企业数量增加拓展了中国对外直接投资战略路径吗?

Does the Number of Exporting Firms Expands China's Strategic Path of Outward Foreign Direct Investment?

笔者通过构建基于企业异质性的对外经济模型,得出母国对东道国进行对外直接投资（OFDI）的水平取决于OFDI成本与贸易成本差、东道国生产成本、东道国市场规模以及母国进行OFDI的企业数量。笔者利用2006年~2012年中国对103个国家及地区直接投资的面板数据进行分析,重点考察对外直接投资与投资企业数量之间的关系,结果显示：中国对东道国直接投资企业的数量、出口成本、中国对东道国进口、与东道国之间距离、东道国投资者保护环境、东道国市场开放程度等是影响中国对东道国直接投资的重要因素,特别是企业数量的增加通过数量扩展边际效用促进了中国的对外直接投资。

By applying the Foreign Economic Model based on the hypothesis of enterprise heterogeneity,it is found that the level of China＇s Outward Foreign Direct Investment（ OFDI） in the host country will depend on OFDI and trade cost difference between home country and host country,the host country＇s cost of production,the host country＇s market size and the host country＇s number of exporting firms. This paper conducts a panel analysis based on the data of China＇s OFDI in 103 countries or regions during 2006- 2012,emphasis on the relationship between foreign direct investment and the number of exporting firms. The multiple linear regression model shows that the number of exporting firms,trade costs,China＇s imports for the host country,the distance between China and the host country,the protection of trade and commerce in the host country,the degree of market opening in host country are the main contributors that affect China＇s OFDI. Particularly reflecting the fact that increase in the number of exporting firms promotes OFDI by the number of extensive margin utility.