Inversiones directas chinas en España

  1. Federico Carril-Caccia 1
  2. Juliette Milgram-Baleix 1
  1. 1 Universidad de Granada
    info

    Universidad de Granada

    Granada, España

    ROR https://ror.org/04njjy449

Aldizkaria:
Cuadernos económicos de ICE

ISSN: 0210-2633

Argitalpen urtea: 2017

Zenbakien izenburua: Sector exterior y comercio internacional

Zenbakia: 94

Orrialdeak: 115-136

Mota: Artikulua

Beste argitalpen batzuk: Cuadernos económicos de ICE

Laburpena

This article presents the characteristics and determinants of Chinese Foreign Direct Investment (FDI), its evolution in Spain and the consequences of mergers and acquisitions (M&A) over targets’ performance. According to the literature, Chinese FDI in Spain is driven by accessing new markets and strategic assets. China is now among the top 10 investors in Spain and employ more than 15,000 workers. Finally, the econometric analysis indicates that M&As involving Chinese state owned enterprises in Spain could lead to some job reductions while M&As carried out by private companies would have a positive impact on productivity, benefits and employment.

Erreferentzia bibliografikoak

  • AITKEN, B. J. y HARRISON, A. E. (1999). «Do domestic firms benefit from direct foreign investment? Evidence from Venezuela». American Economic Review, 89 (3), 605-618.
  • AMENDOLAGINE, V.; COZZA, C. y Rabellotti, R. (2015). «Chinese and Indian multinationals: a firm-level analysis of their investments in Europe». Global Economic Review, 44 (4), 452-469.
  • AMIGHINI, A. A.; RABELLOTTI, R. y SANFILIPPO, M. (2013). «Do Chinese state-owned and private enterprises differ in their internationalization strategies?». China Economic Review, 27, 312-325.
  • BERTRAND, O. y BETSCHINGER, M. A. (2012). «Performance of domestic and cross-border acquisitions: Empirical evidence from Russian acquirers». Journal of Comparative Economics, 40 (3), 413-437.
  • BEUGELSDIJK, S.; HENNART, J. F.; SLANGEN, A. y SMEETS, R. (2010). «Why and how FDI stocks are a biased measure of MNE affiliate activity». Journal of International Business Studies, 41 (9), 1444-1459.
  • BLOMKVIST, K. y DROGENDIJK, R. (2016). «Chinese outward foreign direct investments in Europe». European Journal of International Management, 10 (3), 343-358.
  • BRIENEN, M. J.; BURGER, M. J. y VAN OORT, F. G. (2010). «The geography of Chinese and Indian greenfield investments in Europe». Eurasian Geography and Economics, 51 (2), 254-273.
  • BUCKLEY, P. J.; CLEGG, L. J.; CROSS, A. R.; LIU, X.; VOSS, H. y ZHENG, P. (2007). «The determinants of Chinese outward foreign direct investment». Journal of international Business Studies, 38 (4), 499-518.
  • BUCKLEY, P. J.; SUTHERLAND, D.; VOSS, H. y EL-GOHARI, A. (2015). «The economic geography of offshore incorporation in tax havens and offshore financial centres: the case of Chinese MNEs». Journal of Economic Geography, 15 (1), 103-128.
  • CARRIL-CACCIA, F. y MILGRAM-BALEIX, J. (2016). «From Beijing to Madrid: Profiles of Chinese Investors in Spain». Universia Business Review, 51 (3), 112-129.
  • CHARI, A.; CHEN, W. y DOMINGUEZ, K. M. (2012). «Foreign ownership and firm performance: Emerging market acquisitions in the United States». IMF Economic Review, 60 (1), 1-42.
  • CHEN, M. X. y MOORE, M. O. (2010). «Location decision of heterogeneous multinational firms». Journal of International Economics, 80 (2), 188-199.
  • CHEN, W. (2011). «The effect of investor origin on firm performance: Domestic and foreign direct investment in the United States». Journal of International Economics, 83 (2), 219-228.
  • CHILD, J. y RODRIGUES, S. B. (2005). «The internationalization of Chinese firms: a case for theoretical extension?». Management and Organization Review, 1 (3), 381-410.
  • CUERVO-CAZURRA, A. y RAMAMURTI, R. (2017). «Home country under- development and internationalization: Innovation-based and escape-based inter- nationalization». Competitiveness Review: An International Business Journal, 27 (3), 217-230.
  • DATAINVEX (2011). DataInvex: Guía básica de usuario. Secretaría de Estado de Comercio Exterior, Ministerio de Industria, Turismo y Comercio, Madrid.
  • DE BEULE, F. y DUANMU, J. L. (2012). «Locational determinants of internationalization: A firm-level analysis of Chinese and Indian acquisitions». European Management Journal, 30 (3), 264-277.
  • DEMIR, F. y DUAN, Y. (2018). «Bilateral FDI Flows, Productivity Growth, and Convergence: The North vs. The South». World Development, 101, 235-249.
  • DUNNING, J. H. (1993). «Internationalizing Porter’s diamond». MIR: Management International Review, 33 (2), 7-15.
  • EKHOLM, K.; FORSLID, R. y MARKUSEN, J. R. (2007). «Export-platform foreign direct investment». Journal of the European Economic Association, 5 (4), 776-795.
  • ESADE (2014). «Chinese Investment in Europe 2014». ESADE China Europe Club. Disponible en http://www.esadegeo.com/china-about.
  • ESADE (2015). «Chinese Investment in Europe 2015-2016». ESADE China Europe Club. Disponible en http://www.esadegeo.com/china-about.
  • HARRISON, A. (1994). «The role of multinationals in economic development: the benefits of FDI». The Columbia Journal of World Business, 29 (4), 6-11.
  • HENEMANN, T. y HUOTARI, M. (2017). «Records flows and growing imbalances. Chinese Investment in Europe 2016». Rhodoum Group y MERICS, 3. Disponible en https://rhg.com/research/record-flows-and-growing-imbalances-chinese-investment-in- europe-in-2016/.
  • HILL, H. y JONGWANICH, J. (2014). «Emerging East Asian economies as foreign investors: an analytical survey». The Singapore Economic Review, 59 (03), 1450019.
  • HORSTMANN, I. J. y MARKUSEN, J. R. (1987). «Strategic investments and the development of multinationals». International Economic Review, 28 (1), 109-121.
  • HUANG, Y. (2016). «Understanding China’s Belt & Road Initiative: Motivation, framework and assessment». China Economic Review, 40, 314-321.
  • JAVORCIK, B. S. y SPATAREANU, M. (2011). «Does it matter where you come from? Vertical spillovers from foreign direct investment and the origin of investors». Journal of Development Economics, 96 (1), 126-138.
  • KALEMLI-OZCAN, S.; SORENSEN, B.; VILLEGAS-SANCHEZ, C.; VOLOSOVYCH, V. y YESILTAS, S. (2015). «How to construct nationally representative firm level data from the ORBIS global database». National Bureau of Economic Research, No. w21558.
  • KRAUTHEIM, S. (2013). «Export-supporting FDI». Canadian Journal of Economics/Revue canadienne d’économique, 46 (4), 1571-1605.
  • LIPSEY, R. E. (2001). «Foreign direct investment and the operations of multinational firms: concepts, history, and data». National Bureau of Economic Research, No. w8665.
  • LUO, Y. y TUNG, R. L. (2007). «International expansion of emerging market enterprises: A springboard perspective». Journal of International Business Studies, 38 (4), 481-498.
  • MONTERO, R (2011). «Efectos fijos o aleatorios: test de especificación». Documentos de Trabajo en Economía Aplicada. Universidad de Granada. España.
  • PRADHAN, J. P. (2011). «Emerging multinationals: A comparison of Chinese and Indian outward foreign direct investment». Institutions and Economies, 3 (1), 113-148.
  • QUER RAMÓN, D.; CLAVER CORTÉS, E. y RIENDA GARCÍA, L. (2015). «Las multinacionales chinas en España. Situación actual y retos de futuro». Boletín económico de ICE, Información Comercial Española, 3064, 35-44.
  • QUER RAMÓN, D.; CLAVER CORTÉS, E. y RIENDA GARCÍA, L. (2017). «Chinese multinationals in Spain: Determinants of establishment mode choice». Cuadernos de Gestión, 17 (2), 15-36.
  • RAMASAMY, B.; YEUNG, M. y LAFORET, S. (2012). «China’s outward foreign direct investment: Location choice and firm ownership». Journal of world business, 47 (1), 17-25.
  • SÁEZ, L. (2010). «Chinese Outward Direct Investments in Spain». Chatham House Programme Paper 2010.
  • SANFILIPPO, M. (2015). «FDI from emerging markets and the productivity gap–An analysis on affiliates of BRICS EMNEs in Europe». International Business Review, 24 (4), 665-676.
  • SUTHERLAND, D. y ANDERSON, J. (2015). «The Pitfalls of Using Foreign Direct Investment Data to Measure Chinese Multinational Enterprise Activity». The China Quarterly, 221, 21-48.
  • UNCTAD (2016). World Investment Report 2016: Investor Nationality: Policy Challenges. Naciones Unidas, Nueva York.
  • UNCTAD (2017). World investment report 2017: Investment and the digital economy. Naciones Unidas, Nueva York.
  • WUTTKE, J. (2017). «The Dark Side of China’s Economic Rise». Global Policy, 8 (S4), 62-70.
  • YOO, D. y REIMANN, F. (2017). «Internationalization of Developing Country Firms into Developed Countries: The Role of Host Country Knowledge-Based Assets and IPR Protection in FDI Location Choice». Journal of International Management, 23 (3), 242-254.