The economic geography of offshore incorporation in tax havens and offshore financial centres: the case of Chinese MNEs
研究了新兴市场跨国企业对外直接投资大量流向特定避税天堂的现象，从经济地理和国际商务视角解释其集中原因，对理解全球FDI流动有参考价值。
A large share of the outward foreign direct investment (FDI) of emerging market MNEs is directed towards a small number of specific tax havens and offshore financial centres. The establishment of investment-holding companies for taxation related purposes is frequently adduced as a key motivation (‘round-tripping’) for these investments. This explanation, however, accounts for neither the concentration of such investments in specific havens nor the comparatively large national shares of such investments that originate from emerging markets. Here we draw from and build links between the geography of money and finance and international business literatures to conceptually and empirically explore this prominent, if somewhat disregarded, feature of global FDI flows.