中国OFDI的区位选择特征——投资动机约束下的东道国制度偏好分析

Selection Characteristics of China′s OFDI Location——Analysis of Host Country′s Preference under the Restriction of Investment Motivation

将中国OFDI动机区分为市场、资源和战略资产寻求,将东道国区分为发展中国家和发达国家,将东道国制度细分为政治制度和经济制度,利用2005-2012年中国对78个国家的OFDI数据,基于投资引力模型检验了中国OFDI的区位选择特征。检验发现中国OFDI无论在整体上还是在具体投资动机上,对东道国制度偏好都呈现出明显的差异化特征,即低政治制度偏好和高经济制度偏好。进一步的检验发现,中国对发展中国家的OFDI区位选择特征与全样本检验结果基本一致,而对发达国家则表现出了包括政治和经济制度在内的整体高制度偏好。

Using the panel data covering 78 countries from 2005 to 2012 and based on the invest gravitational model to test the selection characteristics of China＇s OFDI location, China＇s OFDI motivation is divided into the market, resources and strategic assets to seek, the host country is divided into developing countries and developed countries, the host country system is divided into political system and economic system. It is found that obviously China＇s OFDI has different characteristics in aspects of host country preference, namely, low political system preference and high economic system preference,both on the whole and on specific investment motivation. Further test finds the selection characteristics of China＇s OFDI location to the developing countries are consistent with those of the full sample test, while the test shows a high overall institutional preference,including political and economic system as to the developed countries.