金融体制、法律起源与我国对外直接投资的区位选择

Financial System, Law Origins and Location Choice of China's Outward Foreign Direct Investment

本文采用2003-2010年我国对48个国家直接投资的面板数据,通过构建对外直接投资的引力模型,从比较金融体系及法律起源视角考察了我国对外直接投资区位选择的决定因素。研究表明:东道国的金融体系和法律起源对我国对外直接投资区位选择具有显著影响,市场主导型金融体系和普通法律起源的东道国对我国对外直接投资更具吸引力,同时,东道国的资源禀赋、经济规模和地理位置等因素对我国对外直接投资区位选择也具有显著影响。

By applying the Gravity model of ODI and using panel data of 48 countries during 2003-2010, this study investigates the potential factors determining the location choice of China＇s outward foreign direct investment （ODI） from the perspective of financial systems and law origins,. The research results indicate that host countries＇ financial systems and law origins exert significant influences on the location choice of China＇s ODI, which prefers host countries with market-motivated financial systems and normal law origins. Meanwhile, it is also found that other factors such as resource endowment, economic size and geographical location also have a certain effect on the location choice of China＇s ODI.