转型期中国对外直接投资地域分布特征解析:基于制度的视角

ANALYSIS ON GEOGRAPHIC DISTRIBUTION OF CHINESE OUTWARD FOREIGN DIRECT INVESTMENT: A STUDY FROM IISTTITUTIONAL PERSPECTIVE

转型期中国对外直接投资(Outward Foreign Direct Investment,OFDI)地域分布特征不能被传统OFDI理论所解释。中国OFDI存量高度集中于避税地,地域分布格局偏离发展中国家常规,主要投资地中政治风险较高国家偏多。引入制度理论对中国OFDI地域分布特征进行解释。转型期制度约束与制度缺失是中国OFDI高度集中于避税地的重要原因,企业通过投资避税地来规避制度约束或进行制度套利;国有企业OFDI动机的双重性以及政府的政策倾斜弱化了地理距离、文化距离、经济距离及政治风险等常规因素对国有企业OFDI区位选择以及中国OFDI地域分布的影响;中国企业的非市场能力支持了它们对政治风险较高国家的投资。

The character of geographic distribution of Chinese Outward Foreign Direct Investment（OFDI） can＇t be explained by traditional OFDI theory.First,the bulk of Chinese OFDI was concentrated in three tax havens.Second,both early and continued Chinese OFDI occurs in more advanced economies.Third,political risk of the host economy has no obvious influence on the inflow of Chinese OFDI.This paper analysis the character of geographic distribution of Chinese Outward Foreign Direct Investment from institutional theory.Institutional constraints and institutional voids are important reason of Chinese OFDI in tax havens;geographic distance,cultural distance,economic distance and political risk were not important factor that have influenced state owned enterprises＇ OFDI location selection;non market capabilities supported Chinese enterprise ＇ OFDI in countries of high political risk.