humanitiesГуманитарные науки. Вестник Финансового университетаHumanities and Social Sciences. Bulletin of the Financial University2226-78672619-1482Financial University under The Government of Russian Federation10.26794/2226-7867-2019-9-4-126-135humanities-372Research ArticleАКТУАЛЬНЫЕ СОЦИАЛЬНО-ПОЛИТИЧЕСКИЕ И ГУМАНИТАРНЫЕ ИССЛЕДОВАНИЯРаспределение политических рисков при вложении прямых иностранных инвестиций Китаем (эмпирическое исследование на основе данных за 2006–2017 годы).Political Risk Distribution of Chinese Outward Direct Investment — an Empirical Study from 2006 to 2017ЦюйюйГ.QiuyuG.

Цюйюй Гаоянь, aспирант; ассоциированный исследователь

QIUYU GAOYAN, Doctoral Candidate, Associate Researcher; graduate student

qgaoyan1@jhu.eduНациональный исследовательский университет «Высшая школа экономики»; Международная лаборатория исследований мирового порядка и нового регионализма, НИУ ВШЭРоссияInternational Laboratory of World Order Studies and the New Regionalism, National Research University “Higher School of Economics”; Johns Hopkins UniversityRussian Federation20190312201994126135Copyright © Цюйюй Г., 20192019Цюйюй Г.Qiuyu G.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://humanities.fa.ru/jour/article/view/372

Чтобы внести свой вклад в продолжающуюся дискуссию относительно того, объясняется ли интернационализация китайских транснациональных корпораций (ТНК) при осуществлении прямых иностранных инвестиций (ПИИ) обычной логикой, автор статьи выбрал 15 косвенных переменных из данных Координационно-ресурсной группы (PRG) и Фонда международного наследия и применил метод анализа главных компонент (PCA) с тем, чтобы разработать новый индекс политического риска (PRI), с помощью которого можно было бы оценить многообразные аспекты политических рисков для 139 стран. Используя этот индекс в качестве основополагающего критерия, автор исследовал изменения в китайских ПИИ за рубежом на предмет направлений и объемов инвестиций, ежегодных инвестиционных потоков и их распределения по секторам экономики с 2006 по 2017 г. В результате исследования было обнаружено, что подавляющее большинство китайских ПИИ за этот период сконцентрировано в странах со средним и низким уровнями политических рисков.

The purpose of this paper is driven by the author’s desire to contribute to the ongoing debate as to whether the internationalisation of Chinese Transnational corporations (TNCs) in foreign direct investment is due to conventional logic. The author selected 15 indirect variables from the data of the ‘Coordination and Resource Group’ (CRG) and the ‘International Heritage Foundation’ and applied the principal component analysis (PCA) method to develop a new Political Risk Index (PRI). It could assess the multiple dimensions of political risks for 139 countries. Using this index as a fundamental criterion, the author investigated the changes in Chinese Outward FDI in terms of directions and volumes of investments, annual investment flows and their distribution by sectors of the economy from 2006 to 2017. As a result of the study, the author found that the vast majority of Chinese Outward FDI during this period was concentrated in countries with medium and low levels of political risks.

политические рискикитайские прямые иностранные инвестициивнешнеэкономическая политика КНРИнициатива Пояса и Путиpolitical risk measurementpolitical risk distributionChinese outward foreign direct investmentsprincipal component analysisReferencesBuckley P., Clegg L., Cross A., Liu X., Voss H., Zheng P. The determinants of Chinese outward foreign direct investment. Journal of International Business Studies. 2007;38(4):499–518.Buckley P., Clegg L., Cross A., Liu X., Voss H., Zheng P. The determinants of Chinese outward foreign direct investment. Journal of International Business Studies. 2007;38(4):499–518.Li Q., Liang G. Political Relations and Chinese Outbound Direct Investment: Evidence from Firm- and Dyadic-Level Tests. SSRN Electronic Journal; 2012.Li Q., Liang G. Political Relations and Chinese Outbound Direct Investment: Evidence from Firm- and Dyadic-Level Tests. SSRN Electronic Journal; 2012.Huang Y., Wang B. Chinese Outward Direct Investment: Is There a China Model? China & World Economy. 2011;4(19).Huang Y., Wang B. Chinese Outward Direct Investment: Is There a China Model? China & World Economy. 2011;4(19).Quer D., Claver E., Rienda, L. Political risk, cultural distance, and outward foreign direct investment: Empirical evidence from large Chinese firms. Asia Pacific Journal of Management. 2012;29(4):1089–1104.Quer D., Claver E., Rienda, L. Political risk, cultural distance, and outward foreign direct investment: Empirical evidence from large Chinese firms. Asia Pacific Journal of Management. 2012;29(4):1089–1104.Liu H., Tang Y., Chen X., Poznanska J. The Determinants of Chinese Outward FDI in Countries along “One Belt One Road”. Emerging Markets Finance and Trade. 2017;53(6):1374–1387.Liu H., Tang Y., Chen X., Poznanska J. The Determinants of Chinese Outward FDI in Countries along “One Belt One Road”. Emerging Markets Finance and Trade. 2017;53(6):1374–1387.Duanmu J. The effect of corruption distance and market orientation on the ownership choice of MNEs: Evidence from China. Journal of International Management. 2011;17(2):162–174.Duanmu J. The effect of corruption distance and market orientation on the ownership choice of MNEs: Evidence from China. Journal of International Management. 2011;17(2):162–174.Hurst L. Comparative Analysis of the Determinants of China’s State-owned Outward Direct Investment in OECD and Non-OECD Countries. China & World Economy. 2011;19:74–91.Hurst L. Comparative Analysis of the Determinants of China’s State-owned Outward Direct Investment in OECD and Non-OECD Countries. China & World Economy. 2011;19:74–91.Blomkvist K., Drogendijk R. Chinese outward foreign direct investments in Europe. European Journal of International Management. 2016;3(10):343–358.Blomkvist K., Drogendijk R. Chinese outward foreign direct investments in Europe. European Journal of International Management. 2016;3(10):343–358.Kolstad I., Wiig A. What determines Chinese outward FDI? Journal of World Business. 2012;47(1):26–34.Kolstad I., Wiig A. What determines Chinese outward FDI? Journal of World Business. 2012;47(1):26–34.Dreher A. Does globalization affect growth? Evidence from a new index of globalization. Applied Economics. 2006;38(10):1091–1110.Dreher A. Does globalization affect growth? Evidence from a new index of globalization. Applied Economics. 2006;38(10):1091–1110.Chinn M., Ito H. A New Measure of Financial Openness. Journal of Comparative Policy Analysis: Research and Practice. 2008;10(3):309–322.Chinn M., Ito H. A New Measure of Financial Openness. Journal of Comparative Policy Analysis: Research and Practice. 2008;10(3):309–322.Chen B., Woo Y. Measuring Economic Integration in the Asia-Pacific Region: A Principal Components Approach. Asian Economic Papers. 2010;9(2):121–143.Chen B., Woo Y. Measuring Economic Integration in the Asia-Pacific Region: A Principal Components Approach. Asian Economic Papers. 2010;9(2):121–143.Tung C., Wang G., Yeh, J. Renminbi Internationalization: Progress, Prospect, and Comparison. China & World Economy. 2012;20(5):63–82.Tung C., Wang G., Yeh, J. Renminbi Internationalization: Progress, Prospect, and Comparison. China & World Economy. 2012;20(5):63–82.Huang Y., Wang B. Chinese Outward Direct Investment: Is There a China Model? China & World Economy. 2011;4(19):1–21.Huang Y., Wang B. Chinese Outward Direct Investment: Is There a China Model? China & World Economy. 2011;4(19):1–21.Hurst L. Comparative Analysis of the Determinants of China’s State-owned Outward Direct Investment in OECD and Non-OECD Countries. China & World Economy. 2011;19:74–91.Hurst L. Comparative Analysis of the Determinants of China’s State-owned Outward Direct Investment in OECD and Non-OECD Countries. China & World Economy. 2011;19:74–91.Jiménez A. Does political risk affect the scope of expansion abroad? Evidence from Spanish MNEs. International Business Review. 2010;19(6):619–633.Jiménez A. Does political risk affect the scope of expansion abroad? Evidence from Spanish MNEs. International Business Review. 2010;19(6):619–633.Jiménez A. Political risk as a determinant of Southern European FDI in neighboring developing countries. Emerging Markets Finance and Trade. 2011;47(4):59–74.Jiménez A. Political risk as a determinant of Southern European FDI in neighboring developing countries. Emerging Markets Finance and Trade. 2011;47(4):59–74.Jiménez A., Luis-Rico I., Benito-Osorio D. The influence of political risk on the scope of internationalization of regulated Companies: insights from a Spanish sample. Journal of World Business. 2014;49(3):301–311.Jiménez A., Luis-Rico I., Benito-Osorio D. The influence of political risk on the scope of internationalization of regulated Companies: insights from a Spanish sample. Journal of World Business. 2014;49(3):301–311.

The authors declare that there are no conflicts of interest present.