我国对外直接投资的区位选择——基于投资动机的视角

从对外直接投资动机的视角,采用54国2003-2006年的面板数据,在对样本国聚类的基础上考察了我国对外直接投资区位选择的影响因素。发现在控制了东道国治理基础和双边贸易量后,对我国直接投资而言,发达国家的区位优势在于较高的科技水平,而发展中国家则在于丰富的矿产能源禀赋或潜在的国内市场。同时,发达国家的市场对我国直接投资并不具有吸引力,而在对一些资源丰富的发展中国家进行投资时市场因素的作用也不明显。

Empirical Research on the Determinants of Chinese Outward Foreign Direct Investment Location Choice

Using the panel data of 54 countries from 2003 to 2006,this paper investigates the determinants of Chinese outward direct investment(ODI) from the perspective of investment motivation. After controlling the host economic freedom rate and bilateral trade,this paper find that Chinese outward FDI is associated with the high level of technology in developed countries,and with host market size and host natural resource endowments in developing countries. The paper finds strong support for the argument that the domestic market in developed countries does not have significant impact on Chinese ODI. Furthermore,the paper detects that Chinese multinational enterprises may neglect the domestic market in some developing countries while focusing on its abundant energy resources.