中国对外直接投资动力机制的实证研究——基于“战略三角”的分析框架

Empirical Study on Driving Mechanism of China's Outward Foreign Direct Investment——Based on“Strategy tripod”Analysis Framework

本文基于"战略三角"的分析框架,利用117家中国制造业上市公司2007-2011年对外直接投资的微观数据,通过建立计数模型,实证检验了中国对外直接投资的动力机制。研究结果表明,企业R&D投入、企业规模、产业竞争程度、产业技术密集度对中国对外直接投资有积极显著的影响,企业资源尤其是技术能力是企业对外直接投资的基础,企业对外直接投资受产业特征的影响,竞争激烈的产业和技术密集度较高的产业对外直接投资进程快于其他产业,民营企业成为中国对外直接投资的重要组成部分。

Based on the ＂Strategy tripod＂, this paper studies the driving mechanism of China＇s outward foreign direct in- vestment. Using a firm-level micro-data of Chinese listed companies in manufacturing industry, we consider three different lev- els of analysis variables--firm, industry and country. The result shows that China＇s OFDI is positively influenced by such characteristics as R＆D inputs and scale of the company, competition and technology intensity of the industry. There are three main conclusions. First, company resources, especially technical ability, are the basis for outward foreign direct investment. Second, China＇s OFDI is influenced by industrial characteristics. Those industries with high competition and higher technology intensity go out at a quicker pace than other industries. Third, private enterprises have become an important part of China＇s OFDI.