东道国治理水平对中国对外直接投资区位选择的影响--基于面板数据模型的实证研究

The Effects of Governance of Host Countries on Chinese Outward Foreign Direct Investment——An Empirical Study Based on Panel Data

本文利用世界银行全球治理指标,研究东道国治理水平对中国对外直接投资区位选择的影响。文章选取75个东道国2007～2009年的面板数据进行计量分析,研究结果发现,在其他变量得到控制的前提下,中国对外直接投资倾向流入治理水平较低的国家,对外投资风险较大。中国对外投资与东道国市场规模呈显著负相关,符合邓宁、韦尔斯等对发展中国家对外投资区位选择的研究。中国对外直接投资与出口呈显著正相关,表明出口是投资的先导,中国企业国际化战略遵循从出口到直接投资的发展路径。

Using the latest Worldwide Governance Indicators released by World Bank, this paper studies the effects of governance of host countries on Chinese outward fore 2007 to 2009, it is found that by controlling other vari ign abl direct investment and using the panel data of 75 countries from es, Chinese outward direct investment is associated with low levels of governance in host countries that leads to high risk investment. Chinese outward investment is negatively correlated with market size of host countries, which is in line with the study of Dunning and Wells on FDI location choice of developing countries. Chinese outward investment is significantly correlated with exports indicates that exports are the forerunner of outward investment and that the path of the international strategy of Chinese enterprises is from exporting to direct invest- ment