During the past planned economy in China, the local government established too many and too small-scale state-owned enterprises, and disregarded market faculty in order to be self-sufficiency. After carried out the market economy in China, those medium, small-scale state-owned enterprises would have faced harsh competition and test, and the scale economy in the market would be leading the industrial structure transforming of China in the future. The main purpose of this research is probing into the problems of the foreign-invested enterprises merger with the Chinese state-owned enterprises, because this research would like to know how the government of China to regulate those activities of the foreign-invested enterprises merger with the state-owned enterprises of China, and will help the foreign-invested enterprises to choose the most potential state-owned enterprises to merger with under the laws and decrees of China. After reformed and opened of China, and during joining the WTO, the main developed goal is how to attract more foreign investments, innovate state-owned enterprises, and fuse with the international market. Under insisting opening to the outside world, attracting more foreign investments tactics, China must adapt to the world tide, and encourage the state-owned enterprises and the multi-national corporations to work together, lead in advanced technologies, funds, managing and selling modes, and build R & D center to increase the international competitiveness of the state-owned enterprises by cross-border modes. However, the foreign-invested enterprises in order to contend for the Chinese market, will get the market share quickly by M & A mode, and this will cause the activities continuing expanding of the foreign-invested enterprises merger with the state-owned enterprises of China.

Following up with China¡¦s WTO entry, China without doubt has become the ¡¥Must-go¡¦ place for any Taiwanese enterprise which is keen to turn its operation to be international or global. However, entering Chinese market would never be a promise to lead to a subsequent successful ¡¥going-global¡¦ story without taking account of certain points as follows. How Taiwanese enterprises enter Chinese market strategically? How to efficiently as well as effectively manage the subsidiaries following their entries? How to maintain and accumulate their ownership advantage afterwards? All of these questions have become the major challenges these days faced by those Taiwanese enterprises that attempt to enter the giant China. In today¡¦s knowledge-driven economy, for the capital-, technology-, as well as knowledge- intense pharmaceutical industry, it would be even more critical to effectively link foreign subsidiaries¡¦ organizational management and coordination to the foreign investment entry modes. Consequently, Taiwanese pharmaceutical enterprises are chosen as the samples in this current research.¡@Qualitative research is conducted for this current research using case study research method. Through in-depth interviews, data are gathered from two Taiwanese pharmaceutical enterprises, representing large and small scale enterprise respectively. Finally, findings obtained of this research as the following attempts to make some contributions to Taiwanese pharmaceutical enterprises¡¦ future investment in China. 1. Enterprise¡¦s characteristics, including business scale, years of China¡¦s investment, and internationalization experience, have influence on the ownership, location, and internalization advantage. 2. Features of pharmaceutical industry in China have influence on the development of the investment advantages in China. 3. Enterprise¡¦s characteristics and China¡¦s investment advantages have influence on the subsidiary¡¦s integration and control as well as the value chain activities.

With the development of multinational corporations, the United Kingdom has experienced increasing penetration of its economy by foreign affiliates. This is particularly noticeable in high technology industries such as Electrical and Instrument Engineering. The thesis identifies the mechanism by which direct foreign investment can influence industrial structure in such an industry; charts the effects within the UK Electrical and Instrument Engineering Industry; and identifies the extent to which this impact varies with the nationality of the investor. The study begins with a synthesis of the comprehensive and complex material available upon industrial/market structure and direct foreign investment. Chapters 2 and 3 demonstrate that the structure of Electrical and Instrument Engineering has changed significantly since the inter-war years. Productive capacity has expanded faster than that of any other UK industry. Throughout the minimum-list-headings of the industry market power has become more concentrated in the hands of the largest companies. Individual affiliates now display greater product specialisation and vertical integration, whilst the level of entry barriers has risen steadily. The model presented in chapter-3 hypothesises that direct foreign investment can be related to industrial structure in three distinct ways. Firstly, that a relationship exists between the distribution of foreign affiliates 11 25 I and the structural characteristics of the industries in which they operate. Secondly, that a similar relationship exists across the minimum-list-headings of each individual industry. Thirdly, that the operating characteristics of foreign affiliates in any individual minimum-list-heading differ from those of domestic companies. The first two of these are termed the Destination impact, and the third the Behavioural impact of direct foreign investment. The results of a survey of over 500 British and foreign owned companies, sub-divided by origin and size, suggest that foreign affiliates have contributed significantly to the changing structure of Electrical and Instrument Engineering both in their destination and behaviour. The destination of foreign investors was significantly related to areas displaying the fastest growth of productive capacity; imperfection of competition; technologically specialised and vertically integrated operations; and high barriers to entry. The behaviour of individual foreign affiliates was found to differ significantly from that of their UK counterparts (including affiliates of UK multinationals). Foreign owned companies exhibited high levels of sales. growth and efficiency; a disproportionate impact upon the distribution of market power; greater product specialisation and levels of vertical integration; and a significant contribution to the level of entry barriers. This influence was compounded by a greater productivity and profitability in the foreign affiliate; a differing pattern of geographical location to that of UK owned establishments; and a domestic reaction by UK companies and the government to foreign penetration. Variations within the foreign group were related to geographical origin. The total operations of US affiliates were most significant, but investors from EEC countries displayed characteristics which varied most from those of UK companies. The study concludes by relating changes in industrial structure to the presence of foreign affiliates, and outlining the implications of further foreign involvement

Tiesioginės užsienio investicijos (TUI) yra vienas iš svarbiausių faktorių, turinčių įtakos šalies ekonominiam vystymuisi. Pritraukti TUI į mūsų šalį yra ne tik tikslas, bet ir būtinybė. Įstojimas į ES padidino konkurenciją tiek tarp naujų, tiek tarp senų ES narių. Lietuvos vyriausybė turi nuolat gerinti investicinį klimatą, norint, jog TUI neaplenktų mūsų šalies ateityje.TUI atneša į mūsų šalį naujas pažangias idėjas, progresyvią vadybą, naują techniką ir technologiją, sukuria naujas darbo vietas – kelia pragyvenimo lygį. Vokiečių kompanija „Max.sicherheitsfarchule.Holding.Gmbh“ planuoja savo kompanijos plėtrą Lietuvoje, panaudojant TUI, modernizuojant ir restruktūrizuojant vairavimo mokymo procesą. Empirinis tyrimas kaip tik ir parodė prielaidas, galimybes ir perspektyvas tiesioginiam investavimui Lietuvoje. Darbas susideda iš 97 puslapių, įskaitant 5 lenteles ir 17 paveikslėlių, neskaitant literatūros sąrašo ir priedų. / The Direct Foreign Investment (DFI) is one of the most important factors influencing economical development of any country. To raise the level of direct foreign investment in Lithuania is not only a goal, but also a necessity. The entry to the European Union (EU) increased competition between old and new EU member states, so in order to attract DFI to our country Lithuanian Goverment should constantly improve investment climate. Direct Foreign Investment together with direct financing brings into the country many progressive ideas, innovative management, new techniques and technologies, improves employment levels by creating new workplaces and in general raises the standart of living. German company „Max.sicherheitsfarchule.Gmbh“, working in the field of theoretical and practical driving training in Germany, is planing its expansion to Lithuania, using Direct Foreign Investment, modernizing and restructuring the traditional procedure of driving training. The empirical research demonstrated the assumptions, possibilities and perspectives for this particular case of direct investing. The research work comprises of 97 pages, including 5 tables and 17 pictures, excluding lists of literature and appendixes.

This study deals with direct foreign investment (DFI) in Turkish manufacturing industry with two main objectives: First, the reasons of the failure of Turkish economy in attracting sufficiently high levels of DFI is analysed as compared to the experiences other developing countries that have been successful on this count. Second, the impact of DFI in Turkish manufacturing industry is analysed in terms of export, employment, and technology contribution as well as the comparative behaviour of domestic and DFI firms. In addition to various data sets, the study utilized the results collected from two separate surveys that were implemented to domestic and DFI firms operating in Turkish manufacturing industry. Firstly, it turned out that the failure of Turkish economy in attracting high inflows of DFI cannot be attributed to investment climate problems, as the experiences of other developing countries have shown. Secondly, there does not seem to be a significant difference between the performances of domestic and DFI firms. While DFI seemed to contribute positively to exports, insufficient contribution of DFI on employment and negative balance of payments effects as well as the lack of its contribution in terms of research and development and innovative activities were also notable. Then, the study argues that rather than focusing solely on improvements in investment climate and liberalizing eagerly the development regime, it seems more appropriate to have a broad development strategy, in which both domestic investment and DFI are handled in an integrated approach, within the framework of appropriate industrial, trade and technology policies.

The growing economic importance of China with its major economic power in the East Asia region has become a popular host destination for receiving foreign investment from Hong Kong, Korea, and Taiwan. With China’s growth and development, this nation has over time become one of Australia’s main trading partners. As new investment opportunities have emerged, Australian companies, especially from Western Australia have shown interest in the Chinese marketplace. Despite the popular consensus that Australian companies are increasingly investing in China, to date relevant literature examining this notion is limited. Specifically, studies of elements that motivate or deter owners / managers of Australian companies, especially from Western Australia to invest in China are restricted. Consequently, the purpose of this study was to investigate the likely relationships between four independent constructs (1. market size, 2. labour cost, 3. infrastructure, and 4. business ethics) in China and the intensity of foreign investment from Western Australia, and to evaluate if and how these relationships are mediated by personality attributes (i.e., gender), organisational properties (i.e., size), and networking. / To empirically investigate the determining factor for undertaking investment in China, this study employed both quantitative and qualitative approaches. The use of the quantitative method positivist approach is deemed as a suitable, partial approach, which assists in determining the statistical relationships between the investigated variables. Moreover, a qualitative approach was used in a complementing context to understand the quantitative results. Given the dynamic business environment in China, the use of a qualitative approach has potential for gaining a more comprehensive understanding of quantitative findings as well as providing rich information for further interpretations. / This study was conducted with 43 respondents of Western Australian companies. A salient feature of the study companies is that they either have capabilities to invest or are already investing in mainland China (People’s Republic of China, in this study identified as China). The targeted companies are involved in manufacturing and services industries, such as mining, education, banking, and telecommunication. Although collecting primary data appeared to be a challenge, the data were robust for statistical analysis. In addition, the data were from decision makers of the study companies, which further indicate the richness of the sample. / The findings of this study revealed that China’s large market size plays a positive role in attracting investments from WA to China. Similarly, the adequate level of infrastructure and the level of familiarity of business ethics in China tend to somewhat encourage WA investors to conduct business in China. In contrast, China’s cheap labour cost was not the primary driver that motivates WA companies to invest in China. In relation to the mediating effects of personality attributes (e.g., gender), organisational properties (i.e., size), and networking the study findings revealed that networking plays a significant mediating role in the investment decision. However, due to the relatively small sample size, personality attributes and organisational properties were established to provide insufficient analytical rigor in the decision to invest in China by WA companies. / The implications for this study may offer insightful information to enrich the understanding of the determinants of Australian foreign investment in general, and in the Chinese marketplace in particular. In addition, by empirically investigating the perceptions of the decision makers of WA companies in relation to their investment decisions in China, the findings of this research may assist foreign companies to undertake better planning of their investment decisions. More specifically, this study may offer additional insight to those companies that are operating or planning to invest in the Chinese marketplace. For example, this study may be particularly useful for international managers or owners, as it may provide some fruitful information to assist a better understanding of the issues that relate to business ethics with Chinese operations. In addition, the phenomenon of guanxi in China has been considered as a major determinant for facilitating business engagement in the Chinese marketplace. It may, therefore, be argued that the phenomenon of guanxi in assisting business operations in China has become increasingly important, and international managers or owners may need to gain a deeper understanding of this phenomenon.

Doctor of Philosophy / This thesis is concerned with the role of the United States investment insurance agency, the Overseas Private Investment Corporation (OPIC), in enforcing property and contract rights on behalf of United States (U.S.) infrastructure investors, pursuant to the deregulation of infrastructure markets across the developing world. Drawing on evidence from two recent high profile breach of regulatory contract disputes between OPIC insured U.S. energy companies and Indonesia and India respectively, the thesis finds that while legalized modes of dispute settlement have proliferated, the ‘rules of the game’— their efficacy in delimiting outcomes—emerge as a function of state power and interests, as states undertake to enforce or resist legal obligations. Second, and contrary to the image of U.S. foreign economic policy-makers as beholden to corporate interests, the thesis finds that the agency’s transformation from ‘aid to trade’ as underpinned the expansion of U.S. infrastructure investors to the developing world during the 1990s was driven by state officials consistent with evolving conceptions of U.S. national interests, central to which was the desire to expand markets for U.S. foreign investors and capital goods exporters. In this regard, the transformation of developing country infrastructure markets and the shift in the modes of resolving investor-state expropriation disputes as but one element of economic globalization and the ‘legalization’ of dispute settlement respectively are revealed as a function of U.S. material interests and power at the point of enforcement. The thesis contends, however, that the changes observed reflect not only U.S. power and interests but a specifically American conception of private property and contract rights so as to reveal OPIC investment insurance as a conduit for the diffusion of shifting property norms concerning regulatory taking (expropriation) from the United States to the world economy at large.

This thesis investigates the experiences of foreign direct investment (FDI) in the agricultural sector of the Russian Federation. The focus is on the form of FDI, and how each investor responds, and adapts, to the Russian operational environment. This is achieved through extensive qualitative, and multiple methods research on three manifestations of FDI: corporate, privately-funded investment; corporate, publically-funded investment; and smaller, individual private investment. Of interest are the Russia-specific constraints that may be largely underprepared for by foreign investors, and unexpected events that occur in the Russian space that hamper the efforts of investors. This thesis, thus, informs the reader of the variable nature of the Russian agricultural sphere, and the problems that exist within its boundaries, and presents the stories of some of the foreign investors that have tried to penetrate its market, mostly since the collapse of the Soviet Union in 1991. The thesis consists of four papers that have either been published, or submitted for publication, in academic journals, and utilises fieldwork that was conducted between 2013 and 2014. This thesis finds that all of the foreign investors studied have experienced - in certain aspects - failure on the Russian frontier, though there have also been certain successes. It seems that financial success is dictated by the business model of each investor; those who are afforded longer time horizons, more time to adapt on the frontier, and a source of funds that does not place short-term pressure on the business, are more likely to succeed. The Russian operating environment is unique, peculiar, and unpredictable, with a tendency to produce substantial obstacles that, for investors, are difficult to overcome; for agricultural FDI to avoid these struggles, these environmental conditions need to be anticipated and prepared for, with clear strategies painstakingly thought through before any venture physically begins on Russian soil.

O aumento da internacionalização das economias emergentes e a tendência de financeirização da economia mundial motivaram este estudo que tem como principal objetivo analisar estatisticamente o impacto das variações cambiais no retorno das ações das principais empresas brasileiras internacionalizadas, segundo o ranking realizado pela Fundação Dom Cabral, no período entre 2000 e 2012. Além disso, buscou-se, também, descrever o processo inicial de internacionalização dessas mesmas companhias. Para isso, foi realizada uma pesquisa descritiva e quantitativa, por meio da utilização do método estatístico de regressão linear múltipla. Constatou-se que nas 28 empresas analisadas não há correlação entre variações nas taxas de câmbio e variações no retorno das ações das empresas brasileiras internacionalizadas, evidenciando assim, que outras variáveis são as responsáveis por impactarem o retorno dessas ações. Verificou-se, ainda, que a maior parte das empresas brasileiras iniciam seu processo de internacionalização por meio da instalação de linhas de produção no exterior, seguida de exportação e fusões e aquisições com outras companhias. / The increasing internationalization of companies from emerging economies, in a context of financial globalization of the World economy, has motivated this research, which has as its main goal to analyze the impact of the exchange rate fluctuations on stock returns of main Brazilian international corporations (classified according to the Dom Cabral Foundation annual ranking), covering the period between 2000 and 2012. In addition, this work intended to describe the internationalization process itself of those companies. For this, it was structured a descriptive and quantitative research, using the statistical method of linear regression. Among the main research findings it can be mentioned the non-existent correlation between the fluctuations in exchange rates and the variation in the shares returns of the 28 most internationalized Brazilian companies analyzed. This situation suggests that other variables are more impacting on the shares return. It was also verified that most of the Brazilian companies has begun their internationalization process by investing on production chains abroad, what it is not usual, rather than exporting, merging or acquiring with local companies abroad.

Orientador: Mário Augusto Bertella / Banca: Alexandre Sartoris Neto / Banca: Carlos Alberto Cinquetti / Resumo: Ao longo das últimas duas décadas ocorreram várias transformações na economia brasileira, dentre elas o aumento considerável da entrada de IDE. Existem vários fatores que contribuíram para explicar esse fenômeno. Porém, o trabalho utilizou algumas variáveis macroeconômicas que explicam o comportamento do IDE na economia brasileira entre janeiro de 1999 e dezembro de 2007. As variáveis utilizadas foram as transações correntes, taxa de câmbio, PIB a preços correntes, deflacionados pelo IGP-DI e taxa de juros Selic. A ferramenta utilizada para explicar a relação do IDE com os restantes das variáveis foi a co-inegração. Os resultados obtidos mostraram que somente a taxa de juros Selic não tem relação de longo prazo com o IDE, porém as variáveis que conseguem corrigir os desequílibrios do IDE no curto prazo foram as transações correntes e a taxa de câmbio. / Abstract: In the last two decades, many changes had occurred in Brazilian economy, including the considerable increasing of Foreing Direct Investiment (FDI). There are many factors that can contribute to explain this phenomenon. This paper used some macroeconomic variables that explain the FDI's hehavior in the Brazilian economy in the period of January 1999 until December, 2007. The variables used were: interest rate, GDP deflated by IGP, exchange rate and balance of current account. The method used to explain the relation FDI and variables mentionated above was the cointegration. The results showed that only interest rate does not have long period of time relation with the FDI, but the variables that are able to correct the FDI unstability in the short period of time, were the currency transactions and the exchange rate. / Mestre