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

摘要： 缺乏垄断优势的中国企业为什么要对发达国家进行逆向投资?这在现有的跨国公司理论中很难得到合理的解释。中国企业对发达国家的逆向投资是以寻求创造性资产为特定目标的战略性投资。在动态的全球竞争条件下,以寻求创造性资产为目标的海外投资并不以垄断优势为前提条件,具有局部竞争优势的中国企业可以通过逆向投资,采取在发达国家当地建厂、设立技术监听站和跨国并购等形式,寻求并获得未来竞争的关键性资源——创造性资产,并通过全球化来利用这些资产构建新型的资源和能力基础。

关键词: 中国企业, 逆向投资, 创造性资产