所有制差异、套利动机与对外直接投资区位决策——基于矿产资源型国有企业的分析

Ownership Differences,Arbitrage Motives and OFDI Location DecisionMaking: Based on the Analysis of State-Owned Mineral Enterprises

国有企业的所有制性质赋予了其各种资源的天然易得优势,导致其在对外直接投资时形成不同于一般动机的套利动机。本文提出,利用所有制差异国有企业能够进行"所有制套利",并在外部事件冲击下的特定时机进一步进行"时机套利"。在新的投资动机视角下建立了关于所有制差异、国有企业套利动机对其对外直接投资决策影响的研究框架。基于中国矿产资源型国有企业2000-2014年对外直接投资数据,本文发现国有企业所有制性质明显促进矿产资源对外直接投资;国有企业所形成的所有制套利动机及时机套利动机显著影响对外直接投资区位和时机决策;其决策结果不同于一般投资动机,倾向投资于市场进入成本高、监管质量低的国家或地区。

Based on the ownership nature of state-owned enterprises, they can get various resources easily. It leads to the formation of the arbitrage motives which different from the general ones when the state-owned enterprises carry out OFDI. Through the＂ ownership arbitrage＂ under the difference of ownership and the＂ timing arbitrage＂ from external shocks, it forms the peculiar characteristic on investment location decisions for state-owned enterprises. This paper establishes the research framework about the influence of ownership differences and the arbitrage motives of state-owned enterprises on their OFDI location Chinese state-own mineral enterprises from year decision-making. Based on the OFDI data of of 2000 to 2014, this paper shows the following results. Firstly, the ownership of state- owned enterprises promote OFDI of mineral resources. Secondly, it forms arbitrage motivation obviously, then the ownership arbitrage motivation and timing arbitrage motivation impact on OFDI decisions significantly. Thirdly, it forms differences between the investment location selection from the choice by general motives, and it shows that state-own mineral enterprises tend to invest in regions with high entry cost and low quality of regulatory.