政府协议、制度环境与外商土地投资

Government Agreements,Institutional Environment and FDI in Land

本文利用国际非盈利组织GRAIN的土地投资数据,分析了外商投资土地行为成败的因素。结果显示,东道国的制度环境会影响土地投资交易的成功率,两国政府间的土地投资协议有利于投资者在东道国开展土地投资,并且在制度环境质量好的东道国表现更为显著。"中国因素"不利于我国投资者进行海外土地投资,并且"中国因素"与土地面积耦合在一起影响土地投资成功率,土地面积越大,投资越难成功。此外,东道国人均GDP、外资开放度有利于外商直接投资土地,殖民关系、行政距离、东道国的市场规模与外商直接投资土地成功率显著负相关。投资土地的面积与成功率呈现"U"型曲线,海外收购经验有利于投资成功,但投资多元化、土地用途、进入模式和未来投资计划对外商直接土地投资成功的影响不显著。根据制度环境选择投资区位、建立与东道国双边联系机制、重视媒体作用、加强文化传播、广泛吸取海外投资经验、合理规划土地投资面积有利于我国海外土地投资。

By using the land investment data of GRAIN, which is an international non-profit organization, this paper analyzes the success or failure factors of FDI behavior in land. The results indicate that the institutional environment of host country will affect the success rate of investment in land transactions, land investment agreement between the two governments is conducive for investors in the host country to carry out land investment activities, and the performance remains even more remarkable in the host country with good quality of institutional environment. ＂China factor＂ is not conducive to our investors in overseas land investment, and it affects the success rate of land investment coupled with land area. In addition, per capita GDP and foreign investment openness of host country is conducive to foreign direct investment in lands, and colonial relations, administrative distance, host country＇s market scale have significantly negative correlation with the success rate of FDI in land. There exists a U-curve relation between land area and the success rate of land investment. Overseas acquisition experience is conducive to investment, but the diversification of investment, usage of land, entry models and future investment plans have no significant influence on success rate. Selecting investment location according to the institutional environment, establishing bilateral contact mechanisms with the host country, emphasizing the role of the media, strengthening cultural transmission, extensively drawing overseas investment experience, and making rational foreign investment land area plan can be conductive to China＇s overseas land investment behavior.