中国企业海外能源投资的区位导向:资源禀赋、发展水平抑或制度距离?

Locational Determinants of Overseas Energy Investment of China's Firms——Resource Endowment,Development Stage or Institution Distance?

近年来中国能源对外依存度不断增加,面对持续增长的国内能源需求和长期存在的国际能源市场风险,能源对外直接投资成为中国利用国外能源、开拓国外能源市场的重要手段。海外能源投资的区位导向是否与其他类型投资一致?本文运用负二项固定效应回归模型,基于中国2006—2015年对57个国家的能源投资企业/项目数据,实证分析了中国企业海外能源投资区位选择的影响因素。研究发现,中国企业海外能源投资区位选择受东道国的资源禀赋优势和经济发展水平影响,并且偏好与中国制度差异较小的国家,符合"制度接近论";东道国与中国的制度距离会在一定程度上抵消东道国能源禀赋、发展水平对海外能源投资的吸引力;同时,制度距离对中国能源对外投资的区位选择呈现非对称效应,在制度质量不同的国家和地区,制度距离对中国能源对外投资具有不同的作用。本文的研究结论对"一带一路"背景下中国能源企业对外直接投资区位选择具有现实参考意义。

The external dependence of energy in China keeps increasing in recent years. Energy investment now becomes an important method for China to use foreign energy and develop foreign energy markets under the continuous growth of domestic energy demand and the long-standing international energy market risks. Thus,it is essential to find out the locational determinants of outward foreign direct investment（ OFDI） from China＇s energy firms. Based on the panel data of China＇s energetic OFDI to 57 countries from 2006 to 2015,a negative binomial model was used to analyze the influencing factors on the location selection of China＇s energetic OFDI. The empirical outcome shows that the location of China＇s energetic OFDI is obviously motivated by energy endowment and the development level of host countries. The theory of ＂institutional proximity＂is certified,which indicates China＇s energy firms prefer the countries having similar institution with China when invested abroad. Moreover,institutional distance would substitute the impact of energy endowment and the development level to some extent. The result also shows that institutional distance has asymmetric effects on China＇s energetic OFDI. The conclusions are of practical reference value for the OFDI location selection of China＇s energy firms in the context of the ＂Belt and Road＂.