横向、纵向抑或两者兼具——中国企业对外直接投资动机实证研究

Horizontal,Vertical,or Both:An Empirical Study of China's Foreign Direct Investment Motives

立足于市场开拓驱使的横向动机和成本节约驱使的纵向动机,通过构建逻辑框架,阐明决定横向和纵向动机企业对外直接投资规模的东道国经济因素。在此基础上,利用跨国面板数据建立动态面板数据回归方程,研究发现:中国企业对外直接投资兼具横向和纵向动机,在针对发展中国家的对外直接投资中,横向和纵向动机均较为显著;而在针对发达国家的对外直接投资中,两类动机均较不明显。这意味着从动机角度更易推动中国对发展中国家的对外直接投资,政府应采取针对性的促进政策。

Focusing on horizontal motivation driving by market-seeking and vertical motivation driving by cost-saving,a logical framework is built to clarify host countries’ economic factors which determine foreign direct investment scale of horizontal and vertical motivation. Based on the framework,cross-border panel data are used to build dynamic panel data regression equation. The study shows that China’s foreign direct investment has both horizontal motivation and vertical motivation which are more significant for developing countries’ foreign direct investment while they are not obvious in developed countries. It’ s easier to promote China’s foreign direct investment in developing countries from the angle of motivation,so government should take targeted promotion policies for this.