探析影响中国企业境外投资区位选择的因素

Influential Factors on Location Selection of Chinese Enterprises′ Overseas Investment

从中国企业境外投资现状出发,以2008—2009连续两年中国企业境外投资存量超过1 000万美元的108个国家或地区为样本,采用Frisch和GMM法对影响中国企业境外投资区位分布的因素进行实证分析,进而揭示中国企业境外投资的动向与规律:中国企业倾向于投资市场规模相对较小,与中国双边贸易额较大,距离较近,币种与人民币汇率换算较小的发达国家或地区,而劳动力成本并未成为着重考虑的因素。

The situation of Chinese enterprises′ overseas investment was discussed.108 countries or regions which are invested by Chinese enterprises more than 10 million dollars in 2008~2009 two consecutive years were chosen as samples.Frisch and GMM methods were used to do empirical analysis with factors which have effects on the location selection of Chinese enterprises′ overseas investment.The trend and rules of overseas investment of Chinese enterprises were then investigated.It concludes that Chinese enterprises tend to invest in developed countries or regions which have relatively small market scales,larger bilateral trade volumes with China,shorter distance,smaller exchange rate between the host countries′ currency and RMB,but the labor cost did not become a key consideration factor.