China’s Outward Investment in Europe during the “Go Out” Policy Years: Trends, Drivers, and Strategies in the Automotive Industry, 2000–2018
研究了中国自20世纪末以来对欧洲汽车行业的投资，发现民营企业是国际化的主力，国企在初期参与；技术获取是主要动因，但策略因国家和目标公司规模而异，且受“走出去”政策影响。
This article examines China’s outward investment in the European automotive industry since the late twentieth century. By mapping and analyzing the main investment operations, we argue that private companies played a key role in the internationalization of the Chinese automotive sector. Chinese state-owned enterprises took part, especially in the initial stages of international expansion. Our contribution also analyzes the pattern of internationalization followed by Chinese companies, arguing that it differed from the one followed by well-established automotive firms in advanced economies during previous decades. The findings reveal that achieving the most advanced technology was the key driver of outward investment decisions. However, Chinese investors’ strategy was not uniform; it was flexible and varied significantly depending on the European country and the size of the company targeted. Furthermore, Chinese government industrial policies greatly influenced the international strategies of both state-owned and private companies, particularly the “Go Out” policy.