2009 å 4 3 Ñ x r Š å Ñ w ƒõ Ì ç ƒ x i î Í Ð ê µ Ñ x å x xñj Èi ï Ñ x x ƒ k᪠{ ¼ Èi i ˆç ji i i z þ ç윃i Ñ õçÿ þ ÿ þ Ì ÿ þ ñ ÿ þ ñ ÿ i í ç x i Í cô c c cô r Š Ö Ê Ê 41
China Management Studies volume 4 3 p å Ñ µ 1991 2000 å åäªñ 23 g 2001 2003 ååäª 37 g 2004 2006 ååäª }s 124 g 2002 2006 å Ñ äª å 60% çµ µ à w Î 2006 åæ Ñ É 906.3 g 750.2 g ~ 82.8% à ƒõ Î w 2006 å Ñ 217.6 g ƒõ ÎÔ 2007 å µ s 260 g Ñ ƒ qß i { ë à Õê w ¼ Í à ï }sì 2006 iá ƒõ Î ˆu 100 i ~ 10 Î ~ø 10% w } Ñ üí µ ᪠i i xòj x Hymer 1976 Caves 1971 Ë 1981 ± p i w OLI x x O x L k { x I Ñi Ñ w j x ƒõ ÎÑ i Ñ x Bartlett Ghoshal 1988 s Õ ˆƒ Ñ h wx ï Ó ƒõ Î i Ñ ïï µíj w Ë 1995 Ñ i òì x x z i k î w 42 Friedrich Wu, Globalization of Corporate China, NBR Analysis, Dec., 2005. 2006 åç Ñ i w Î Ô Î Ô 2006
2009 å 4 3 z i i w ê µ x Ñ à ± Ð Ñ x å ï Ñ ƒj Èi Ñ x ± ë ˆ x 20 60 å r Ê Hymer r x p Ñ w gqs à x 20 70 å Ê Ë Dunning p Ñ s µ Ó x x x i k x rzš i ï µ ƒ Î i x ƒõ Î i Ê k x sç mñƒõ ÎÑ í i k î w ¼ w w ƒõ Î i Õ x í i ƒõ Î i x Ñ w i ƒõ Î i à î x j w í i ƒ Î i Wells, 1983 xz x j i Î᪠ƒ j ê si w Ë ê si w i å ˆƒ Î Ê s g Î ƒõ î Ë ô î s å i 43
China Management Studies volume 4 3 Ñ ± Ê å áx Brouthers 1996 Ñ x xñ i ë ï Kumar Ê 1999 Õ x k { x x ç Í Ðò Ñ} w ê 2003 ƒõ ÎÑ w Ñ i mì Ó 80 å Ó Ê ê Ñ 1997 Ñ x Éê 2000 Ñ x { à s x g{ ƒõ { å p i Ñ Í Ð x ƒ ðò Ñ Ë pƒ Í Ð x å Õ x Ñj È i ï Ð x Ñ k w µ Ô Íw í i j Ñ w x Ñ i Î Ë à Õ x ò j Ñ í i x í x ¼ ¼ ú í à i ÑƒÕ Î ƒõ Î i x ¼ Wells 1983 Lall 1983 Williamson 2004 Dunning 2005 Yeung 2006 ƒõ ƒ { àê ƒõ Î i x ƒ Î i Ò ƒõ Î Ò áª Ò ñ x Ë ~{ n{ r ˆ { 44
2009 å 4 3 j ƒõ Î Î ƒõ ä { ƒõ Î k᪠w ð às ¼ êƒp ƒ Έ Ñ w ã m ï ƒõ Î w k { j ᪠x ¼ Lall, 1983 ê à ç i ƒ ƒõ Î i j i Õ æ í ij ƒõ Î Ë ïï ƒ Î i 2002 Ñ iƒ Î᪠ƒõ Î i ÌƒÕ Î i j w Œ group membership u ƒ ƒõ Î i s Õ x å j x p å p 1 H1 Ñ j Õ x Ê ÑƒÕ Î ƒ Î i àê Scheman 1973 Wells 1983 Mathews 2006 UNCTAD 2006 ƒ Î i ƒõ Î i jƒõ Óê x üí µ ᪠i i xòj x j x ïï i á ª Ë u ± Ñ xƒõ Õ x x i Õ xz Ñ i w qkî i Õ x s j wêƒ x ê ¼ Õ x i s åqs î î îë j x ÑƒÕ Î Í ƒõ Î i Õ x w ï w w ƒ i j- à As-Saber 1998 Í Õ x í i Õ ñ w å 45
China Management Studies volume 4 3 s j Èi x ê p 2 H2 Õ x jñ ii 3 H3 Õ x j Èi ii j mì i ï ï êõ w Buckley Casson 1976 1985 Dunning ø 1 ᪠z ᪠᪠µ ÍÏq ç áªáô 2 z ç i í Íœ ç 3 z æ xww 4 µ z Ñ Ô Ì ç Ê j ¼ xww á ª j 𠃱 þm i s i i Ì çƒ i Õw Ñ xww ᪠ç íi s i ˆ i w ç w ç i ˆ¼ i ñ s ò s r s î x Ñ µ s î x p 4 H4 Ñ µ j ii 5 H5 Ñ µ j Èi ii 46
2009 å 4 3 1. 1 Ñ w n j { ¼ w w ë ã r w z s ᪠Miller Cardinal 1994 q s w { ᪠ï Ìiƒ q w ç s w ᪠i ᪠j ƒ i Kumar Ê 1999 ò Ñ} ò i Ñ } ç k ˆ n ò } ç ¼ Ñ qs Í ç k 2 i ã q þîåî Ô x s wx Ñ Í ¼áª~ w i s ç Ð ŒÑj Ñ Ñ r Ñ i 2. 1 Õ x ¼u Õ x î î ƒõ Î i Õ x 4 47
China Management Studies volume 4 3 w ï w w ƒ i Õ x 6 ˆç k᪠{ ¼ ç 2 µq ð j q ê 1989 p ã q Ñï µ q µ µ w µ ᪠µ ± xß ðsç i { µ µ 11 rè ï i Í µ g Ô wõ Ì Ì r i ê z 20 µ qs ç çìœ i Ñ õç w ÌŒ è wi xww ñ æ í Œ õç à Ì Ö m ñ Ì µ í ç x ± Ì ï Ñ wƒ µ i Œ þm l Ï ë s ƒ s n Ñ ~ z ƒõ å ~ Ñ Ñ s rw 1957 å p u Ô i gˆñ Õ Ò ~ iõ Õ p ƒõ Í ë Ñ Ô Œ l Í ƒ u gñ Ì Ñ j Ñ 48
2009 å 4 3 Õ ƒõ qá Πȃ ú j ß ƒ 30 u n 3 l 70% i s 1 0 i 101 Î å l Ñ ˆ s 87 1 ñ Ñ w Í j Ñ q SPSS11.5 ßj q Ñ ± ï Ñ q Ô qá È Î w w ± È 29.9% Î 19.4 w 9% 9% 6% ø Ò 100 10 Î 100-1000 14 Î 1000-5000 25 Î 5000 k ~ 76.6% æ Èi Œ Ò 54.1% Œ s 50 1000 4 Î ~ 4.4% Ò 101-1000 g ~ 31.6% 12 Î 42.1% 100 g å ~ø 44.7% ~ 5% ~ø 60% 1 Î Ñ 20 90 å µw 53.2% 2000 åˆ ê Ñ 18 Î w 2000 å ˆ ~ 78% å 76.5% u ˆ p ᪠r i ë ê 53.2% 39.0% ëðò ~ 7.8% Ó qá { 49
China Management Studies volume 4 3 i 38 Î ~ 59.4% 31 Î ~ 49.2% { qá ˆ j qs 24 ~ 21 9 ~ 7 s 7 4 Ñ ¼ 80% 2002 å 2004 å w i s ð s å wµ ô ~ø w i 2002 å 31.8% }s 2004 å 39.2% Ñ 87 Î ƒ Œ s h 5 qs r ÐjÑ Í ç k q Ñ q ¼ 1 Ñ q w äª nà «r jz 2.890 0.797 ¼ «q 3.240 1.164 1 /{ 2 ß /Ì{ 3 {Œ / 4 ß / 5 / Ð d òæ Ùº òð Âd q Ñ Í ç ª 2.89 nà 0.797 j Í j 24.1% à Í Í 57.8% Í 1 Î Í Ñj ˆk ª 3.24 nà 1.164 3 ± ˆ k Ò k ƒ k ï j mì k ~sø 80.7% j 22 Î ˆÑ k ~ø 26.5% 16 Î Ñ k ~ 19.3% Ñ 3 Î j Î i p Î qs p 10% 25% 50
2009 å 4 3 mì Ò q p Èi z i Ñ ƒ sh qs 1= ã s 5 ã s ¼ 2 i Î ã s 12.9% ã s 31.8% s äªq 2.51 Ñ i ñ s ã s 13.8% ð s 37.8% s äªñq 2.43 j í à ã s 19.5% à ð s 47.6% s äªñq 2.17 Ñ Ñ s i Ñ Ñ ƒ Ñ þm i Ñ Ñ ƒ ƒ ƒ ƒ ƒ ƒ ð s 11 12.9 12 13.8 16 19.5% s 27 31.8 31 37.8 39 47.6% 40 47.1 31 37.8 24 29.3% s 7 8.0 8 9.8 3 3.7% ð s 0 0 0 0 0 0 x ii 1. Õ x ¼ 3 Ñ Õ x 6 sh qs q Œ j x ç 6 q q 6 ª ªÒ 3 i ª äª 2.16 51
China Management Studies 52 volume 4 3 nà 0.530 Ò 3 å 2 u ø j Ì í Õ x j ˆ jª 1.86 nà 0.801 k᪠jª 1.99 0.845 q ñs qá È i 30 Î ~sø 34.5% j Î i 19Î ~ 21.8% ïï p å w }ðô ç 6 q ª 2.62 nà 1.016 ç x x i çƒj ¼ Peng 2005 Yiu 2007 Ñ x x Òs ñs Î Ój 1 Ñ j Õ x ñs Õ x Õ x q Ñ x ç nà 1.86 0.801 { 2.16 0.784 w ñ k᪠1.99 0.845 w w ˆç 2.30 0.823 ¼ 2.19 0.651 i ç 2.62 1.016 ª 2.16 0.530 5 q 1 Ìi 2 3 4 ¹ 5 Ìi q Õ x i qs 6 þ Í çÿ þk ÿ i ¼ 4 6 þ { ÿ p<0.05 Í ç i þ ¼ ÿ p<0.1 k i þ ÿ þ ˆç
2009 å 4 3 ÿ þ k᪠ÿ i å 2 Õ x jñ ii ñs q Ð Õ x i Õ x 6 3 i q þ ˆç ÿ þ Ñi ÿ i p<0.05 ˆç j i þ ÿ p<0.1 þ ˆç ÿ p<0.1 Ñ Ñ i x x ˆç x Ñ µ xå 3 Õ x j Èi ii ñ s q 1 1 Õ x ƒ ii 1 2 3 4 5 6 I II III IV V 2 0.310 ** 1 3 0.273 * 0.426 ** 1 4 0.230 * 0.305 ** 0.177 1 5 0.176 0.139-0.020 0.389 ** 1 6 0.178 0.390 ** 0.380 ** 0.284 * 0.241 * 1 I -0.113 0.011 0.041 0.238 * 0.053 0.054 1 II 0.045-0.067-0.003 0.183 0.209 + 0.127 0.256 * 1 III 0.213 0.335 ** -0.040 0.145 0.104-0.021 0.101 0.064 1 IV 0.203 + 0.198 + 0.056 0.076 0.069-0.112 0.237 * 0.101 0.446 ** 1 V 0.139 0.170 0.140 0.084 0.072 0.092 0.171 0.073 0.295 ** 0.388 ** 1 * ** qs 0.05 0.01 0.1 ä i ƒô 1 2 ˆç 3 k᪠4 { 5 ¼ 6 ç I Í ç II k III i IV V 2. ii Ñ µ 20 sh 5 53
China Management Studies volume 4 3 qs r Ð µ å rp ª nà q Ñ µ 20 ª 2.38, Ò 3 2 nà 0.598 ª nà 2 µ Ì ¼ 5 Ñ 20 þ Í çÿ þk ÿ iq Í ç ii q þ ÿ p<0.05 þ ñ ÿ p<0.1 þ ç윃i Ñ õçÿ p<0.01 þ Ì ÿ p<0.1 ƒþ ñ ÿ p<0.05 Í ç i þ ç ÿ þ çìœ è ÿ þ ÿ þ Ì ÿ ƒþ µ ÿ þ± mÿ Ñ Í ç ii å k i þ ƒõ µÿ þ ñ ÿñï s k å jk ii s ä p<0.05 þ± mÿ þ ƒõ µÿ þ s µÿ k m ii å s q 4 Ñ µ j ii ñs q Ð ï 6 q þí ç x ÿñ Ñi p<0.1 ï þ ÿ Ñ i p<0.1 Ñ w ï å ç p<0.01 µ p<0.01 p<0.05 ñ p<0.05 ç윃i Ñ õç p<0.05 Ì p<0.1 Ì p<0.1 ª i Ñ i µ xñ i k Ñ ï Ñ x s Ñ Ñ Ñ ï 5 Ñ µ j Èi ii ñs q 54
2009 å 4 3 1 1 i q 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2 0.304 ** 1 3 0.224 0.188 1 4 0.412 ** 0.359 ** 0.309 * 1 5 0.421 ** 0.411 ** 0.095 0.453 ** 1 6 0.453 ** 0.476 ** 0.271 * 0.556 ** 0.537 ** 1 7 0.411 ** 0.166 0.240 * 0.379 ** 0.451 ** 0.474 ** 1 8 0.288 * 0.298 * 0.168 0.484 ** 0.248 * 0.412 ** 0.258 * 1 9 0.507 ** 0.327 ** 0.134 0.396 ** 0.452 ** 0.492 ** 0.314 ** 0.379 ** 1 10 0.482 ** 0.302 * 0.346 ** 0.361 ** 0.392 ** 0.514 ** 0.225 0.303 * 0.402 ** 1 11 0.602 ** 0.463 ** 0.137 0.537 ** 0.576 ** 0.574 ** 0.470 ** 0.383 ** 0.382 ** 0.422 ** 1 12 0.389 ** 0.371 ** 0.342 ** 0.362 ** 0.449 ** 0.588 ** 0.444 ** 0.180 0.222 0.386 ** 0.487 ** 1 13 0.443 ** 0.098 0.301 * 0.480 ** 0.303 ** 0.451 ** 0.536 ** 0.501 ** 0.315 ** 0.394 ** 0.268 * 0.476 ** 1 14 0.549 ** 0.398 ** 0.171 0.543 ** 0.505 ** 0.644 ** 0.548 ** 0.484 ** 0.434 ** 0.487 ** 0.626 ** 0.367 ** 0.488 ** 1 15 0.657 ** 0.385 ** 0.180 0.497 ** 0.545 ** 0.471 ** 0.589 ** 0.474 ** 0.394 ** 0.495 ** 0.695 ** 0.396 ** 0.534 ** 0.801 ** 1 16 0.386 ** 0.367 ** 0.084 0.421 ** 0.487 ** 0.632 ** 0.507 ** 0.589 ** 0.513 ** 0.395 ** 0.428 ** 0.320 ** 0.473 ** 0.656 ** 0.582 ** 1 17 0.544 ** 0.506 ** 0.244 * 0.619 ** 0.530 ** 0.630 ** 0.445 ** 0.643 ** 0.536 ** 0.412 ** 0.609 ** 0.429 ** 0.526 ** 0.655 ** 0.704 ** 0.622 ** 1 18 0.397 ** 0.481 ** 0.141 0.510 ** 0.390 ** 0.515 ** 0.292 * 0.555 ** 0.467 ** 0.281 * 0.385 ** 0.346 ** 0.340 ** 0.675 ** 0.588 ** 0.564 ** 0.694 ** 1 19 0.431 ** 0.283 * -0.042 0.338 ** 0.441 ** 0.344 ** 0.248 * 0.265 * 0.626 ** 0.202 0.263 * 0.128 0.438 ** 0.347 ** 0.371 ** 0.392 ** 0.345 ** 0.324 ** 1 20 0.552 ** 0.482 ** 0.256 * 0.428 ** 0.314 ** 0.634 ** 0.338 ** 0.491 ** 0.476 ** 0.421 ** 0.483 ** 0.437 ** 0.506 ** 0.527 ** 0.520 ** 0.509 ** 0.562 ** 0.454 ** 0.405 ** 1 21 0.031 0.023-0.060 0.072 0.058 0.142-0.049 0.265 * 0.046 0.218-0.131 0.110 0.319 ** -0.006 0.071 0.049 0.159 0.104 0.228 0.241 * 1 22 0.115 0.004 0.120 0.054 0.116 0.177-0.067-0.117 0.162 0.250 * 0.114-0.012-0.055 0.014 0.047-0.012 0.095 0.038 0.049-0.076 0.256 * 1 * ** +qs 0.05 0.01 0.1 ä i ƒô 1 ± 2 xww ƒx 3 4 w 5 à Ì ƒ 6 Ö m 7 í ç x 8 9 10 ñ 11 Œ 12 Œ õç 13 ç윃i Ñ õç 14 ç 15 çìœ è 16 17 Ì 18 µ 19 Ì 20 ñ 21 Í ç 22 k 55
China Management Studies volume 4 3 i q 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 1 1 2 0.304 ** 1 3 0.224 0.188 1 4 0.412 ** 0.359 ** 0.309 * 1 5 0.421 ** 0.411 ** 0.095 0.453 ** 1 6 0.453 ** 0.476 ** 0.271 * 0.556 ** 0.537 ** 1 7 0.411 ** 0.166 0.240 * 0.379 ** 0.451 ** 0.474 ** 1 8 0.288 * 0.298 * 0.168 0.484 ** 0.248 * 0.412 ** 0.258 * 1 9 0.507 ** 0.327 ** 0.134 0.396 ** 0.452 ** 0.492 ** 0.314 ** 0.379 ** 1 10 0.482 ** 0.302 * 0.346 ** 0.361 ** 0.392 ** 0.514 ** 0.225 0.303 * 0.402 ** 1 11 0.602 ** 0.463 ** 0.137 0.537 ** 0.576 ** 0.574 ** 0.470 ** 0.383 ** 0.382 ** 0.422 ** 1 12 0.389 ** 0.371 ** 0.342 ** 0.362 ** 0.449 ** 0.588 ** 0.444 ** 0.180 0.222 0.386 ** 0.487 ** 1 13 0.443 ** 0.098 0.301 * 0.480 ** 0.303 ** 0.451 ** 0.536 ** 0.501 ** 0.315 ** 0.394 ** 0.268 * 0.476 ** 1 14 0.549 ** 0.398 ** 0.171 0.543 ** 0.505 ** 0.644 ** 0.548 ** 0.484 ** 0.434 ** 0.487 ** 0.626 ** 0.367 ** 0.488 ** 1 15 0.657 ** 0.385 ** 0.180 0.497 ** 0.545 ** 0.471 ** 0.589 ** 0.474 ** 0.394 ** 0.495 ** 0.695 ** 0.396 ** 0.534 ** 0.801 ** 1 16 0.386 ** 0.367 ** 0.084 0.421 ** 0.487 ** 0.632 ** 0.507 ** 0.589 ** 0.513 ** 0.395 ** 0.428 ** 0.320 ** 0.473 ** 0.656 ** 0.582 ** 1 17 0.544 ** 0.506 ** 0.244 * 0.619 ** 0.530 ** 0.630 ** 0.445 ** 0.643 ** 0.536 ** 0.412 ** 0.609 ** 0.429 ** 0.526 ** 0.655 ** 0.704 ** 0.622 ** 1 18 0.397 ** 0.481 ** 0.141 0.510 ** 0.390 ** 0.515 ** 0.292 * 0.555 ** 0.467 ** 0.281 * 0.385 ** 0.346 ** 0.340 ** 0.675 ** 0.588 ** 0.564 ** 0.694 ** 1 19 0.431 ** 0.283 * -0.042 0.338 ** 0.441 ** 0.344 ** 0.248 * 0.265 * 0.626 ** 0.202 0.263 * 0.128 0.438 ** 0.347 ** 0.371 ** 0.392 ** 0.345 ** 0.324 ** 1 20 0.552 ** 0.482 ** 0.256 * 0.428 ** 0.314 ** 0.634 ** 0.338 ** 0.491 ** 0.476 ** 0.421 ** 0.483 ** 0.437 ** 0.506 ** 0.527 ** 0.520 ** 0.509 ** 0.562 ** 0.454 ** 0.405 ** 1 23 0.144 0.097 0.052 0.049-0.033 0.113 0.194 + -0.116 0.104 0.095-0.132 0.017 0.115 0.121 0.089-0.040 0.129 0.137-0.010 0.105 1 24 0.006-0.079-0.038-0.055-0.155-0.100 0.018-0.174-0.092 0.055-0.034 0.042 0.125-0.057-0.123 0.023 0.057 0.168 0.207 + -0.121 0.446 ** 1 25 0.139 0.075 0.109 0.192 0.086 0.180 0.106 0.186 0.242 * 0.276 * 0.169 0.134 0.251 * 0.302 ** 0.167 0.155 0.231 + 0.434 ** 0.215 + 0.164 0.295 ** 0.388 ** 1 * ** +qs 0.05 0.01 0.1 ä ƒô 1-22 23 i 24 25 56
2009 å 4 3 i Í ç Ñ Õ x ƒ Õ x xñ ï Ñ àj Ì í x j x x ƒ k᪠i ¼Î ƒ È ¼ Ò w ¼} i ¼ Ñiƒ Îgƒ { ± Í ò ᪠Ój ƒõ Îáª Ò i Ô ƒ Î i Ô u i r ƒr wx êƒ æ Ì ç â r ï Ñ x Wells 1983 ê wë ˆ ô ƒõ Ô i äµw É í w xww ß k᪠ç x Ô k ªí çñ Ñ ß p ì k ú ƒê þê ÿ i ñs Î Ój Ò Ô çƒj i Ñ ã ç j x í x x k᪠x i w x k áª Ô 20 å ƒõ k᪠i Íw µí i ð à i j Ñ í x x w 57
China Management Studies volume 4 3 káª Ñ ï xww å Ô É ƒõ x i ᪠xó wx xw Í áª w ká ª u Ñ Ñi î ¹ w i r n à ˆç ç i Õ x ¼ TCL } Õr Ó ˆç Ö ¹ Ñ Ò ç wçðò Òs ð ñ çƒ jñ å Ò áª ú ë w { Í ç i { w { j Ï { Ì áª s ᪠x p ñ w å j ¼ w m ƒõ i ± ¼ Õ n áª Í ú ãx sí ê î j i ãx Ì â ¼ µí k ò ˆç j i Ñ i x ˆç i z ç윃i Ñ õç Ì ñ ñ ƒ Ì µ ç xñ i ƒñ õç s w Ð ï i í ç x ñ x Ñ x ç µ 58
2009 å 4 3 ñ ç윃i Ñ õç Ì Ì ª i µ xñ i k Ñ ï ƒ ê 2003 ƒõ Î FDI þ ª ÿ ¹ ÊÊ 7 2001 {Í ~ B. N. 1999 ò Ñ} w q ~ 2 Éê 2000 { úú Ñ ƒõ { Êp As-Saber, S., P. J. Dowling and P. W. Leisch, 1998, The Role of Human Resource Management in International Joint Ventures: a Study of Australian-Indian Joint Ventures, International Journal of Human Resource Management, 9(5), 751-766. Bartlett, C. A. and S. Ghoshal, 1988, Creation, Adoption, and Diffusion of Innovations by Subsidiaries of Multinational Corporations, Journal of International Business Studies, 19(3), 365-388. Brouthers, D. K., L. E. Brouthers and S. Werner, 1996, Dunning s Eclectic Theory and the Smaller Firm: the Impact of Ownership and Locational Advantages on the Choice of Entry-Modes in the Computer Software Industry, International Business Review, 5(4), 377-394. Caves, R. E., 1971, International Corporations: The Industrial Economics of Foreign Investment, Economica, 38(February), 1-27. Dunning, J., 1981, International Production and the Multinational Enterprise, London: Allen & Unwin. Dunning, J., 1995, Reappraising the Eclectic Paradigm in an Age of Alliance Capitalism, Journal of International Business Studies, 26, 461-491. Hymer, S. H., 1976, The International Operations of National Firms: A Study of Direct Foreign Investment, Cambridge: MA, MIT press. Lall, Sanjaya, 1983, The New Multinationals: The Spread of Third World Enterprises, 59
China Management Studies volume 4 3 New York: John Wiley& Sons. Miller, C. C. and L. B. Cardinal, 1994, Strategic Planning and Firm Performance: A Synthesis of More than Two Decades of Research, Academy of Management Journal, 37(6), 1649-1665. Thomas, D. E., L. Eden and M. A. Hitt, 2002, Who Goes Abroad? International Diversification by Emerging Market Firms into Developed Markets, The Academy of Management Annual Meeting at Denver. Wells, L. T., 1983, Third World Multinationals: The Rise of Foreign Investment from Developing Countries, Cambridge, MA: MIT Press. A Study on Competitive Advantages and Performance of Chinese Firms Foreign Direct Investment Liu Yangchun Wu Yao Abstract: In recent years, China s foreign direct investment (FDI) has accelerated, which indicates Chinese firms have gradually developed ownership advantages. This paper empirically examines firm-specific advantages of FDI firms of China under the condition of reform and opening, and probes the effects that Chinese firms ownership and locational advantages have on performance and competitive positions of their foreign subsidiaries. Research findings show that two most important advantages of Chinese firms are product quality and technological skills, as well as support and experience from domestic market. Internaitonally excellect managerial personnel and good cooperators (partners) have significantly positive correlation with subsidiary operational performance of firms. The degree of firm product awareness is positively correlated with its global competitive position. Locational indicators significantly correlated with subsidiary perfrmance are attitude of government officials and the public toward foreign investment, tax on foreign-funded companies, political stability, and short-term capital availability. Host government incentives among locational factors are positively correlated with firm s competitive position. Keywords: competitive advantages, investment performance, competitive positions, locational advantages 60