| Summary: | 博士 === 國立暨南國際大學 === 國際企業學系 === 103 === Many potential benefits of outward foreign direct investments (OFDIs) have been identified in the IB literature, yet a more insightful perspective of portfolio to investigate the new pattern of OFDIs in China is unexplored. We aim to investigate the new pattern of OFDIs that Chinese firms adopt as a portfolio and how it performs differently from those adopting traditional growing pattern. We prove that the new pattern of Chinese OFDIs, i.e. multiple simultaneous OFDIs, which is witnessed in China since 1991, has superior performance than another OFDIs pattern, the gradually growing one, does. Besides testing the performance effect of different patterns of OFDIs in China, this paper roots internationalization perspective to argue that how much firm performance benefits from the pattern of OFDIs it adopts truly depends on the multinationality strategy and home and host environment. Thus, we further hypothesize that the multinationality strategy, the home political influence and the host country risk enlarge/shorten the difference of performance level resulting from different OFDIs patterns. Model estimations based on panel data of 5198 observations raised strong support for the prediction of enhancing effect, except the moderating (lessening) role of host country risk. We conclude that new pattern of Chinese OFDIs is indeed distinctive in certain respects that multinationality and home institution concerns need to be rooted within the general IB theory when explaining new phenomena in China.
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