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2023 | Buch

The Evolution and Outlook of Investment Facilitation Issues Kapitel lesen Erstes Kapitel lesen

The Challenge of “Going Out”

Chinese Experiences in Outbound Investment

herausgegeben von: Henry Huiyao Wang, Mabel Lu Miao

Verlag: Springer Nature Singapore

Buchreihe : The Chinese Enterprise Globalization Series

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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In an attempt to make sense of the complex process of adaptation that Chinese enterprises must go through in the course of “going out”, this book provides a multidimensional analysis of the driving forces, legal and systemic hurdles, as well as the risks and opportunities that Chinese enterprises must consider as they seek greater fortunes beyond their own borders.

Comprehensive surveys conducted on a range of enterprises provide the foundation for an overview of the current state of Chinese companies operating overseas and developing trends in their overseas investment. Specific topics include key challenges that companies face, their strategies and ultimate goals, as well as their practical experience in investing abroad, especially in Belt and Road countries. Also included are the insightful views of experts, scholars and entrepreneurs with a wealth of experience in transnational investment in areas related to the globalization of Chinese enterprises, including regional investment risk, overseas talent strategies, legal and compliance issues, and even the role of technology and the Internet in cross-border e-commerce, just to name a few.

It is our hope that this book will help readers better understand the current state of Chinese enterprises expanding globally, but even more importantly, we hope to provide valuable information for individual enterprises looking to “go out”, helping them clarify their investment strategies, make the most of opportunities, manage challenges and take their business to the next level.

Inhaltsverzeichnis

Frontmatter

Policy and Environment

Frontmatter
The Evolution and Outlook of Investment Facilitation Issues
Abstract
Negotiations on investment topics have stalled due to disagreements among WTO members. Investment facilitation is an area of concern, but it is also capable of avoiding controversial topics seen in other topics on investment. In recent years, inspired by the completion of the Agreement on Trade Facilitation, the international community has started to pay more attention to and research investment facilitation. This paper examines the evolution of topics on investment, analyzes the impact of and need for investment facilitation, the opportunities and challenges it faces as well as suggestions for future promotion. This paper argues that members of the international community should strengthen the implementation of and discussion surrounding investment facilitation, increase research and analysis related to investment facilitation and work toward reaching plurilateral agreements.
Xinquan Tu, Yifang Zhao
The Institutional Environment of Chinese Overseas Investment and Its Impact Assessment: Analytical Framework, Empirical Study, and Countermeasure Suggestions
Abstract
This paper establishes an analytical framework for the institutional environment of international investment. On this basis, it uses an empirical analysis of its impact on Chinese firms’ overseas investment. The econometric analysis of outbound investment data for listed companies from 2003 to 2016 shows that Chinese firms tend to invest in countries with better institutional environments and lower institutional risk, which implies that improving political systems can significantly promote investment. This paper also analyzes the recent institutional trends in investment and proposes countermeasures at the national and corporate levels.
Guoyong Liang, Haoyuan Ding

Underlying Trends and Influencing Factors

Frontmatter
An Analysis of Outbound Investment by Chinese Enterprises
Abstract
2017 saw a sharp decline in Foreign Direct Investment (FDI) worldwide due to a wave of anti-globalization. Overseas investments by Chinese enterprises also fluctuated during that year as entry thresholds for Chinese investors in developed countries rose, which marked the first decrease in overseas investment by Chinese enterprises in a decade. In order to better understand the current state of Chinese enterprises overseas and their role in the globalization process, the CCG Enterprises Globalization Research Group designed an annual “Chinese Enterprise Globalization Questionnaire”. The purpose of the survey is to better understand the current situation and challenges that Chinese enterprises face, present empirical data on existing and planned Chinese overseas investments and provide a reference to relevant policymakers. It consists of five parts: (1) understanding the basic state of outbound investment by Chinese enterprises, including regions, industries, investment methods and profitability; (2) exploring the key factors affecting overseas investment; (3) exploring the problems Chinese enterprises face when “going out”; (4) identifying the impact of policy changes on enterprises; and (5) understanding the current state and prospects of enterprises participating in the Belt and Road Initiative (BRI).
CCG Enterprises Globalization Research Group
New Opportunities and Challenges in the Globalization of Chinese Enterprises
Abstract
Economic globalization is an irreversible trend and China is a firm supporter of this. However, unilateralism, trade protectionism, and other “anti-globalization” trends have negatively influenced international trade. In this context, what opportunities and challenges will Chinese enterprises face as they “go global”? To answer this question, CCG invited experts from the political, business, and academic fields to discuss lessons learned from MNC investment in China as well as Chinese enterprises that have invested overseas during the past 40 years of reform and opening up. Other topics we will discuss include “Belt and Road Initiative” (BRI) development and bilateral China-US investment in the context of increased trade friction.
CCG Enterprises Globalization Research Group
Financing Structure and Risk Response in Overseas Investment and M&A by Chinese Enterprises
Abstract
With the frenzy of domestic enterprises “going out”, financing models used in overseas M&A are becoming increasingly international. They range from self-financing to using overseas syndicated loans and issuing bonds abroad. By focusing on the financing structure of overseas investment and M&A, this paper explores domestic and overseas financing models. At the same time, it further analyzes financing risks in overseas M&A and countermeasures in the light of the current state of foreign exchange and capital outbound regulations by looking at recent cases. This paper also discusses strategies for dealing with foreign exchange and outbound capital risk for domestic financing. It also suggests that it is better to use an overseas special purpose vehicle (SVP), subsidiary financing or foreign loans under domestic guarantee before selecting a main domestic body to finance directly in China. This aims to assist domestic enterprises in implementing overseas M&A in a more standardized manner to reduce risks and uncertainties related to financing.
Shiwei Zhang, Xuejing Zhu

Legal and Compliance Concerns

Frontmatter
Establishing a Compliance Management System to Manage the Risk of the World Bank Sanctions
Abstract
When participating in projects funded by Multilateral Development Banks (MDBs) such as the World Bank (WB), enterprises may be sanctioned if they fail to comply with the relevant compliance requirements. If this happens, the enterprises then lose the opportunity to undertake further projects funded by these banks. Using the recent cases of the WB’s sanctions against Chinese enterprises as an example, this paper analyzes the trends and reasons why the WB has sanctioned Chinese enterprises. This paper also explores the types of WB sanctions and the compliance programs requiring the establishment of enterprises. Finally, the author suggests that enterprises participating in WB projects should undertake targeted actions to avoid sanctions, improve their understanding of the sanctions system, strengthen their awareness of compliance risk, and make careful decisions. Furthermore, they should also accelerate the establishment of compliance management systems to ensure systematic and institution-wide self-monitoring and management to enhance their compliance.
Jihua Ding
How Can Chinese Enterprises Cope with Increasingly Stringent Global Compliance Challenges and Government Investigations—From the Perspective of Anti-Monopoly Work and Data Protection
Abstract
In recent years, the global regulatory environment has been treacherous. In the areas of anti-monopoly work and data protection, regulators have frequently imposed heavy fines on non-compliant enterprises; anti-monopoly law enforcement techniques have constantly changed, and new laws related to data protection have been implemented. Against this background, compliance challenges and legal risks faced by Chinese enterprises expanding abroad have intensified and have resulted in delays, blocks, or even the shelving of transactions that require massive compensation packages and even changes to business models. Executives may also face personal criminal liability. To effectively address these risks, Chinese companies should pay close attention to trends in legislation and law enforcement worldwide, strengthen risk identification capabilities, ensure that they have adequate response plans and carry out multi-jurisdictional coordination during the process, and undertake targeted remedial and improvement measures afterwards to ensure sustainable overseas expansion.
Zhisong Deng, Jianmin Dai

Risks and Opportunities in Investment

Frontmatter
Investment and Cooperation Opportunities in Japan
Abstract
This paper provides an overview of investment by Chinese companies in Japan, assessing the total number of companies, direct investment flows, direct investment stock, and a partial list of investing companies. It also highlights the appeal of Japan as an investment destination as well as the hidden business opportunities in Japan. At the end of the paper, readers are reminded of the opportunities for Sino-Japanese cooperation in innovation. In this paper, the author suggests that Chinese companies should pay more attention to individual regions in Japan as many century-old companies are local businesses, as are most of Japan’s 100 leading global companies. Various regions in Japan has also been actively working to attract foreign investment in recent years by providing grants and tailored services for foreign companies, which helps companies overcome issues in labor force reduction and efficiency. This is a rare opportunity for Chinese companies to “go out” and expand their presence in Japan.
Jinghao Jin
Looking at the Long Term and Overcoming Difficulties of Investing in the US
Abstract
The Trump administration initiated the US-China trade war and the technology and investment restrictions placed on China have resulted in a sharp drop in Chinese direct investment in the US. However, greenfield investment remains a bright spot. While the US strategic and technological debate over China will be long, economic cooperation between the two powers will continue to ensure that trade and investment is on a cooperative track. At the same time, Chinese companies need to be persistent and adapt to changing investment environments in the US. The two governments should continue to talk, and Chinese companies should prepare for greenfield investments that focus on local needs. Despite short-term concerns, investing in the US will continue to offer tremendous opportunities in the long run.
Weiwen He

Notable “Going Out” Case Studies

Frontmatter
Geely’s Path to Becoming a Global Corporation
Abstract
Global corporations can provide insights for Chinese companies seeking for “go abroad”. One such example is Geely Auto. Geely has implemented a global strategy that builds a global value chain around R&D design, manufacturing assembly, and marketing services. It has set up a global governance structure to support these services, including a company culture of harmony and inclusiveness. As a result, Geely is on its way to becoming a global company.
Jihua Ding, Lingchen Guo, Zhile Wang
Building the World’s Most Competitive Professional Supplier of Auto Glass: A Case Study of the Fuyao Group
Abstract
Founded in 1987 in Fuzhou, China, the Fuyao Group began its journey toward “globalization” in the early 1990s, moving into Hong Kong, Singapore, the United States and Canada. Today, Fuyao has factories in Europe, America, Australia, and Asia, and has become the No. 1 automotive glass supplier in China and No. 2 in the world. This paper examines Fuyao Group by dividing its process of “globalization” into three key stages: opening up international sales by allying with Saint-Gobain, overcoming overseas anti-dumping lawsuits, and fulfilling corporate social responsibility. By discussing Fuyao’s focus on improving quality and standards, enhancing brand influence, establishing an international business philosophy, and speeding up upgrades to its industrial processes through smart manufacturing in the process of going global, this paper aims to serve as a reference for other Chinese enterprises.
Jingru Zhao
Backmatter
Metadaten
Titel
The Challenge of “Going Out”
herausgegeben von
Henry Huiyao Wang
Mabel Lu Miao
Copyright-Jahr
2023
Verlag
Springer Nature Singapore
Electronic ISBN
978-981-9933-26-6
Print ISBN
978-981-9933-25-9
DOI
https://doi.org/10.1007/978-981-99-3326-6

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