以往经验会影响OFDI企业序贯投资的区位选择吗——来自中国工业企业的证据

IS PREVIOUS EXPERIENCE RELEVANT FOR LOCATION CHOICE OF SEQUENTIAL INVESTMENT——Evidence from China's Industrial Enterprises

本文突破传统的静态分析方法,首次从动态序贯视角考察以往经验对中国对外直接投资(OFDI)企业区位选择的影响。通过区分序贯投资的两种情形与细分以往经验的不同来源,并采用优化区位研究的条件Logit模型对2000—2010年中国OFDI企业的匹配数据进行检验,结果发现:OFDI企业会根据其他企业的投资经验进行序贯性的市场选择与跟随,且这种"羊群效应"在单次投资企业中尤为显著;对多次投资企业来说,各类投资经验对其区位选择的影响从大到小依次为:自身投资经验大于其他企业经验,其中相同市场经验大于相似市场经验,同行业经验大于不同行业经验。

This paper breaks through the traditional static analysis methods and firstly tests the influence of previous experience on the location choice of China＇s OFDI firms from dynamic and sequential perspective.Through the subdivision of previous experience by sources and the distinction of sequential investment into two situations,this paper adopts the conditional Logit model and uses the matched data of China＇s OFDI firms during 2000-2010 to make the empirical specification.The results indicate that on the one hand firms would rely on the previous experience from others to entry the sequential market and this＂herd effect＂is more evident in the single investment firms;On the other hand,for the multiple investment firms,the effects of experience to the location choice in descending order is as follows：self-experience has far greater effects than the experience from others,the self-experience from the same market has greater effects than the self-experience from the similar markets,and the others＇experience from the same industry also has greater effect than the experience from different industries.