非洲政府治理水平与中国企业OFDI的区位选择

African Governments' Governance Level and the Location Selection of Chinese Enterprises' OFDI

东道国政府治理水平对中国国际化经营方式影响如何?作为非洲最大的经济合作伙伴国,文章选取2007～2015年间中国企业对非洲37个国家直接投资数据,利用FGLS模型检验了东道国政府治理水平与治理距离对OFDI的影响,研究发现:(1)政府治理水平对投资有正向促进作用,而治理距离对中国企业OFDI的影响不同于已有研究结论,即差异较大的治理距离有利于企业对外投资;(2)基于投资动机视角进一步考察发现,政府治理水平对市场寻求型和资源寻求型投资均产生抑制作用,而治理距离对资源寻求型投资有抑制作用,对市场寻求型投资有促进作用;(3)拓展检验发现,企业对非洲直接投资存在明显的区域差异,中高收入国家以及英语语言国家的政府治理水平与企业投资正相关,而治理距离只对在中低收入国家投资影响显著。

How does the governance level of the host government affect the internationalization of China? This paper selects direct investment data from Chinese companies to 37 countries in Africa from 2007 to 2015,using the FGLS model to test the impact of host government governance and governance distance on OFDI. The results find that:( 1) Government governance level has a positive effect on investment,and the impact of governance distance on China's OFDI is different from the existing research conclusions,that is,the larger difference in governance distance is conducive to the company's foreign investment;( 2) government governance level has a negative effect on market seeking and resource seeking investment,while the governance distance has a negative effect on resource-seeking investment and market-seeking investment.( 3) In the expansion test,there are obvious regional differences in direct investment by enterprises in Africa. Government governance level in high-and middle-income countries and English-speaking countries is positively related to corporate investment,while the governance distance has only significant impact on investment in low-and middle-income countries.