Cargando…

China’s Outward Direct Investment in the United States: From the perspective of agglomeration economies

Over most of the last two decades, China’s Outward Direct Investment (CODI) has reshaped the global economic landscape and attracted considerable attention. Although extensive research shows that CODI features agglomeration, there is limited research from the perspective of different patterns of agg...

Descripción completa

Detalles Bibliográficos
Autores principales: Liang, Xinyi, Wang, Junsong, Lin, Bingquan, Cao, Xianzhong, Si, Yuefang
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Public Library of Science 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9187097/
https://www.ncbi.nlm.nih.gov/pubmed/35687568
http://dx.doi.org/10.1371/journal.pone.0269602
_version_ 1784725094502760448
author Liang, Xinyi
Wang, Junsong
Lin, Bingquan
Cao, Xianzhong
Si, Yuefang
author_facet Liang, Xinyi
Wang, Junsong
Lin, Bingquan
Cao, Xianzhong
Si, Yuefang
author_sort Liang, Xinyi
collection PubMed
description Over most of the last two decades, China’s Outward Direct Investment (CODI) has reshaped the global economic landscape and attracted considerable attention. Although extensive research shows that CODI features agglomeration, there is limited research from the perspective of different patterns of agglomeration economies at the subnational level. It is unclear which patterns of agglomeration economies play a role in the location choice of CODI, especially with the variations of CODI in terms of entry mode and ownership. Therefore, based on the data of the CODI in the United States in the period 2000–2016, we use a conditional logit model to investigate the influence of specialized and diversified agglomeration of local firms as well as industry-specific and industry-diverse agglomeration of Chinese investors on the location choice of CODI, and further explore the heterogeneous influence concerning the entry mode and ownership. Our results show that among a variety of agglomeration economies, the specialized agglomeration of local firms is the premier factor influencing the location choice of CODI, even exceeding the influence of industry-specific agglomeration of CODI in the same industry. Industry-diverse agglomeration of CODI plays a weak role, while diversified agglomeration of local firms has no effect. Moreover, the location choice of acquisition is more sensitive to the specialized agglomeration of local firms than that of greenfield investment, and the influence of the industry-diverse agglomeration of CODI has no effect on the location choice of acquisition. In terms of the ownership, the location choice of state-owned enterprises (SOEs) is more sensitive to the specialized agglomeration of local firms and industry-specific agglomeration of CODI than that of private investment, and the industry-diverse agglomeration of CODI has no significant impact on the location choice of SOEs’ offshoring subsidiaries.
format Online
Article
Text
id pubmed-9187097
institution National Center for Biotechnology Information
language English
publishDate 2022
publisher Public Library of Science
record_format MEDLINE/PubMed
spelling pubmed-91870972022-06-11 China’s Outward Direct Investment in the United States: From the perspective of agglomeration economies Liang, Xinyi Wang, Junsong Lin, Bingquan Cao, Xianzhong Si, Yuefang PLoS One Research Article Over most of the last two decades, China’s Outward Direct Investment (CODI) has reshaped the global economic landscape and attracted considerable attention. Although extensive research shows that CODI features agglomeration, there is limited research from the perspective of different patterns of agglomeration economies at the subnational level. It is unclear which patterns of agglomeration economies play a role in the location choice of CODI, especially with the variations of CODI in terms of entry mode and ownership. Therefore, based on the data of the CODI in the United States in the period 2000–2016, we use a conditional logit model to investigate the influence of specialized and diversified agglomeration of local firms as well as industry-specific and industry-diverse agglomeration of Chinese investors on the location choice of CODI, and further explore the heterogeneous influence concerning the entry mode and ownership. Our results show that among a variety of agglomeration economies, the specialized agglomeration of local firms is the premier factor influencing the location choice of CODI, even exceeding the influence of industry-specific agglomeration of CODI in the same industry. Industry-diverse agglomeration of CODI plays a weak role, while diversified agglomeration of local firms has no effect. Moreover, the location choice of acquisition is more sensitive to the specialized agglomeration of local firms than that of greenfield investment, and the influence of the industry-diverse agglomeration of CODI has no effect on the location choice of acquisition. In terms of the ownership, the location choice of state-owned enterprises (SOEs) is more sensitive to the specialized agglomeration of local firms and industry-specific agglomeration of CODI than that of private investment, and the industry-diverse agglomeration of CODI has no significant impact on the location choice of SOEs’ offshoring subsidiaries. Public Library of Science 2022-06-10 /pmc/articles/PMC9187097/ /pubmed/35687568 http://dx.doi.org/10.1371/journal.pone.0269602 Text en © 2022 Liang et al https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
spellingShingle Research Article
Liang, Xinyi
Wang, Junsong
Lin, Bingquan
Cao, Xianzhong
Si, Yuefang
China’s Outward Direct Investment in the United States: From the perspective of agglomeration economies
title China’s Outward Direct Investment in the United States: From the perspective of agglomeration economies
title_full China’s Outward Direct Investment in the United States: From the perspective of agglomeration economies
title_fullStr China’s Outward Direct Investment in the United States: From the perspective of agglomeration economies
title_full_unstemmed China’s Outward Direct Investment in the United States: From the perspective of agglomeration economies
title_short China’s Outward Direct Investment in the United States: From the perspective of agglomeration economies
title_sort china’s outward direct investment in the united states: from the perspective of agglomeration economies
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9187097/
https://www.ncbi.nlm.nih.gov/pubmed/35687568
http://dx.doi.org/10.1371/journal.pone.0269602
work_keys_str_mv AT liangxinyi chinasoutwarddirectinvestmentintheunitedstatesfromtheperspectiveofagglomerationeconomies
AT wangjunsong chinasoutwarddirectinvestmentintheunitedstatesfromtheperspectiveofagglomerationeconomies
AT linbingquan chinasoutwarddirectinvestmentintheunitedstatesfromtheperspectiveofagglomerationeconomies
AT caoxianzhong chinasoutwarddirectinvestmentintheunitedstatesfromtheperspectiveofagglomerationeconomies
AT siyuefang chinasoutwarddirectinvestmentintheunitedstatesfromtheperspectiveofagglomerationeconomies