制度质量、投资动机与中国对外直接投资的区位选择

Institutional Quality,Investment Motivation and Location Choice of China's Outward Foreign Direct Investment

东道国制度质量如何影响中国对外直接投资(OFDI)的区位选择,至今尚未在经验层面达成共识。文章基于2003-2012年中国面向全球142个国家和地区的非金融类OFDI数据,利用Heckman两阶段选择模型和扩展投资引力模型,从母国投资动机和东道国制度质量双重约束视角,考察东道国的政治、经济与法律制度对不同类型OFDI投资选择和投资规模的约束作用。研究表明:(1)中国OFDI的投资选择和投资规模表现出不同的制度偏好,OFDI投资规模更偏好优越的制度环境,而投资选择则偏好较差的制度环境。(2)多元化的母国投资动机使中国OFDI面向不同国家或地区表现出差异化的制度偏好,技术寻求型OFDI投资规模对优越制度的依赖较弱,甚至会偏好制度环境较差的国家或地区,而良好的政权稳定性、政府效率、监管质量和腐败控制是影响市场寻求型和资源寻求型OFDI投资行为最为关键的制度因素,对其投资规模有着强劲的正向作用。在中国调整投资结构的背景下,文章对中国优化OFDI区位分布决策和企业"走出去"具有重要的启示。

It has not yet reached a consensus from the empirical perspective on the effects of the institutional quality of host countries on the location choice of China's outward foreign direct investment(OFDI).Based on the non-financial OFDI flow data from142 host countries from 2003 to 2012,this paper employs two-stage Heckman selection model and modified investment gravity model to investigate the effects of politics,economic and legal institutional environments in host countries on technology-seeking,marketseeking and resource-seeking OFDI choices and scales from the dual constraint perspectives of investment motivation of the home country and institutional quality of the host countries.It comes to the following results:firstly,the investment choice and scale of China's OFDI show distinct institutional preference;particularly,China's OFDI scale prefers to advantageous institutional environment,but China's OFDI choice prefers to disadvantageous institutional environment;secondly,diversified investment motivations of home countries have differentiated institutional preferences for the location choice of China's OFDI;in other word,China's technology-seeking OFDI scale has the weak dependence on the advantageous institutional environment and even prefers to poor institutional environment;while superior political stability,government effectiveness,regulatory quality and corruption control are the most important institutional factors influencing market-seeking and resource-seeking OFDI and positively affect investment scale.Under the background of the adjustment to investment scale in China,this paper has meaningful enlightenments for the optimization of the location of China's OFDI and going-out strategy for enterprises.