中国现阶段对外直接投资区位选择影响因素探究

近年来,中国对外直接投资呈现高速增长的态势。然而,由于中国对外直接投资起步相对较晚,导致中国企业在对外直接投资方面经验不足,在对外直接投资的区位选择方面缺乏合理的参考依据．结合国内外学者的相关研究,本文从理论角度探讨了影响中国企业对外直接投资区位选择的因素,包括市场规模、工资水平、两国贸易量、两国距离、汇率水平、国家类型等,并以此为基础建立了计颦分析模型,采用2009年的截面数据对中国对外直接投赍区位选择的影响因素进行了实证研究。基于实证研究的结论．本文对各影响因素进行了深入分析并提供了可能的解释,进而指出中国现阶段对外直接投资的区位选择中存在的问题,最后为中国对外直接投资区位选择的优化提供了建议。     

中国企业海外直接投资非市场因素影响实证研究

文章应用回归模型研究中国企业海外直接投资的非市场因素作用机制,发现我国对外直接投资战略作为一种正式制度安排,许多中国企业在开始全球化之前,并不具备所有权优势。可是,影响海外直接投资的非市场因素却使中国企业培育出特殊的非市场能力;作为非市场因素的国家行为影响海外直接投资的区位选择;受传统商业文化的影响,中国企业通过建立个人关系网络,降低市场不确定性和交易成本;同发展中国家签订的双边投资协议,可以促进中国海外直接投资。     

我国对外直接投资的区位选择影响因素研究

改革开放以来,中国对外直接投资取得的成果举世瞩目。与此同时,对外投资区位分布也在不断发生变化。本文选用文献分析和定性分析的方法,分析我国对外直接投资存在的现状和特点,并指出我国对外直接投资存在的问题。然后根据对外直接投资理论和中国的现状,总结影响我国对外直接投资区位选择的主要因素,最后分别对政府和企业提出了相关建议。     

对外直接投资提高了中国经济增长质量吗

中国企业对外直接投资是否有利于促进经济增长质量的提升,已成为中国学者及政策制定者迫切需要深入研究的命题。本文利用2009—2013年的省级数据和工业企业数据,采用倾向得分匹配法,分别从地区和企业两个维度实证考察了对外直接投资对经济增长质量的影响效应,研究发现:(1)总体上,对外直接投资能够有效促进经济增长质量水平的提升;考虑控制变量后,对外直接投资仅对经济增长效率产生抑制作用;(2)相较于未实施对外投资的企业,对外投资企业对自身经济增长质量具有显著的正向效应;(3)考虑到企业异质性特征后,不论企业的投资深度如何,向发达国家进行的投资行为都更有利于提高企业的经济增长质量。以上这些发现不仅为全面理解中国企业的对外直接投资行为提供了经验证据,也为中国发展“质量型”经济提供了有现实意义的参考依据。     

中国对外直接投资企业生产率影响因素研究

本文选取1999-2010年沪深证券交易所上市的对外直接投资企业为研究样本,在对外直接投资理论的基础上结合资源基础理论、产业组织理论、制度理论,从不同视角分析中国对外直接投资企业生产率的影响因素。实证结果发现,对外直接投资企业的资本劳动比、员工受教育程度、企业运营成本、行业内竞争程度、市场占有率对其生产率有正向影响;企业规模、国家所有权水平对其生产率有负向影响。同时本文还揭示了现实中出现的与传统理论不符的现象,如投资到发达国家反而会使母国企业生产率降低、企业经营成本越高其生产率也越高等现象,本文结合实际针对这些现象给出了合理解释,并对如何提高中国对外直接投资企业生产率分别向企业和政府提出了政策建议。     

宏观经济因素对中国海外直接投资促动效应的 理论与实证分析

中国特殊的宏观经济条件使得企业对外直接投资具有独特的发展模式和投资动因。本文运用1987~2010年间相关数据对宏观经济因素对中国海外直接投资的促动效应进行实证。结果显示:只有外汇储备与我国对外直接投资正相关,而技术能力、贸易顺差、利率水平、外汇汇率与中国对外直接投资是负相关,本文对此原因进行了深入分析并提出了改进中国对外直接投资的一些建议。     

我国企业对外直接投资区位选择的影响因素分析

通过运用多元线性回归模型对我国企业对外直接投资区住选择的影响因素进行分析。结果表明：东道国的经济开放度、经济发展类型、东道国与我国的贸易量大小以及两国间文化的相似性等因素与我国企业对外直接投资的区位选择之间存在着正的相关性;东道国的生产要素成本与我国企业对外直接投资的区位选择之间存在着负的相关性;东道国市场规模因素对我国企业对外直接投资的区位选择也存在一定影响,但影响不显著。     

我国对外直接投资区位分布的影响因素分析——基于新经济地理理论的探讨

本文基于MartinRoger的自由资本模型,对其进行进一步推导和参数分析,得出有关我国对外直接投资区位分布的五个假说,并在此基础上,通过静态面板数据模型检验我国对外直接投资区位分布的影响因素。经分析,发现我国对外直接投资区位分布表现出明显的市场寻求、技术寻求、资源寻求和出口拉动的特征。因此,我国应保持和加强资源寻求型对外直接投资,加快技术寻求型对外直接投资,并积极推动效率寻求型对外直接投资,以加快对外直接投资的步伐。     

企业对外直接投资实现盈利的一种解释——中国因素论

近年来中国对外投资迅猛发展,但现有理论无法解释中国企业对外投资实现盈利的基础。本文在综合分析现有成果的基础上,通过模型分析,创造性地提出中国企业对外直接投资实现盈利的一种理论解释即中国因素论,给出基于"中国因素论"的四种盈利模式:局部成本优势,品牌渠道扩展,技术外溢效应和销往中国策略,并分析了四种模式下实现盈利的条件。结合中国企业对外直接投资的实践,分析中国因素论在实践中的应用。     

对外直接投资与企业创新效率

文章在开放经济的背景下,考察了企业对外直接投资行为对创新效率的影响机制。文章在对OFDI逆向技术溢出进行综合分析的基础上,建立了相应的实证模型。模型实证结果显示:企业的对外直接投资行为确实对创新投入有较强的促进作用,能活跃企业整体创新行为;进行对外直接投资的企业出现了创新产出相对不足的现象,对企业创新效率产生了负向影响;对外直接投资改变了企业内部的创新资源配置路径,使得模仿创新在企业创新行为中的地位提升,对创新效率的变化起到了主导作用。     

FDI location choice of Chinese multinationals in East and Southeast Asia: Traditional economic factors and institutional perspective

This paper investigates the factors determining foreign direct investment (FDI) location choices of Chinese multinational firms. We developed a conceptual framework that synthesizes traditional economic factors and institutional perspective. Then several hypotheses were developed in line with the framework and empirically tested using panel data of Chinese outward FDI to eight economies in East and Southeast Asia across a time period of thirteen years. Our findings suggest that institutional factors demonstrate a higher level of significance, complexity and diversity in determining FDI location choice in comparison with economic factors, while both types of factors influence the FDI location choice of Chinese multinational firms. We also found that the FDI location choices of Chinese firms have a dynamic nature, as statistical evidence indicates a heterogeneous response of Chinese FDI towards different economic groups and during different time periods.     

Does religion influence location choice in the hotel industry?

Relying on data from the Spanish hotel industry, this paper analyzes the role of informal institutional factors (IIF) in location choice. Earlier studies mostly use an aggregate level of cultural differences as informal institutional factors. We, however, go deeper into this concept and study the impact of two distinct but interrelated informal institutional factors, religion and language, on the location decisions of hotel chains. We resolve the overlapping problem between these two highly correlated IIF by means of a ‘layer’ measurement in Confirmatory Factor Analysis. Our results show that the higher the informal institutional differences (IID), the lower the presence of the hotels in the foreign country. While physical distance plays a key moderating role, formal institutional differences (FID) did not show any effect. We contribute by unravelling the role of language and religion in location choice in the internationalization process of service firms. Moreover, we test the moderating role of formal institutions in these decisions, thus combining the impact of formal and informal institutions on location choices in service firms.     

Location choice of academic entrepreneurs: Evidence from the US biotechnology industry

Where knowledge-based firms are located is important because entrepreneurship, firm creation and innovation are typically associated with regional economic development, wealth creation and increased employment. In this paper we examine where academic entrepreneurs locate their firms. We begin by developing a theoretical model that examines the location choice of the academic entrepreneur within the standard utility maximization theory. Academic entrepreneurs are assumed to maximize their utility by allocating their efforts between academic and entrepreneurial pursuits which, in turn, determine their future streams of income and end-period wealth. Optimal allocation turns out to be a function of both personal and external factors that condition the relevant payoffs and such factors can be empirically observed. We then use several candidate explanatory variables to examine those factors that may influence the firm location choice for 187 biopharmaceutical firms started by 275 academic entrepreneurs in the US. From our empirical analysis we find that location-specific factors such as proximity to certain knowledge assets and to the funding venture capital firms, affect the firm location choice of academic entrepreneurs. Nevertheless, entrepreneur-specific characteristics, such as their age, seem to dominate the choice of firm location.     

A new tale of two cities: Japanese FDIs in Shanghai and Beijing, 1979–2003

Transitional economies can be characterized by considerable sub-national variation in economic and political characteristics. We investigate how this variance influences the timing of entry, entry mode, industrial traits, and survival rates for Japanese foreign direct investments (FDIs) made in China's two major metropolises—Shanghai, the economic center, and Beijing, the political capital. Using a sample of 1610 subsidiaries of Japanese firms established during the 1979–2003 period, our empirical results show that Japanese multinational enterprises (MNEs) tended to choose an economic-oriented rather than a political-oriented city as their investment location, with the consequence being higher survival likelihoods in Shanghai than in Beijing. This location choice helped Japanese firms avoid policy uncertainty and political hazards in China's transition economy. Our findings highlight the point that fundamental features of institutional environments at sub-national levels should be analyzed when looking at investment strategy and performance in transitional economies.     

Entrepreneurial orientation,export channel selection,and export performance of SMEs

Although research indicates that the export channel a firm uses can significantly impact export performance, it is unclear how firms should select this channel. Models of export channel choice tend to concentrate on transaction cost efficiencies, ignoring value adding orientations that entrepreneurial firms may possess. In this paper we develop and test the theoretical notion that in addition to transaction costs, differences in entrepreneurial orientation (EO) influence export channel choice and as a consequence export performance. Using data from a sample of Dutch and Italian SMEs we find that adding EO (moderated by institutional distance) significantly improves our model of export channel choice. Further we find that firms selecting export channels that align not only with transaction cost factors but also firm level EO, moderated by institutional distance, have higher export market performance. Thus, our study adds to and extends the export channel choice literature and provides interesting new insights into how EO helps firms create more successful export operations.     

Migrants and multinational firms: The role of institutional affinity and connectedness in FDI

We examine how, and to what extent, migrants in a host country attract foreign direct investment (FDI) from firms based in their country of origin (CO). Introducing the notion of institutional affinity, we argue that increased institutional affinity and increased connectedness of institutional environments of migrants’ CO and country of residence, make a location attractive to CO firms. Empirical analysis of FDI and migration panel data shows that in addition to the traditional factors influencing FDI patterns, there is a collective migrant effect on FDI, and this effect is statistically significant and economically meaningful for migrants from developing countries.     

Geographic clustering and outward foreign direct investment

This study addresses an important neglected question: To what extent do geographic clusters promote outward foreign direct investment (ODI)? We find evidence that clusters do promote ODI and so support Porter's argument that advantages gained in clusters can be the foundations of successful internationalisation. Digging deeper, we find that certain cluster incumbents promote more ODI than others, with more experienced firms and firms with stronger resource bases accounting for more ODI. We also find that firms located in clusters within major global nodes/cities engage in more ODI. Finally, we find that both localisation and urbanisation economies promote ODI. However, the former, within-industry effects, are more important. Overall, this study echoes Dunning's call for more focus on the ‘L’ component of the ownership, location, internalisation (OLI) paradigm and particularly on the advantages that reside in clusters that make them not only attractive destinations for foreign direct investment (FDI) but also fertile environments from which FDI can spring.     

区位、贸易与空间经济学的发展

人类的经济活动,无不在特定的地理空间内发生和展开。一方面,企业对生产区位的选择和聚集,形成了经济的具体空间结构;另一方面,既定的空间结构影响和制约着企业对生产区位的选择。文章通过对空间经济学理论的梳理,比较分析了三个主要的空间经济模型。在此基础上,研究了企业聚集、贸易与经济增长之间的紧密联系。最后,文章提出了空间经济学中有待解决的问题,以及对这些问题应该持有的态度。     

Ownership effects on direction of multinationality: Evidence from Indian EMNEs

An essential yet challenging decision that emerging market multinational enterprises (EMNEs) must make when setting up a subsidiary abroad is whether to do it in developed or emerging market economies. The extant literature has rarely probed what influences the location choice of EMNEs' outward investments. This paper aims to address this gap and hypothesizes that large shareholdings by promoters or foreign institutional investors negate agency problems (due to managerial risk aversion) and enhance the propensity to pursue risky but value-accrediting upmarket strategies. Furthermore, this paper argues that these beneficial effects of large owners are significantly weaker for group-affiliated firms compared to their standalone counterparts. We test our proposed hypotheses using a proprietary, longitudinal dataset during 2007–2013 for 213 Indian multinational firms and find support for our arguments.     

Foreign ownership mode,executive compensation structure,and corporate governance: Has the literature missed an important link? Evidence from Taiwanese firms

We propose an alternate context-based extension to the agency theory-grounded explanation of foreign ownership mode choices proposed in the literature. Using a sample of Taiwanese firms investing in the greater China region over the 2001–2009 period, we show that both economic and non-economic factors influence the choice of foreign ownership mode. In addition, we document that higher institutional ownership percentages motivate Taiwanese firms to select shared ownership in the greater China region. Further, no long term compensation mix/ownership structure link is found. These findings run counter to a theory provided for foreign ownership mode choices of US based firms. Our findings provide support for the validity of stewardship and social capital theory, but not financial incentives-based agency theory, for Taiwanese firms investing in the greater China region.