异质性OFDI企业序贯投资存在区位选择的“路径依赖”吗

Path Dependence in Location Choice of Sequential Investment of Heterogeneous OFDI Firms

本文基于2000-2010年《中国工业企业数据库》与《境外投资企业(机构)名录》的匹配数据,以中国464家进行序贯投资的OFDI企业为研究对象,利用条件Logit模型考察其在区位选择中对以往投资经验的动态依赖情况。结果发现,中国OFDI企业在序贯投资时确实存在对以往经验的"路径依赖"特征,且依赖程度依次为相同市场投资经验、相似市场投资经验与同行业企业投资经验。但是,根据企业在规模、生产率和所有权属性的异质性进行分组检验后,发现不同类型企业对不同投资经验的依赖情况亦有所差异:大规模和高生产率企业对自身投资经验的"路径依赖"较强,并倾向于选择相同和相似市场进行序贯投资;国有企业对相似市场与同行业企业投资经验的"路径依赖"程度明显高于三资企业和私营企业。

Based on the matched data of Chinese Industrial Enterprise Data- base and China Foreign Enterprise （Organization） Directory during 2000- 2010, this paper chooses the 464 Chinese firms engaging in sequential investment as re- search subjects and uses the conditional Logit model to test the impacts of firms ＇ previous investment experiences on their location choice. The results verify the existence of ＂Path Dependence＂ in the location choice of Chinese OFDI firms and the dependence degree is in such an order from high to low： firms having experiences in the same market, firms having experiences in similar mar- kets, and firms having experiences in the same industry. Moreover, this paper finds the impact of previous experiences varies for firms with heterogeneous scales, productivity and ownership types. Firms with larger scale and higher pro- ductivity show higher dependency on their past experiences and tend to choose the same or similar markets to conduct sequential investments; furthermore, state- owned firms exhibit much higher dependence on their past experiences in the sim- ilar markets and refer more to the experiences of firms in the same industry than foreign- funded firms and private firms.