企业微观特征、东道国因素与中国OFDI模式选择

Microscopic Features, Host Country Factors and Mode Selection of China's OFDI

本文基于2002-2011年中国70家企业401个对外投资模式选择的数据,采用Logit模型,实证检验了企业微观特征、东道国因素对中国OFDI模式选择的影响。结果显示,就海外投资建立方式而言,度量企业微观特征的各变量除了企业研发强度外,其它皆对中国企业选择新建投资模式有显著的负面影响;度量东道国因素的五个变量,只有东道国资本管制和腐败程度两个变量影响显著。在企业海外投资股权比例安排上,国际化经验越丰富,特别是具有国有企业特征的外商投资企业选择全资方式的可能性较大,度量东道国因素的变量,仅有东道国资本管制获得经验数据的支持。

This paper empirically tests the effect of microscopic features and host country factors on China＇s OFDI mode selection by using sample data of 70 enterprises from the year 2002 to 2011. Our research results with the Logit model shows that some variables except R＆D intensity have negative effects on China choosing new Greenfield investment mode; in terms of host country charac- teristics, only the effects of capital controls and the level of corruption are high- ly significant; the most significantly influential variable for Chinese MNEs＇ OF- DI ownership mode choice is international experience and state-owned enterprise characteristics, and the only evidence-supported variable describing the host coun- try characteristics is capital regulation.