中国企业对外直接投资行为分析

An Analysis on Outward FDI Behavior of Chinese Firms

中国企业的对外直接投资问题正越来越受到学术界的关注。由于独特的历史及制度特征和转型经济特点,中国企业的对外直接投资行为表现出有别于西方国家的特点,也使得相关的理论对中国企业的投资行为缺乏有力的解释。本文在梳理经典对外直接投资理论的基础上,结合中国企业对外直接投资的现状,提出了一个四象限的分析框架,指出了传统理论的局限性,并吸收传统理论中的部分成果,结合中国企业对外直接投资的特征进行理论扩展。我们的主要结论是,中国企业的对外直接投资行为,不仅是其在全球化条件下实现国际化学习和成长的内在需要,而且也是相关企业与国内外制度环境互动的结果。

With the rapid development of China's economy and increasing of its outward foreign direct investment(FDI),more and more scholars have been attracting by China's FDI.Considering its unique history and institutions,and also its transition,FDI of China's companies has its own characters,which are different from its western counterparts and make the traditional theories partly lose their power.Based on a brief description of China's FDI,the article provides an analytical framework,points out the limitation of traditional theories,and furthermore,gives a new explanation of China's FDI based on the two leading perspective——resource-based and institution-based views.The conclusions are that China's FDI is not only the inner motivation of Chinses firms' learning and growth under the global environment,but also the result of influence of foreign and domestic institutions on these firms.