中国服务业对外直接投资的动机与挑战

Motivation and Challenge of Outward Foreign Direct Investment in China's Service Industry

中国企业的对外直接投资活动日益频繁,学者们对此开展了许多研究。然而,现有文献主要针对全体企业或者制造业企业的对外直接投资行为进行分析,并未探讨服务业企业对外直接投资行为的特征。为此,本文搜集了最近几年中国服务业企业对外直接投资的项目层面数据,分析结果表明:服务业企业中,中央企业偏好于采用绿地投资的模式进入发展中经济体,其动机主要是为上属集团的海外项目提供服务;非中央企业偏好于采用兼并收购的模式进入发达经济体,其动机主要是获取战略资产和市场。

The outward foreign direct investment activities of Chinese enterprises have become increasingly frequent and scholars have conducted many researches on it. However,the existing literatures mainly discuss the behavior of all enterprises or manufacturing enterprises; rarely explore the behavior of the enterprises in the service industry. Therefore,in this paper,we collect project- level data in recent years about OFDI in China＇s service industry. The result shows that in the service sector,central enterprises prefer Greenfield investment towards developing economies and the motivation is mainly for providing services for their parent company＇s overseas project; non- central enterprises prefer MA towards developed economies and the motivation is seeking strategic assets and market.