中国企业顺向与逆向OFDI的动因及影响因素对比分析

A Comparative Analysis of Motivations and Determinants of Chinese Downstream and Upstream OFDI Location Choices

文章基于2004~2012年间中国对外直接投资（OFDI）面板数据,按流向分类分析中国OFDI的动因及其他影响因素。对比发现中国顺向OFDI和逆向OFDI都具有显著的市场寻求和资源寻求动因;仅有顺向OFDI具有获取低劳动力成本的效率寻求动因;两类投资都不具有显著的创造性资产寻求动因。此外,两类OFDI都偏好文化接近、外资开放度高、双边贸易关系紧密、基础设施完善的东道国;而双边地理距离和东道国通货膨胀率与中国顺向OFDI负相关,但与逆向OFDI的关系则不确定。

Based on the panel data of Chinese outward foreign direct investment （OFDI） between 2004 and 2012, this paper analyzes the motivations and other factors for location choices according to the classification of investment flows. By contrast, it finds that Chinese downstream OFDI and upstream OFDI both have significant market-seeking and resource- seeking motivations; only the downstream OFDI has an efficiency-seeking motivation for low labor costs; both of them are not significant in assets-seeking. In addition, they both prefer the host countries with proximate cultures, highly open foreign investment degrees, tightly bilateral trade ties, and better infrastructures; Chinese downstream OFDI is negatively related to bilateral geographic distance and the host country＇s inflation rate, and their relationship with upstream OFDI is uncertain.