企业对外直接投资区位选择——东道国因素与企业异质性因素的共同考察

Location Choice of Outward Foreign Direct Investment——A Study on Host Country Factors and Enterprise Heterogeneity Factors

运用2001—2009年1569家中国对外投资企业样本数据,对中国企业对外投资区位选择的东道国因素和企业异质性因素进行全方位的实证考察。研究表明:企业生产率、企业规模和研发投入等变量均对企业的对外直接投资决策具有显著的正向影响,东道国市场规模、自然资源和制度环境变量对企业的对外投资区位决策具有显著的促进作用,而东道国税率水平、劳动力成本、文化距离和地理距离变量与企业选择该东道国投资的概率具有显著的负相关关系。从企业性质来看,私营企业与国有企业相比对相关影响因素的反应更加敏感。

Using OFDI sample data of 1569 Chinese enterprises from 2001 to 2009,this paper analyzes the host country factors and enterprise heterogeneity factors influencing the location choice of overseas investment. The empirical results show that： enterprise productivity,firm size and RD investment have significant positive effects on OFDI decision-making. The market size of host country,natural resources and institutional environment have significant positive effects on the location decision of the foreign investment,while the host country tax rate,labor cost,cultural distance and geographical distance have significant negative correlation with the probability that the firm chooses this host country to carry out investment. From the perspective of ownership,private enterprises are more sensitive to relevant factors than SOE.