The rise of Chinese foreign direct investment in the United States: Disentangling investment strategies of state-owned and private enterprises

Over the last two decades, China's outward foreign direct investment (OFDI) has expanded rapidly. The country is now the world's second-largest source of OFDI. China is often viewed as a monolithic investor, however, without sufficient attention to the differences between investments by state-owned enterprises (SOEs) and private enterprises (PEs). To shed light on the internal complexity and heterogeneity of Chinese OFDI, we construct a panel dataset of investments in the U.S. across the 50 states and Washington, D.C. from 2005 to 2017, which we analyze using a spatial autoregressive model. We find clear evidence that the ownership structure of Chinese firms affects investment strategy and entry mode. Statistical analysis indicates that SOEs are more likely to pursue greenfield investment motivated by market-seeking and resource-seeking objectives, while PEs pursue mergers and acquisitions in order to obtain strategic assets. We also detect a positive and significant relationship between the presence of Chinese overseas communities and OFDI, with the strength of the correlation depending on ownership structure. Finally, we find that Chinese OFDI is spatially dependent, meaning that investments flow to states where they are already concentrated nearby.     

北京市平谷区“生态桥”治理工程废弃物资源化利用和运行模式研究

“生态桥”治理工程是北京平谷区针对桃树枝废弃物资源化利用而提出一套废弃物资源化利用和乡村治理的模式,对于破解乡村环境治理困境具有重要意义。本研究分析了“生态桥”治理工程废弃物资源化利用和运行模式特征。结果表明：“生态桥”治理工程通过堆制有机肥、食用菌栽培、制作栽培基质和地表覆盖物等资源化利用方式,打造桃树枝废弃物良性生态循环模式。在运行模式上,“生态桥”治理工程建立投融资平台,统筹资金使用与投入方式,建立起财政资金有效使用和管理办法,激发企业投入农村环境治理的动力,保障农民全员参与的机制。通过“生态桥”工程设施,吸引社会资本进入乡村环境治理领域,有效改善环境质量,推动乡村生态环境建设投融资机制改革,提高了乡村生态环境综合治理水平,是一种有效的乡村环境治理模式。     

On Optimization of Enterprise Capital Structure

Financing is the prerequisite for an enterprise to start,survive and develop.To maximize its market value,an enterprise needs to take the revenue and cost derived from various kinds of financing into consideration and make out the optimum financing structure and the best ratio debt level.Based on the MM theory and equilibrium theory,the article prove the economic model of the best enterprise capital structure: P_L = P_u +[ P_u-R(d)(1-T_c)]d.Proposition 1.If P_u >R(d)(1-T_c),the debt financing can bring the good effect.Proposition 2.If P_u 相似文献   

Economic Gain and Loss from Public Infrastructure Investment

ABSTRACT The purpose of this study is to analyze the effects of transportation investment on the Korean economy using the dynamic Computable General Equilibrium model. The result of the counterfactual analysis shows that infrastructure investment policy has the advantage of economic growth, but the disadvantage of price inflation. The elasticities of infrastructure investment with respect to GDP, export, private utility, and inflation depend on institutional restrictions on the domestic inflow of foreign capital and financing alternatives for infrastructure projects. The growth effect of transportation investment would be maximized if regulations on inflow of foreign capital to the private sector were lifted. On the other hand, the effect of transportation investment on inflation would be minimized if transportation investment expenditure were completely financed by tax revenues.     

An Analysis of Impacts of Financial Engineering on Corporate Capital Structure

After reviewing the capital structure theories briefly,the paper researches the impact of financial engineering on corporate capital structure .The model analysis shows that financial engineering can decrease the cost of capital, then improve the financing capacity and effect the rate of debt.Executive Stock option improves managerial incentives and is a challenge to capital structure managerial incentives theory.     

Managerial Ownership, Investment and Corporate Value

Based on the data of the 319 listed companies in the Shanghai and Shenzhen stock exchange over the 1998-2003 period,the paper examines the relation among managerial ownership,investment and corporate value,focusing on the endogeneity of managerial ownership.OLS regression results show that the endogeneity of managerial ownershi Pmay affect the results.With the measurement of ROA corporate value,corporate value affects managerial ownership,but not vice versa.But with the measurement of Tobin's Q corporate value,investment affects corporate value,which in turn,affects managerial ownership.     

福建省林权抵押贷款融资研究

林权抵押贷款作为林权制度改革的产物,是盘活森林资产价值,推动林业融资发展的重要途径。本文在对林权抵押贷款融资的内涵、相关理论及制度基础和基本模式进行阐述的基础上,主要分析了福建省林权抵押贷款融资当前存在的问题,提出了相关建议。     

Discussion on the Restrictions and Limits of Investment and Financing System to BOT Model with Folk Capital

Based on analyzing the BOT model, this paper discusses the restrictions and limits of investment and financing system to BOT model with folk capital. According to the characters of BOT model with folk capital, the authors give some suggestions.     

Contingency in the Local Provision of Public Education

This paper examines the relationships between education spending and measures of wealth, absentee land ownership, and educational attainment in central and southern Appalachia. Drawing on advances in realist theory and methodology the paper develops a conceptual model and evaluates it using both extensive and intensive research strategies. The empirical analyses combine an extensive expansion-method model of an 80-county area with an intensive case study of a single county. In the extensive model, education spending is hypothesized a function of local wealth as contingently modified by varying levels of absentee land ownership and educational attainment. High levels of absentee land ownership have the effect of decreasing the degree to which a particular level of wealth translates into a particular level of education spending. Conversely, high levels of educational attainment have the effect of increasing the degree to which a particular level of wealth translates into education spending. The extensive model demonstrates that the wealth-spending relationship is translated in a locally contingent fashion. In the case study, the contextual nature of these relationships is described in a single community, and the interactions of complex social processes are detailed. In addition to contributing to the literature on the geography of education spending in particular and the geography of social programs in general, the research demonstrates the utility of integrating extensive and intensive research methodologies employed through a realist theoretical framework.     

Liquidity Risk Management of the Open-end Securities Investment Fund

The main object of this paper is to research the liquidity risk management of the open-end securities investment fund in line with the real position of China's securities market and investment regulation of the open-end securities investment fund.So the paper concentrates on discussing the redemption forecasting methods,stock liquidity assessment system,portfolio selection in line with the redemption forecast,and financing from the other institution,which are the main parts of liquidity risk management of the open-end securities investment fund.     

Analysis on a Financing-model of Public Companies in Incomplete Market

It remains intrinsic defect how to explain reasonable financing behaviors in classical theory of capital structure. This paper gives a capital structure decision-making model with asymmetric information and exchange cost in incomplete market, and opens out mechanism of financing-selection base on adverse selection by Chinese public companies, in more we can explain well phenomena about equity over-financing of Chinese public companies.     

海洋渔业上市企业内在价值评估探讨——基于DDM和市盈率模型

近期国务院发布关于促进海洋渔业持续健康发展的若干意见中提出,支持符合条件的海洋渔业企业上市融资。这意味着日后我国海洋渔业企业将更进一步的活跃在资本市场上。对上市海洋渔业企业内在价值进行投评估分析,有利于投资者更多的关注上市公司本身的经营行为和业绩表现。论文基于DDM和市盈率模,使用个股进行实证分析研究即通过使用两种不同的模型对獐子岛的内在价值进行估计,比较目前市场上獐子岛股票的交易均价提出投资建议。     

Selection Theory and Method of Stock Investment Strategy

The author analyzes and concludes the factors that affect the stock market, and gives out the theory basis of the model and its feasibility; Then, based on the related knowledge of statistics and unit exchange, the selection theory and its corresponding model of stock investment strategy are gotten to describe the risk situation of stock market. At last, the author concludes the selection method of stock investment strategy and does the empirical study to prove that the strategy is both right and efficient.     

The Role of Information Density in Infrastructure Investment

The twentieth century witnessed an extraordinary flow of institutional investment into urban infrastructure. Notwithstanding this, the demand for infrastructure projects exceeds supply of skills and capital. With this disconnect as a backdrop we develop a model of information flow to examine how financial assets are transacted over time and space. Specifically, we build on conceptualisations of “information content” from Clark and O'Connor ( 1997 ) to propose a way of theorising “information density”. We apply this specifically to infrastructure investment and find four ways in which infrastructure investment is highly dense. This relates to asset‐level definitions in infrastructure, opacity with respect to how products are securitised, high variance in investment performance, and high relational and investment expertise. We draw on a large qualitative sample of 53 in‐depth interviews, which we validate with quantitative data, to support our findings.     

Optimizing Countermeasures and Analysis on Grey Relationship about the Structure of Industrial Investment of Chongqing

With the increasing contradiction of structure of industrial investment in Chongqing,this article has analyzed the relationship between its industrial investment and economic growth by the theory of grey system,discovering the mismatch between industrial structure and investment structure,the existing phenomenon of "off-manufacture" and the irrational investment structure in the three industry respectively.Then in order to develop the industry of Chongqing positively,it points out some countermeasures such as optimizing the investment between primary and secondary and tertiary industry and the investment in the above industry,strengthening investment in manufacture in Chongqing to avoid hollow of industry.     

Model of Real Estate Portfolio Investment Based on the Least Risk

The high-speed development demands new real estate investment theory. Using the experiences of the Western developed countries for reference in property investment and modern portfolio investment theory, the paper introduces the conception of systematic and unsystematic risk with the centre of risk and profit. Consequently, the model of real estate base on least risk and anticipated profit is studied in the discussion of its concerned hypothesis and determining the concerned parameters. With living example analysis, we reach the conclusion that portfolio investment risk is smaller than single investment if the investor adjusts the tactics of portfolio investment.     

Foreign direct investment flows to Mexican states: A study of the automobile industry, 2004–2014

This study examines the subnational flow in foreign direct investment (FDI) to Mexican states, with a focus on the finished vehicle industry. Although prior studies have examined subnational FDI in Mexico, research on the automobile sector has been scant. Utilizing a framework associated with the theory of asset specificity, we examine the influence of human capital and labor conditions, infrastructure, subnational policies, and security. The study employs a data set on finished vehicle FDI across 31 states and the Federal district for the period of 2004–2014. We adopt a two‐part model. The first part, which includes all states and the Federal district, is estimated with pooled logistic and Firth logistic regressions. In the second part, we examine variation in levels of FDI among states selected for investment with pooled ordinary least squares with panel‐corrected and Driscoll Kraay standard errors. Labor conditions are significant for both state selection and levels of FDI, but education is influential only in the selection stage. In addition, states with trunk rail lines linked to the U.S. border are more likely to be selected and receive higher FDI. After controlling for these influences, murder and homicide rates, and state development have no significant effects.     

Relationship Between Ownership Structures and Performance inChinese Electronic Enterprises

This paper investigates the relationship between ownership structure and corporate performance in Chinese electronic enterprises systematically, using ROA as the dependent variable while ownership concentration and structure as the explanatory variables. The empirical results show that:Chinese electronic enterprises' strength is not balanced and their ownership structure is very concentrated. Each of state ownership,legal person ownership and individual ownership has no significant effect on firm performance.     

An Empirical Research on The Relationship Between Board of Directors Governance and Corporate Performance of Chinese Public Companies

Board of directors is an important component part of corporate governance. As a governance mechanism, we empirically study relationship among the scale of the board of directors, the structure of the board of directors and the duality leadership structure with corporate performance in Chinese public companies. The result shows that the scale of the board of the directors is smaller, the performance is better. With the ownership structure changes better, the structure of the board of the directors will change better and promotes the performance. The duality leadership structure doesn't affect the corporate performance. The fundamental method for the governance effectiveness of the Board is to set up the reasonable ownership structure and the marketing mechanism for occurrences in human.     

Hierarchy-degree of Gray Relationship Ddecision of Land Investment Based on Cloud Model

The competition in the land market is drasticly increasing, which demands much higher scientificity and accuracy in the decision. The land investment decision system is a non-linear gray system and the traditional appraisal methods have some limit in appraising it. It uses cloud model and the uncertain illation based on the cloud model, translates the qualitative appraisal of the factors level into quantitative scores, achieves the transition between a linguistic term of a qualitative concept and its numerical representation ; and further merges the degree of gray relationship theory to appraise the comprehensive level of the objects. So the new decision mode is set up. Through an example analysis and contrast study, the validity of the method is validated. The application of cloud theory in the decision field will affirmatively improve the decision level.