This study examines the trends and forms of China’s ever-growing outward foreign direct investment (OFDI), and provides a case study as well as a business performance analysis on OFDI of major Chinese companies.
China’s OFDI has increased rapidly in recent years, making China the World fifth largest investing country in 2010. The outbound M&A by Chinese companies constituted 42.4% of the total OFDI in the same year. Although the majority of China’s OFDI was still concentrated in the energy/natural resources sector of certain Asian and African countries, M&A-based investment in technology, brands, and distribution networks of the US, EU, Japan and other developed countries has showed an upward trend.
China’s investments in developed countries (except Canada where China’s investments are natural-resource-oriented) are motivated mainly by companies’ market-seeking and technology acquisition strategies. As for investments in developing countries, they are basically aimed at natural resources and market penetration. In particular, while most of China’s OFDI in Africa was in natural resources (except South Africa where market-seeking OFDI prevailed), OFDI in ASEAN countries was mainly oriented towards entering their markets. The level of Chinese investment in Korea is marginal in comparison to bilateral trade volume between the two countries. China’s investment here is concentrated in the manufacturing sector, followed by services, and characterized by its small scale.
A case-study on OFDIs of major Chinese companies has revealed that their business performance was below expectation. Chinese companies present in Africa have suffered from poor investment environment there; Outbound M&A aimed at technology acquisitions in developed countries have failed due to the lack of management expertise of Chinese acquirers, resulting in worsened business performance of both Chinese adquirers and acquired companies. Representative examples are: M&A of France’s Alcatel by TCL, and M&A of Korea’s Ssangyong Motors and Hydis by Shanghai Motors and Jingdongfang Hightech respectively. Although those Chinese companies are powerful in their respective sectors, they have been engaged in M&A transactions with no account of their own capacities in technology, size, and management expertise. Moreover, Shanghai Motors and Jingdongfang Hightech were more interested in technology acquirement rather than improvement of the acquired company’s performance, which consequently worsened.
On the other hand, the acquisition of Korea’s Actoz Soft by Shanda, a Chinese online game company, is a success story of a relatively small-scale M&A which focused not only on the acquisition of the local company’s technology (intellectual property), but also the latter’s expansion and growth in the Korean market. Shanda’s case shows that China’s outbound M&A transactions in which size and technology level of acquired companies are modest enough to be controlled by Chinese acquirers tend to be more successful, rather than excessive large-scale M&As with Chinese government support.

국문요약

제1장 서론

제2장 중국기업의 해외직접투자 현황
1. 해외직접투자 개황
가. 해외직접투자 규모
나. 해외 M&A 현황
2. 국별․산업별 해외직접투자 추이
가. 홍콩 및 조세피난처로의 투자
나. 대선진국 투자
다. 대개도국 투자
라. 대한국 투자
마. 산업별 투자
3. 개도국 및 한국 해외직접투자 경험과의 비교
가. 개도국 해외직접투자에서 중국의 위상 변화
나. BRICs 국가 해외직접투자와의 비교
다. 한국 해외직접투자 경험과의 비교

제3장 중국기업의 해외직접투자 유형
1. 자원개발형 해외직접투자 유형
가. 중국의 해외 자원개발 과정
나. 지역별 자원개발 투자 현황
다. 자원개발 투자 전략과 유형
2. 제조업의 해외직접투자 유형
가. 요소비용 절감형 투자
나. 국내 공급과잉 해소형 투자
다. 보호주의장벽 우회형 투자
라. 기술자원 획득형 투자
3. 서비스업의 해외직접투자 현황
가. 유통
나. 호텔
다. 금융

제4장 중국기업의 해외직접투자 사례와 성과 분석
1. 주요 중국기업의 해외직접투자 사례 및 성과 분석
가. 롄샹(Lenovo)
나. TCL
다. 하이얼(海爾)
라. 징둥팡(京東方科技集團)
2. 중국기업의 대한국 투자 사례 및 성과 분석
가. 중국기업의 대한국 투자에 대한 설문조사
나. 중국기업이 인수한 주요 한국기업의 경영성과 분석

제5장 결론 및 시사점
1. 요약 및 평가
2. 결론 및 시사점

참고문헌

Executive Summary