关键词: 中国企业, 逆向投资, 创造性资产

Abstract: Why should Chinese enterprises without monopoly advantage invest in developed countries? It can hardly be explained by the existing transnational corporation theory. The upstream investment of Chinese enterprises in developed countries is a strategic investment in seeking created assets. In the dynamic global competitive environment, the overseas investment aiming at seeking created assets doesn't rely on monopoly advantage. Through upstream investment, Chinese enterprise with local competitive advantage can try to set up local factories in developed countries, establish technology listening posts and carry out transnational merges and acquisition so as to seek and obtain the critical resource for future competition-created assets, and utilize the assets to build a new resource and capability basis through globalization.

Key words: Chinese enterprises, upstream investment, created assets