东道国制度环境、投资导向与中国跨国企业OFDI研究——基于“一带一路”沿线国家数据的Heckman模型分析

Host Country Institutional Environment, Investment Orientation and Chinese MNEs' OFDI: An Empirical Test of Heckman Model Based on the Data of Countries Involved in the Belt and Road Initiative

本文利用2006—2015年中国跨国企业对"一带一路"沿线63个国家OFDI数据,结合跨国公司理论和制度理论,系统考察东道国制度环境、投资导向与中国跨国企业OFDI三者间作用关系。实证结果表明,中国跨国企业OFDI具有突出的资源导向特征,东道国市场资源禀赋会对中国跨国企业OFDI投资决策产生积极影响,东道国经济制度环境并未抑制中国跨国企业OFDI投资规模,东道国文化制度环境差异对中国跨国企业OFDI影响不明显,东道国政治制度环境和市场规模对中国跨国企业OFDI影响程度不同。本文研究结论是对既有跨国投资理论的丰富和矫正,对中国跨国企业的OFDI实践也有重要启示意义。

Along with the deep implementation of the going-out strategy, Chinese multinational enterprises no longer limit their overseas investment in Southeast Asia countries and surrounding areas,and when so many countries in Central Asia, West Asia, and Eastern Europe with much more differences in politics, economy, culture and religion cover in the Belt and Road Initiative,Chinese multinational enterprises have more opportunities in the host countries, but have to face more challenges and risks at the same time. Under this background,this paper mainly focuses on the following aspects：（1）it comprehensively inspects the host country institutional environment including political, economic and cultural dimensions, and how to influence the OFDI of Chinese multinational enterprises;（2）it deeply explores the investment motive of Chinese multinational enterprises（market orientation vs. resources orientation）and how to play a（significant）role between host country institutional environment and Chinese multinational enterprise＇s OFDI, based on the characteristics of OFDI of Chinese multinational enterprises;（3）it further clarifies whether the host country institutional environment and investment orientation of Chinese multinational enterprises have different effects on Chinese multinational enterprises＇ host country market entry and investment scale after entering, and uses the Heckman twostage selection model to solve the problem of sample self-selection. By using the data of Chinese MNEs,OFDI in 63 countries involved in the Belt and Road Initiative between 2006 and 2015, and based on MNEs theory and institution theory, this paper systematically analyzes the relationship between the host country institutional environment, investment orientation and Chinese MNEs＇ OFDI in countries involved in the Belt and Road Initiative. The empirical results indicate that Chinese MNEs＇ OFDI is significantly oriented towards resource pursing, resources endowment in host countries has significantly positive effect on Chinese MNEs＇ OFDI decision-making, economic institutional environment in host countries has significantly negative effect on Chinese MNEs＇ OFDI scale, but the influence of cultural institutional environment is not significant, while political institutional environment as well as the market scale both have some differences in their significant effects. The investment orientation including resources endowment and market scale in host countries also has some differences in their significantly regulatory effects. The parts of empirical analysis results of this paper are not consistent with the traditional theories. As an important representative of emerging market countries, Chinese MNEs＇ OFDI decision-making in the host country market is clearly different from the traditional western MNEs in developed countries, and whether the traditional theories of trade and investment apply to Chinese MNEs will trigger a new round of discussion.