Major Papers


Foreign-invested Enterprises, Withdrawal, Closure, Divestment, Survival Analysis.


Based on the industry and commerce annual report data, the present study uses the continuous-time nonparametric, parametric, and semi-parametric estimation to investigate the determinants influencing the withdrawal behaviour of foreign-invested enterprises. Through the survival analysis of 3,858 foreign-invested enterprises located in China from 2013 to 2020, the study found that operation profit, enterprise size and enterprise age have significantly negative impacts on the probability of enterprise withdrawal. At the industry-level and region-level, the improvement of industry entry rate and regional business environment ranking can significantly increase the probability of enterprise survival. The rise of the regional GDP growth rate and wage rate can significantly increase the probability of enterprise withdrawal. The study also found that the influence of some variables on enterprise withdrawal varies with different withdrawal patterns. After applying multiple models for estimation, similar results were replicated, which reinforced the validity of the conclusions offered in the present study.

Primary Advisor

Dingding Li

Program Reader

Yuntong Wang

Degree Name

Master of Arts



Document Type

Major Research Paper

Convocation Year