The determinants of China’s outward foreign direct investment preferences in the countries along the “Belt and Road” : based on principal component analysis and cluster analysis

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The aim of this study is to analyze the determinants of China’s OFDI in the countries along the “Belt and Road”. The current study selects 18 economic variables of 62 countries along the“ Belt and Road” and uses principal components analysis (PCA) and cluster analysis (CA) to examine this question. The current study finds that the investment environments of the host country are the main classification variables. Chinese enterprises investing in these countries, which are suitable for investment, can be considered that Chinese enterprises focus on the investment environments of these countries. However, Chinese enterprises investing in these countries that are not suitable for investment, it is concerned that the investment environments of these countries conflict with the result expected by the current study. On the other hand, the prior literatures find Chinese OFDI is associated with high levels of political risk. When Chinese enterprises go abroad in the early stage, they always choose the host country with negative investment environments, because these countries are easily enter. According to the classification from PCA and CA, can be found that although the Chinese government has tried to change its investment strategy, Chinese enterprises’ OFDI has still existed in these countries with negative investment environments. This phenomenon of Chinese enterprises’ OFDI shows that Chinese companies investing in these countries may have other benefits (not only economic benefits but also political or military benefits), which requires Chinese companies need to take measures to avoid investment risks when they investing in these countries. On the other hand, it also reflects that although the Chinese government supports Chinese companies to invest in the country with positive investment environments, it is difficult to change the present investment strategy in the short-term due to present production technology, management experience, and marketing channel.

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  • 北東アジア研究

    北東アジア研究 31 25-58, 2020-03-31

    島根県立大学北東アジア地域研究センター

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