Foreign investment structure mapping the predicament of economic transformation

Recently, the Ministry of Commerce and other ministries issued a joint "2009 China Foreign Direct Investment Statistics Bulletin" showed that last year, China's foreign direct investment amounted to 56.5 billion U.S. dollars, an increase of 1.1%, the total assets of foreign enterprises over 1 trillion U.S. dollars.　　Overseas investment increased from 2.7 billion U.S. dollars to $56.5 billion in 2002-2009, with an annual growth of 54% per cent during the 8-year period. It can be said that the domestic enterprises to accelerate the distribution of overseas investment, means that China and foreign reserves of investment model from passive bond investment to active capital export transformation. However, the current Chinese enterprises to accelerate the distribution of overseas investment is more benefit from the government's policy incentives and incentives, there is a significant excessive pursuit of investment in the size and speed of the movement trend.　　This makes the overseas investment of Chinese enterprises face multiple risks. At present, the overseas investment of Chinese enterprises is concentrated in the field of resources, instead of technology-seeking investment, market-expanding investment and MNC-type investment, the transformation of China's economic growth structure is mapped out, which means that the overseas investment of Chinese enterprises is not a cross-border operation, but a passive foreign investment under the scarcity of domestic resources.　　China's foreign direct Investment Statistics Bulletin of 2009, issued jointly by the Ministry of Commerce and other ministries, shows that in 2009 China's investment in energy and resource manufacturing accounted for 83% of the total investment.　　Needless to be denied, it is helpful to relieve the supply pressure of domestic economic development by guiding the investment layout factor resources of enterprises, but this foreign investment model not only can not effectively reduce the cost of China's import resources, but also hinder the orderly adjustment of China's economic structure. First, China's foreign investment in energy and other raw materials will not significantly reduce the cost of Chinese resources imports, instead of the high liquidity of capital into energy and other mineral resources will inevitably increase the investment risk. Chinese enterprises not only face high investment risk, but also face obvious risk of price fluctuation. On the one hand, Chinese enterprises to invest in foreign resources in the field mainly take the form of purchase and equity, so once the global economic recovery further slow, the international market for energy and other raw materials demand decline, leading to foreign resource-oriented enterprises financial deterioration and even face bankruptcy, which will lead to investment risk of Chinese enterprises.　　On the other hand, the price of international raw materials is mainly affected by the international supply and demand relationship, China's limited foreign investment is difficult to control international raw material prices, which makes China can guarantee the stability of raw material supply through investment, but it is difficult to obtain the price concessions of resources import. In addition, the excessive concentration of foreign investment in resource-oriented areas of Chinese enterprises not only reflects the weakness of endogenous growth in China's economy, but also hinders the adjustment of China's economic structure. China's extensive economic growth model is the main cause of the resource gap, through the investment of foreign resources in the field to improve China's resource gap, objectively promote the extensive economic growth model to maintain. At the same time, domestic enterprises lack of resources for research and development, the ability of self-innovation is weak, in the absence of international technology spillover, domestic enterprises are difficult to pass the self technologyProgress to improve the quality of capital. At the same time, the rapid expansion of overseas investment of Chinese enterprises underlines its excessive emphasis on scale and speed, and the problem of risk estimate is insufficient. According to the study, there are 1/3 profits, 1/3 flat and 1/3 losses in foreign assets of Chinese enterprises at present. This is due to the current shortage of talent in China's enterprises, foreign investment and legal environment, and the lack of experience in the operation of multinational companies. On the other hand, Chinese enterprises invest more in the countries with higher political risk and more personification trading system, which leads to the more complicated non market risk of overseas investment. At the same time, although China has signed an investment protection agreement with more than 100 countries, it is more of a host country to invest in China than a capital exporter, which makes it difficult for Chinese enterprises to achieve effective government relief investment. Obviously, it is difficult to guarantee the asset quality and potential hidden risks of the investment projects for domestic enterprises to expand their overseas investment so quickly.