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MIAMI UNIVERSITY the Graduate School MIAMI UNIVERSITY The Graduate School CERTIFICATE FOR APPROVING THE DISSERTATION We hereby approve the Dissertation of Francis Schortgen Candidate for the Degree: Doctor of Philosophy ____________________________________ Director (Dr. Ryan J. Barilleaux) ____________________________________ Reader (Dr. Walter Arnold) ____________________________________ Reader (Dr. Venelin I. Ganev) ____________________________________ Graduate School Representative (Dr. Chi Chung David Yen) Abstract Chinese Enterprise Internationalization – The Case for Contextual Analysis By Francis Schortgen Internationalization of China’s economy is nothing new. In fact it goes back to the late 1970s when the country’s undertook a course correction that set it on the path of economic reform and opened the door to China. What is new is the comparative change in directionality. While inward internationalization is still proceeding (China is still considering itself a developing country), the outward dimension has been garnering more attention of late. Indeed, the focus has been on various aspects of China’s overseas investments, where they are going, why and in what form? While these are important questions and relevant issues to look at, an equally important dimension gets overlooked – important because the misperceptions derived from this oversight always find their way into analysis, discussion and assessment over the appeal and implications of Chinese investments abroad. The dimension in question involves the institutional and interactional patterns of China’s evolving domestic political economy. The aim of this study, then, is to inject a long overdue contextual look at the evolutionary nature of China’s political economy. Specifically, it will focus on how the political economy space has changed since the late 1970s in the aftermath of reform (from centralization of authority to decentralization of decision-making) – thus debunking the central government-centric perception that still slips into many analyses. At the same time, it will show that ownership and control of enterprises going abroad is not limited to the state, but we also see different structures engaging in outward internationalization, ranging from enterprises with absolute, relative, or no state control. Finally, it will look at the implications of such internationalization, specifically how it has already and will continue to affect the institutional and interactional space of China’s political economy. Particular attention will be devoted to the effect of nascent VC and overseas listing trends. The aim, as such, then is to offer a contextualized assessment of where these internationalizing enterprises are coming from, so as to avoid having their ambitions curtailed by faulty, outdated misperceptions. There is more to China’s internationalizing enterprises than their simplistic depiction as “corporate entities of a Communist dictatorship.” CHINESE ENTERPRISE INTERNATIONALIZATION: THE CASE FOR CONTEXTUAL ANALYSIS A DISSERTATION Submitted to the Faculty of Miami University in partial fulfillment of the requirements for the degree of Doctor of Philosophy Department of Political Science by Francis Schortgen Miami University Oxford, Ohio 2008 Dissertation Director: Dr. Ryan J. Barilleaux © Francis Schortgen 2008 Table of Contents List of Tables vi List of Figures vii List of Abbreviations viii Dedication x Acknowledgments xi Chapter One: Introduction Chapter Overview 1 1.1. Chinese Enterprises Go Global 4 1.1.1. A Brief Illustration 4 1.1.2. Is China’s Internationalization Push Unusual? 7 1.1.3. Chinese Internationalization – Opportunity or Threat? 8 1.2. Assessing China’s Enterprise Internationalization – A Question of Relevance? 11 1.2.1. Relevance of Chinese Enterprise Internationalization Study 12 1.2.2. A Comparative Starting Point 16 1.3. Brief Dissertation Outline 17 Chapter Two: A Conceptual Framework for Assessing China’s Enterprise Internationalization Chapter Overview 20 2.1. Brief Definitional Note 23 2.2. Chinese Enterprise Internationalization – A Literature Review 25 2.3. Towards a More Analytically Contextual Analysis 30 2.3.1. Shortcomings of Current Studies 31 2.3.2. “Contextual” Path Dependence 34 2.3.3. Research Design 36 2.3.4. Research Focus 37 2.3.5. Research Methodology 39 2.4. Conclusion 40 Chapter Three: The Complexities of China’s Domestic Political Economy Chapter Overview 42 3.1. The Developmental State Model 44 iii 3.1.1. Origins and Defining Features of a Developmental State 46 3.2. Temporal, Institutional and Interactional Spaces of the Japanese and South Korean Developmental States 50 3.2.1. The Japanese and South Korean Developmental States 51 3.3. China’s Developmental Path 54 3.3.1. The Eclipse of China’s Leninist Party-State Structure? 54 3.3.2. A Developmental State with Chinese Characteristics? 57 3.4. Institutional Complexity of China’s Political Economy Space 58 3.4.1. Decentralization and the Rise of Local State Corporatism 59 3.4.2. State and Enterprise Actors in China’s Political Economy 64 3.5. Conclusion 68 Chapter 4: Internationalization Process – A Macro-Economic Perspective Chapter Overview 69 4.1. China’s Internationalization – Situational Context 72 4.1.1. A “Great Transformation”? 72 4.1.2. Critical Junctures and the Evolution of Internationalization 76 a. From Inward Internationalization … 77 b. …To Outward Internationalization 80 4.2. Enabling Conditions of China’s Internationalization 85 4.2.1. Political Rationale 85 4.2.2. Policy Support & Regulatory Framework Governing Overseas Investments 87 4.2.3. Economic Globalization & Business Competitiveness Dynamics 91 4.3. Conclusion 94 Chapter 5: Perceptions and Realities of Chinese Enterprise Internationalization – A Descriptive Illustration Chapter Overview 95 5.1. Internationalization and the Myth of State Control 96 5.1.1. Institutional Look at the Historic and Contemporary Role of the State 97 5.1.2. From Ideological Zeal to Business Rationale 98 5.2. Chinese Enterprise Internationalization: Descriptive Illustrations & Emerging Trends 100 5.2.1.China’s Internationalizing Enterprises: Perceptions vs. Contextual Realities 102 iv 5.2.2. State-Owned Enterprises 108 A Note on SOE Classification 109 China National Offshore Oil Corporation 110 The Haier Group 113 China Investment Corporation 115 Major State Banks 117 5.2.3. Non-State Enterprises 119 China Minsheng Banking Corporation, Ltd. 121 Huawei Technologies Co., Ltd. 122 5.3. Emerging Trends 124 5.3.1. The Transformative Power of Venture Capital Financing 125 5.3.2. The Lure of Overseas IPOs 127 5.3.3. Xiahai or ‘Jumping into the Sea’ 129 5.4. Conclusion 130 Chapter 6: ‘Same Bed, Different Dreams’ – Causes, Manifestations, Implications Chapter Overview 132 6.1. Study Summary 133 6.1.1. Capitalist Communists – In Need of a New Analytical Framework 133 6.1.2. From Past to Present – A Set of Propositions 134 6.2. Study Limitations 138 6.3. Areas for Further Research 139 6.4. Conclusion – No context, no right to assess 140 Bibliography 141 v List of Tables Table 1.1. Chinese M&A Fortunes & Misfortunes (2000-2006) 4 Table 1.2. China’s Cross-Border M&A Purchases 6 Table 1.3. China FDI Flows 7 Table 3.1. Major Enterprise Categories 65 Table 3.2. Description of Major Chinese Enterprise Structures 67 Table 4.1. Overseas Investment Approval for the Non-Financial Sector 91 Table 5.1. A Snapshot of CNOOC’s Overseas Activities 111 Table 5.2. Chinese Overseas Investment Activities 115 Table 5.3. Chinese Banks Rise to the Top 117 Table 5.4. Distribution of VC-Backed Enterprises (1991-2001) 126 Table 5.5. Chinese Enterprises – Overseas IPO Trend (2005-2007) 127 vi List of Figures Figure 1.1. Number of Chinese Companies in the Fortune Global 500 List (1994-2005) 5 Figure 1.2. Patterns of Cross-Border M&A Purchases, by Region/Economy of Purchaser (1989-2005) 6 Figure 3.1. Taxonomy of State and Enterprise Actors in China 65 Figure 3.2. The Rise and Fall of Enterprise Actors in China 66 Figure 4.1. The Geographical Focus of China’s Enterprise Internationalization 82 Figure 4.2. Changing Government Policy on Outward Investments (1979-present) 88 Figure 5.1. SOE Sector vs. Private Sector in China 126 vii List of Abbreviations CBD China Development Bank CBRC China Banking Regulatory Commission CCB China Construction Bank CCP Chinese Communist Party CFIUS Committee on Foreign Investment in the United States Chinalco China Aluminum Corporation CIC China Investment Corporation CIRC China Insurance Regulatory Commission CNOOC China National Offshore Oil Corporation CNPC China National Petroleum Corporation CSRC China Securities Regulatory Commission EIBC Export- Import Bank of China FAW First Auto Works FDI Foreign direct investment FOREX Foreign exchange GDP Gross domestic product ICBC Industrial and Commercial Bank of China IPO Initial public offering JV Joint venture M&A Mergers & acquisitions METI Ministry of Economy, Trade and Industry (Japan) MITI Ministry of International Trade and Industry (Japan) MNC Multinational Company MOFCOM Ministry of Commerce (People’s Republic of China) NBS National Bureau of Statistics NDRC National Development and Reform Commission NOC National oil company NSSF National Social Security Fund PBOC People’s Bank of China PLA People’s Liberation Army PRC People’s Republic of China (the official name of China) ROI Return on investment SAIC Shanghai Automotive Industry Corporation SASAC State-Owned Asset Supervision and Administration Commission SDRC State Development and Reform Commission SEZ Special economic zone SME Small-and-medium
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