{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T14:12:49Z","timestamp":1785334369938,"version":"3.55.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Purpose: This paper examines whether China's partial capital-account convertibility shapes the foreign-expansion financing structures of Chinese food-and-beverage firms. The central question is not whether capital frictions mechanically cause franchising, but whether they affect where expansion capital is located and how foreign operating scale is financed. Design\/methodology\/approach: The paper uses a comparative case design covering Mixue, Luckin Coffee, Super Hi International\/Haidilao International and the privately held Cotti Coffee, with Jollibee Foods Corporation of the Philippines as a matched non-China benchmark. It combines listed-company filings, prospectuses, regulatory sources, trade-flow logic, and corporate-structure evidence. The design is theory-building rather than causal-estimation oriented. Findings: Chinese F&amp;amp;B multinationals do not converge on a single entry mode: Mixue and Cotti are franchise-heavy, Luckin is mixed but majority company-owned, and Super Hi is company-owned. The common pattern is instead a financing-locus adjustment. Firms reduce repeated remittance of mainland capital through franchisee local-currency investment, offshore-listed capital pools, or international corporate vehicles. Entry mode appears to track unit economics, brand-control needs and supply-chain centralisation, while financing locus adjusts to the capital-account friction. Originality: The paper distinguishes capital scarcity from cross-border capital-deployment friction. It extends the capital-market-imperfections strand of Chinese outward-FDI research to contemporary consumer-services internationalisation and reintroduces a bounded capital-side rationale for organisational form in a cross-border setting where domestic franchising critiques do not fully apply.<\/jats:p>","DOI":"10.2139\/ssrn.6893098","type":"posted-content","created":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:47:38Z","timestamp":1785332858000},"source":"Crossref","is-referenced-by-count":0,"title":["Capital-Account Frictions and the Financing Architecture of Chinese F&amp;amp;B Multinationals"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:47:38Z","timestamp":1785332858000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6893098"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6893098","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}