中国企业对外直接投资的决定因素:基于制度视角的经验分析

The Determinants of Outward Direct Investment by Chinese Enterprises:An Empirical Study from Institutional Perspective

本文结合中国经济转型时期的制度环境,对传统的国际折衷理论加以拓展,归纳出在中国经济转型的制度环境下,与企业对外直接投资决策密切相关的一系列特殊的制度因素,在此基础上建立一个中国企业对外直接投资决策的理论分析框架。然后以2006-2007年中国企业对外直接投资的微观数据为样本,对中国企业的对外直接投资的决策进行了多因素回归分析。实证结果表明,政府政策扶植、海外关系资源及自身融资能力对企业对外直接投资的动机和能力有重要影响。分类型研究表明,上述三种制度因素对贸易型、生产型、资源型和研发型对外直接投资的影响程度各有不同。

This paper integrates the conventional eclectic paradigm and the institutional perspective to conceptualize an analytic framework for the determinants of foreign direct investments in view of the distinct context of China＇s economic and institutional transition. Our primary hypotheses suggest a series of home and host based institutional characteristics that are associated with the Outward Direct Investments （ODIs） by Chinese Enterprises. Specifically put it, the higher degree of state ownership and synthetic financing ability of Chinese enterprises, as well as the density of ethical Chinese population in host countries will increase the volume of Chinese ODI as institutional advantages. We then test the hypotheses by an empirical test with a sample of over 730 hundred of firm-level ODIs conducted by Chinese non-financial enterprises during 2006 and 2007 from a database of Ministry of Commerce of the People＇s republic of China. The results obtained from a multiple regression model are strongly in consistence with our original hypotheses. Institutional variables in terms of government support, financing capacity and ethic Chinese resources have salient impacts on Chinese firms ODIs behavior. Results from sub-samples indicate that institutional factors exert differential impacts on trade-oriented, production-oriented, and other types of ODIs. Political support reflected by the state ownership has greater positive effect on other types of ODIs （mainly R＆D and service-related ODIs）, overseas ethic Chinese population is more significantly positive correlated with trade-oriented ODIs, while financing capacity is comparatively the most significant factor for all kinds of ODIs, especially productionoriented and resource-seeking investments. These results imply that Chinese firms pay attention to multiple interacted factors when they decide on overseas investment regarding to their distinct motivations. Besides, our results also disclose other macro and firm characteristics that have distinguishable influences on Chinese ODIs. Our study ends up with some managerial suggestions that Chinese firms should purposely and appropriately leverage alternative home and host institutional advantages regarding to the primary motivations of ODIs. The overall findings are also meaningful for other emerging market enterprises that aggressively speed up the process of internationalization via ODIs.