新兴市场国家对外直接投资诱发要素——基于“金砖国家”面板数据的实证研究

Inducing Factors of Outward Foreign Direct Investment from Emerging-market Countries—An Empirical Study Based on Panel Data of BRICs

新兴市场国家对外直接投资的迅速增长引起了学术界的广泛关注。但目前的研究大多从东道国区位优势的角度出发,基于投资母国的研究较少;针对单个国家的研究较多,对多国的实证研究较少;单从经济角度或制度角度切入的研究较多,综合考虑各类因素的研究较少。本文选取"金砖国家"2003—2016年对外直接投资的数据,以投资诱发要素组合理论为基础,从投资母国的视角,探讨贸易要素、能力要素和政策要素对新兴市场国家对外直接投资的诱发作用及其影响机制。

The rapid growth of outward foreign direct investment（OFDI） from emerging-market countries draws wide attention in academic circles. However, most of the current researches are based on the location advantage of the host country while few are based on home country; many researches focus on individual country while empirical studies on several countries are less; most academics carry on researches from the economic or the institutional perspective while few take various factors into account. Focusing on the home-country macro perspective, applying ＂The Theory of Motivation Factors Combination＂ and using panel data of BRICs, this paper analyzes the inducing effect and influence mechanism of trade-related factors, capability-related factors and institution-related factors on OFDI from emerging-market countries.