中国企业海外直接投资非市场因素影响实证研究

An Empirical Study of the Effect of Non-market factors on China's Overseas Direct Investment

文章应用回归模型研究中国企业海外直接投资的非市场因素作用机制,发现我国对外直接投资战略作为一种正式制度安排,许多中国企业在开始全球化之前,并不具备所有权优势。可是,影响海外直接投资的非市场因素却使中国企业培育出特殊的非市场能力;作为非市场因素的国家行为影响海外直接投资的区位选择;受传统商业文化的影响,中国企业通过建立个人关系网络,降低市场不确定性和交易成本;同发展中国家签订的双边投资协议,可以促进中国海外直接投资。

Based on the 2002~2010 data of China＇s foreign direct investment in nearly 100 countries and regions, the paper finds that in terms of the strategy of China＇s FDI as a formal institutional arrangement, many enterprises do not have the ownership advantage before starting their globalization. However, the non-market factors impacting FDI help to foster their non-market capacity. The state act as a non-market factor affects the location choice of Chinese enterprises＇ overseas direct investment, and the Chinese enterprises impacted by Chinese traditional culture reduce their market uncertainty and transaction costs through the establishment of a personal social relation network of mutual trust. And the signing of bilateral investment agreements with the developing countries has a positive promotion effect on China＇s foreign direct investment.