Regulatory institutions and Chinese outward FDI: an empirical review
系统回顾了26项实证研究，分析中国国内监管制度（制度发展、政策自由化、国有制）如何影响对外直接投资，并指出理论讨论与实证证据之间的差距，为未来研究提供方向。
Purpose This paper aims to review the effects of home regulatory institutions on outward foreign direct investment (OFDI) in the context of China and discuss the extent to which they can be extended to other emerging markets. The authors especially compare these empirical studies with theoretical discussions in each category, identify research gaps and suggest future research ideas. Practical implications are discussed. Design/methodology/approach It focuses specifically on three categories of regulatory institutions, including overall institutional development, liberalization of OFDI policies and state ownership (and its closely approximate forms). Using a systematic review, this paper has reviewed 26 empirical studies (23 quantitative and 3 qualitative studies) published in peer-reviewed journals. Findings These studies suggest that overall institutional development toward a market economy in general leads to increased OFDI, but this effect is contingent on the stage of such development and the capabilities of Chinese multinationals. Liberalized and supportive OFDI policies also facilitate OFDI activities but only into selective areas. Findings on state ownership have been mixed. Originality/value This review offers a full picture of empirical evidence on how multiple levels of regulatory institutions affect OFDI from China. In this way, the authors can identify the research gaps between theoretical discussions on home institutions and OFDI and empirical evidence. Thus, they make suggestions for future directions of studies.