Abstract
Buckley et al.’s (J Int Bus Studi 38(4):499–518, 2007) pioneering work concluded that the determinants of outward foreign direct investment (OFDI) from China were similar to those observed in developed countries – but with a few modifications. In this commentary, we suggest continuing their effort to understand what is distinctive about Chinese multinational enterprises (CMNEs). We look for underlying explanations that are analytically useful and potentially generalizable, unlike a firm’s nationality, which is a catch-all variable with no analytical value. Based on prior research and Ramamurti (Glob Strategy J 2(1):41–47, 2012a), we argue that the following variables help explain distinctive aspects of CMNE internationalization: (1) their “stage of evolution as a multinational enterprise,” with most CMNEs being infant MNEs rather than mature MNEs; (2) the “global context for internationalization,” which has helped CMNEs internationalize faster than it was possible in earlier decades; (3) “government-created advantages,” which complemented China’s natural endowments and for the most part improved CMNEs’ international competitiveness; and (4) “leapfrogging advantage,” which allowed late-mover Chinese firms to gain a competitive advantage in smokestack industries and some sunrise industries. These variables may also explain the behavior of MNEs from other emerging economies and are therefore candidates for inclusion in general models of the internationalization process.
Résumé
Les travaux pionniers de Buckley, Clegg, Cross, Liu, Voss et Zheng (2007) ont conclu que les déterminants de l’investissement direct à l’étranger (IDE) de la Chine étaient similaires à ceux observés dans les pays développés, mais avec quelques modifications. Dans ce commentaire, nous suggérons de poursuivre leurs efforts pour comprendre ce qui est particulier à propos des entreprises multinationales chinoises (EMNC). Nous cherchons des explications sous-jacentes qui sont analytiquement utiles et potentiellement généralisables, contrairement à la nationalité d’une firme qui est une variable fourre-tout sans valeur analytique. Sur la base de recherches antérieures et de celles de Ramamurti (2012a), nous soutenons que les variables suivantes aident à expliquer les aspects particuliers de l’internationalisation des EMNC : (1) leur « stade d’évolution en tant qu’entreprise multinationale », la plupart des EMNC étant des multinationales (EMN) plutôt infantiles que matures ; (2) le « contexte mondial d’internationalisation » qui a aidé les EMNC à s’internationaliser plus rapidement que cela n’a été possible au cours des décennies précédentes ; (3) les « avantages créés par le gouvernement » qui ont complété les dotations naturelles de la Chine et qui, pour la plupart, ont amélioré la compétitivité internationale des EMNC ; et (4) des « avantages de dépassement » qui ont permis aux entreprises chinoises en retard de gagner un avantage compétitif dans les industries traditionnelles et dans certaines industries d’avenir. Ces variables peuvent également expliquer le comportement des EMN d’autres économies émergentes et méritent donc d’être incluses dans les modèles généraux du processus d’internationalisation.
Resumen
El trabajo pionero de Buckley, Clegg, Cross, Liu y Zhen (2007) concluyó que los determinantes de la inversión extranjera directa saliente de China eran similares a los que se observan en países desarrollados – pero con algunas modificaciones. En este comentario, sugerimos continuar su esfuerzo para entender qué es diferente en las empresas multinacionales chinas. Buscamos resaltar las explicaciones que sean analíticamente útiles y potencialmente generalizables, distintas a la nacionalidad de la empresa, la cual es una variable global sin un valor analítico. Con base en investigación previa y el trabajo de Ramamurti (2012a), argumentamos que las siguientes variables ayudan a explicar los aspectos distintivos de la internacionalización de las empresas multinacionales chinas: (1) su “etapa de evolución como una empresa multinacional”; la mayoría de las EMN chinas son inmaduras en lugar de maduras; (2) el “contexto global para la internacionalización”, la cual ha ayudado a las EMN chinas a internacionalizarse más rápido que las décadas anteriores; (3) “las ventajas creadas por el gobierno” las cuales complementan los atributos naturales y en su mayor parte mejoran la competitividad internacionales de las EMN chinas; y (4) las “ventajas de salto” las cuales permites a las empresas chinas de reciente desarrollo ganar una ventaja competitiva en industrias de chimenea y al algunas industrias de amanecer. Estas variables pueden explicar el comportamiento de las EMN de otras economías emergentes y por lo tanto son candidatas para inclusión en modelos generales del proceso de internacionalización.
Resumo
O trabalho pioneiro de Buckley, Clegg, Cross, Liu, Voss e Zheng (2007) concluiu que os determinantes do investimento externo direto externo (OFDI) da China eram semelhantes aos observados em países desenvolvidos – mas com algumas modificações. Neste comentário, sugerimos prosseguir seus esforços para entender o que é característico sobre empresas multinacionais chinesas (CMNEs). Buscamos explicações fundamentais que sejam analiticamente úteis e potencialmente generalizáveis, ao contrário da nacionalidade da empresa, que é uma variável global sem valor analítico. Com base em pesquisa pregressa de Ramamurti (2012a), argumentamos que as seguintes variáveis ajudam a explicar os aspectos característicos da internacionalização de CMNEs: (1) o seu “estágio de evolução como empresa multinacional”, sendo que a maioria das CMNEs são MNE jovens ao invés de MNEs maduras; (2) o “contexto global para a internacionalização”, que ajudou as CMNEs a se internacionalizarem mais rapidamente do que era possível em décadas anteriores; (3) “vantagens criadas pelo governo”, que complementaram as dotações naturais da China e, na sua maioria, melhoraram a competitividade internacional das CMNEs; e (4) “vantagem de salto”, o que permitiu às empresas chinesas tardias em se moverem obter uma vantagem competitiva em indústrias de tradicionais e em algumas novas indústrias. Essas variáveis também podem explicar o comportamento de MNEs de outras economias emergentes e, portanto, são candidatas à inclusão em modelos gerais do processo de internacionalização.
概要
Buckley, Clegg, Cross, Liu, Voss 和 Zheng (2007) 开拓性的研究得出的结论是, 中国对外直接投资 (OFDI) 的决定因素与在发达国家观察到的情形相似, 只略有修正。在这篇评论中, 我们建议继续他们认识中国跨国企业 (CMNEs) 有何独特性的努力。我们寻找根本的在分析上有用且具有潜在通用性的解释, 与公司的没有分析价值的包罗万象的国籍变量不同。 基于先前的研究和 Ramamurti (2012a), 我们认为以下变量有助于解释中国跨国企业国际化的独特方面: (1) 它们的“跨国企业进化阶段”,大多数的中国跨国企业是婴儿型跨国企业,而不是成熟型跨国企业; (2) “国际化的全球情境”帮助中国跨国企业比前几十年更快国际化; (3) “政府创造优势”补充了中国的自然禀赋,大部分改善了中国跨国企业的国际竞争力; (4) “蛙跳优势”让后发的中国公司在烟窗行业和一些朝阳行业中获得竞争优势。这些变量也可以解释来自其它新兴经济体的跨国企业的行为,因而是国际化进程通用模型可纳入的候选变量。
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Acknowledgements
We thank Alain Verbeke for his guidance on this commentary, Peter Buckley and his co-authors of the JIBS Decade Award-winning paper for their retrospective comments at the AIB meeting in Dubai, Jeremy Clegg and Hinrich Voss for specific clarifications regarding Buckley et al., and Klaus Meyer, Rajneesh Narula, and Sam Park for helpful suggestions. Ravi Ramamurti would like to acknowledge the support of the Center for Emerging Markets at the D’Amore-McKim School of Business, Northeastern University.
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Accepted by Alain Verbeke, Editor-in-Chief, 14 October 2017. This article has been with the authors for one revision and was single-blind reviewed.
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Ramamurti, R., Hillemann, J. What is “Chinese” about Chinese multinationals?. J Int Bus Stud 49, 34–48 (2018). https://doi.org/10.1057/s41267-017-0128-2
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DOI: https://doi.org/10.1057/s41267-017-0128-2