中国企业对外直接投资动机研究——基于东道国国家特征

Study on the Motivation of China's Outward Foreign Direct Investment—Based on the Characteristics of Host Countries

作为政府主导的跨国经营活动，中国企业对外直接投资具有不同于传统投资动机理论的独特属性。利用2003～2011年45个国家或地区的面板数据，按其经济发展水平分为OECD和非OECD国家或地区，采用固定效应模型考察东道国国家特征对中国OFDI动机的影响和动机转变的现实性。结果表明：东道国市场规模、自然资源禀赋和经济开放程度对中国OFDI具有显著的正向影响，而技术水平则体现为比较显著的负向影响。在中国企业OFDI的动机构成中，市场获取动机最为重要，资源获取动机仍然占有一席之地，而技术获取动机的地位有待提高。

As a multinational business activity led by the government, China＇s Outward Foreign Direct Investment （OFDI） has unique feature that is different from the traditional invest- ment motivation theories. By using the panel data of 45 countries and regions from 2003 to 2011, the paper divides the countries and regions into OECD and non OECD countries according to their level of economic development. Fixed effect model is used to study the influence of the characteristics of host country on Chinese OFDI motivation and the reality of the motivation change. The re- sults show that the market size, natural resource endowment and economic openness of host country have significant and positive effect on Chinese OFDI, while the technical level of host country shows negative effect on it. In the OFDI motivation of Chinese companies, market seeking is the most important motivation, resource seeking still has a place, and the status of technology seeking motivation needs to be improved.