/ITE/IIT/2004/3. http://www.unctad.org/en/docs//iteiit20043a5_en.pdfBattat, J. & Aykut, D. (2005, November). Southern Multinationals. A Growing Phenomenon. Paper presented at the meeting Southern Multinationals, a rising force in the world economy. Conference on Southern Multinationals, Mumbai, India. http://www.ifc.org/ifcext/fias.nsf/AttachmentsByTitle/South_south_FDI/$FILE/FIAS %20-%20South%20South%20FDI.pdfBBC (2009, September 16). China’s Controversial Polish Contract. BBC, retrieved from URL: http://news.bbc.co.uk/2/hi/8259153.stmBecker, A. (2011, July 2). Europe Crisis is China’ś Opportunity. Asia Times Online, retrieved from URL: http://www.atimes.com/atimes/China_Business/LG02Cb01.htmlBerger, B. & Berkofsky, A. (2008). Chinese Outward Investments. Policies, Motives and Decision-Making. (Briefing Paper 172-CASCC) Centro Di Alti Studi Sulla Cina Contemporanea, Torino, Italy. http://ifsh.de/dokumente/artikel/172_cascc_briefing_paper.pdfBeuttenmüller, S. (2011, January). Das deutsche Außenwirtschaftsgesetz vor dem Hintergrund der neuen Unionskompetenz für ausländische Direktinvestitionen. Paper presented at Ritsumeikan Law Association Joint Seminar on European Law 2011, Kyoto, Japan. http://www.ritsumei.ac.jp/acd/cg/law/lex/rlr28/BEUTTENMULLER.pdfBloomberg (2005, February 21). The Chinese are coming to Germany. Bloomberg Businessweek, retrieved from URL: http://www.businessweek.com/magazine/content/05_08/b3921070_mz054.htmBloomberg (2012, January 28). Sany will buy cement-pump maker Putzmeister in biggest China German Deal. Bloomberg, retrieved from URL: http://www.bloomberg.com/news/2012-01-27/sany-will-buy-cement-pump-maker- putzmeister-in-biggest-china-german-deal.htmlBMWI- Federal Ministry of Economics and Technology (2009a). Eckpunkte der Prüfmöglichkeit für ausländische Investitionen. BMWI Press Statement 04.24.2009BMWI- Federal Ministry of Economics and Technology (2009b). Fragen und Antworten zur Prüfmöglichkeit für ausländische Investitionen. BMWI Press Statement 04.24.2009BMWI (2009c). Schlaglichter der Wirtschaftspolitik. China investiert in Deutschland. Federal Ministry of Economics, Germany. http://www.bmwi.de/Dateien/BMWi/PDF/Monatsbericht/schlaglichter-der- wirtschaftspolitik-02-2009,property=pdf,bereich=bmwi,sprache=de,rwb=true.pdfBraams, B. (2008). Die Kompetenzverordnung im Vertrag von Lissabon. In: Pernice, I. (ed.). Der Vertrag von Lissabon. Reform der EU ohne Verfassung? Baden Baden: Nomos.Brandt, L. (2008). China`s Great Transformation. In. Brandt, L. & Rawski, T. (eds.). China`s Great Economic Transformation. Cambridge: Cambridge University Press.Bryant, C. (2012, January 30). China’s Sany to acquire Putzmeister. Financial Times, retrieved from URL: http://www.ft.com/intl/cms/s/0/7aecad0a-4a5e-11e1-a11e- 00144feabdc0.htmlBuckley, P., Clegg, J., Cross, A., Voss, H. & Zheng, P. (2007). The determinants of Chinese outward foreign direct Investment. University of Westminster Research. http://westminsterresearch.wmin.ac.uk/4938/1/Buckley_et_al_2007_%2D_2_final_aut hor_version.pdfBuckley, P., Cross, A., Tan, H., Xin, L. & Voss, H. (2008). Historic and emergent trends in Chinese ODI. Management International Review , 48 (6), pp. 176-747.Cai, C. (2006). Outward Foreign Direct Investment Protection and the Effectiveness of Chinese BIT Practise. Journal of World Investment and Trade 7(5), pp. 621-652. 描述 碩士
國立政治大學
亞太研究英語碩士學位學程(IMAS)
99926019
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099926019 資料類型 thesis dc.contributor.advisor 湯京平<br>Tang Ching-Ping zh_TW dc.contributor.author (作者) 白安本 zh_TW dc.creator (作者) 白安本 zh_TW dc.date (日期) 2011 en_US dc.date.accessioned 30-十月-2012 11:51:11 (UTC+8) - dc.date.available 30-十月-2012 11:51:11 (UTC+8) - dc.date.issued (上傳時間) 30-十月-2012 11:51:11 (UTC+8) - dc.identifier (其他 識別碼) G0099926019 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54831 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 亞太研究英語碩士學位學程(IMAS) zh_TW dc.description (描述) 99926019 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents List of Figures and Tables VIAbbreviations VII1. 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 72. 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 93. 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 164. 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 235. 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 315.4 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 436. 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? 556.2.1 Sector Focus 55 6.2.2 Regional Focus 57 6.2.3 Post-acquisition management and employment structure 626.3 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 676.4.2 Case Study II: Schiess 69 6.4.3 Case Study III: Putzmeister 717. Governmental Stakeholders 73 7.1 Institutions matter 73 7.2 Government Intervention in FDI 767.2.1 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 898. Conclusion 91 8.1 Outlook 969. Literature 99 Appendix 114 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099926019 en_US dc.title (題名) Chinese foreign direct investment to Germany zh_TW dc.title (題名) Chinese foreign direct investment to Germany en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Aggarwal, R. (1999). Technology and Globalization as Mutual Reinforcers in Business: Reorienting Strategic Thinking for the New Millennium. Management International Review Special Issue 1999/2, pp.83-104.Alderman, L. (2010, November 1). Looking for Investments, China turns to Europe. New York Times, retrieved from URL: http://www.nytimes.com/2010/11/02/business/global/02euro.htmlAltman, R. (2009). The Great Crash- 2008. Foreign Affairs, Jan/Feb 2009. htt p://www.foreignaffairs.org/20090101faessay88101/roger-c-altman/the-great-crash- 2008.htmlAmerican Heritage Foundation (2012). China Global Investment Tracker. Retrieved online from URL: http://www.heritage.org/research/projects/china-global-investment- tracker-interactive-mapAnderlini, J. (2010, October 19). CIC launches Hong Kong Subsidiary. Financial Times, retrieved from URL: http://www.ft.com/intl/cms/s/0/90f5bb38-dba0-11df- a1df-00144feabdc0.htmlAntkiewicz, A. & Whalley, J. (2006). Recent Chinese Buyout Activity and the Implications for Global Architecture. (NBERWorking Paper 12072) National Bureau of Economic Research, Cambridge (Massachusetts), US. http://www.nber.org/papers/w12072.pdf?new_window=1Aykuth, D. & Ratha, D. (2004). South-South FDI flows. How big are they? UNCTAD, Transnational Corporations Research Note, UNCTAD/ITE/IIT/2004/3. http://www.unctad.org/en/docs//iteiit20043a5_en.pdfBattat, J. & Aykut, D. (2005, November). Southern Multinationals. A Growing Phenomenon. Paper presented at the meeting Southern Multinationals, a rising force in the world economy. Conference on Southern Multinationals, Mumbai, India. http://www.ifc.org/ifcext/fias.nsf/AttachmentsByTitle/South_south_FDI/$FILE/FIAS %20-%20South%20South%20FDI.pdfBBC (2009, September 16). China’s Controversial Polish Contract. BBC, retrieved from URL: http://news.bbc.co.uk/2/hi/8259153.stmBecker, A. (2011, July 2). Europe Crisis is China’ś Opportunity. Asia Times Online, retrieved from URL: http://www.atimes.com/atimes/China_Business/LG02Cb01.htmlBerger, B. & Berkofsky, A. (2008). Chinese Outward Investments. Policies, Motives and Decision-Making. (Briefing Paper 172-CASCC) Centro Di Alti Studi Sulla Cina Contemporanea, Torino, Italy. http://ifsh.de/dokumente/artikel/172_cascc_briefing_paper.pdfBeuttenmüller, S. (2011, January). Das deutsche Außenwirtschaftsgesetz vor dem Hintergrund der neuen Unionskompetenz für ausländische Direktinvestitionen. Paper presented at Ritsumeikan Law Association Joint Seminar on European Law 2011, Kyoto, Japan. http://www.ritsumei.ac.jp/acd/cg/law/lex/rlr28/BEUTTENMULLER.pdfBloomberg (2005, February 21). The Chinese are coming to Germany. Bloomberg Businessweek, retrieved from URL: http://www.businessweek.com/magazine/content/05_08/b3921070_mz054.htmBloomberg (2012, January 28). Sany will buy cement-pump maker Putzmeister in biggest China German Deal. Bloomberg, retrieved from URL: http://www.bloomberg.com/news/2012-01-27/sany-will-buy-cement-pump-maker- putzmeister-in-biggest-china-german-deal.htmlBMWI- Federal Ministry of Economics and Technology (2009a). Eckpunkte der Prüfmöglichkeit für ausländische Investitionen. BMWI Press Statement 04.24.2009BMWI- Federal Ministry of Economics and Technology (2009b). Fragen und Antworten zur Prüfmöglichkeit für ausländische Investitionen. BMWI Press Statement 04.24.2009BMWI (2009c). Schlaglichter der Wirtschaftspolitik. China investiert in Deutschland. Federal Ministry of Economics, Germany. http://www.bmwi.de/Dateien/BMWi/PDF/Monatsbericht/schlaglichter-der- wirtschaftspolitik-02-2009,property=pdf,bereich=bmwi,sprache=de,rwb=true.pdfBraams, B. (2008). Die Kompetenzverordnung im Vertrag von Lissabon. In: Pernice, I. (ed.). Der Vertrag von Lissabon. Reform der EU ohne Verfassung? Baden Baden: Nomos.Brandt, L. (2008). China`s Great Transformation. In. Brandt, L. & Rawski, T. (eds.). China`s Great Economic Transformation. Cambridge: Cambridge University Press.Bryant, C. (2012, January 30). China’s Sany to acquire Putzmeister. Financial Times, retrieved from URL: http://www.ft.com/intl/cms/s/0/7aecad0a-4a5e-11e1-a11e- 00144feabdc0.htmlBuckley, P., Clegg, J., Cross, A., Voss, H. & Zheng, P. (2007). The determinants of Chinese outward foreign direct Investment. University of Westminster Research. http://westminsterresearch.wmin.ac.uk/4938/1/Buckley_et_al_2007_%2D_2_final_aut hor_version.pdfBuckley, P., Cross, A., Tan, H., Xin, L. & Voss, H. (2008). Historic and emergent trends in Chinese ODI. Management International Review , 48 (6), pp. 176-747.Cai, C. (2006). Outward Foreign Direct Investment Protection and the Effectiveness of Chinese BIT Practise. Journal of World Investment and Trade 7(5), pp. 621-652. zh_TW
