制度环境、投资动机与中国OFDI区位分布——基于发达东道国和发展中东道国的对比研究

Institutional Environment,Investment Motivation and Locational Distribution of China's OFDI——Based on the Comparison of Developed Host Countries and Developing Host Countries

本文基于2004-2013年中国对45个东道国的OFDI数据,利用Heckman两阶段模型对比分析中国OFDI在发达东道国与发展中东道国间的区位分布,并考察不同投资动机下东道国制度对中国企业投资选择和规模的作用。实证结果发现:市场、资源、技术、制度都是影响中国在发达国家投资的区位因素,除技术外,其他三项对中国在发展中国家的OFDI也有影响;发达国家的制度质量及其与中国的双边制度差距正向影响中国企业投资规模,而发展中国家的腐败程度负向影响中国OFDI规模,双边制度差异的作用尚不明显;制度环境对中国在发达国家的市场、资源寻求型投资有显著积极影响,但对技术寻求型投资以及在发展中国家的市场、资源寻求型OFDI有消极影响。

Based on China＇ s outward foreign direct investment （ OFDI ） flow data of 45 host countries during 2004- 2013, this article makes the comparative analysis of regional distribution of China＇s OFDI in developing and developed countries, with the method of Heckman two-stage model, and studies if the political institutions of host countries have an impact on investment choice and scale of China＇s OFDI with different investment motivations. The results show that mar- ket, resource, technology and institution are the location factors affecting Chinese investment in developed countries, and they also affect the investment in developing countries besides technology; both institutional quality and the bilateral in- stitutional distance have positive impact on Chinese investment scale in developed countries; however corruption level of developing countries affect China＇s OFDI negatively, the role of bilateral institutional distance is not clear; institutional environment has positive impact on Chinese market-seeking, resource-seeking investment in developed countries, but it has a negative effect on technology-seeking OFDI and market-seeking, resource-seeking investment in developing coun- tries.