生产率异质性、东道国因素与企业海外投资区位选择

Productivity Heterogeneity,Host Country Factors,and Location Selection of Corporate OFDI

跨国企业海外投资区位选择除需要考虑传统区位理论涉及的东道国因素的差异外,还需要关注企业生产率等异质性因素的差异。然而,目前理论界在东道国因素和企业生产率两者在区位选择决策中的作用关系方面尚未达成共识,相关研究对生产率在区位选择决策中所扮演的角色解释模糊甚至意见不一。基于理论分析并利用590家中国上市公司的1 891项海外投资项目数据进行研究发现,中国上市公司偏向于到市场规模较大,资源丰裕度、工资水平、产业技术水平较高,文化距离较近,制度距离较大,双边政治关系良好的国家和地区投资,进入成本已经不再属于中国企业海外投资考虑的主要因素,地理距离的影响也逐渐减弱,而企业自身生产率与东道国因素在区位选择问题上是互补和替代关系,企业生产率实际上弱化了区位决策中东道国因素的决定性作用,使跨国公司可以在一定程度上克服东道国因素的约束,更多根据企业内部资源来进行决策,让一些先前不具有吸引力的东道国也有可能成为投资的目的地。

In addition to considering the factors of host country involved in traditional location theory,concerning location selection of multinational enterprises,we must also pay attention to the differences in heterogeneity factors such as enterprise productivity.However,consensus about the relation between host country factors and firm productivity in making the decision of location selection of corporate OFDI has not yet been reached,especially the role of productivity in the decision-making of location selection is vague and even disagreeable.After theoretical analysis and using the data of 1,891 overseas investment projects of 590 listed companies,the authors find that Chinese listed enterprises prefer to invest in countries or regions that have large market scale,higher salary,richer resources,higher level of industrial technology,shorter cultural distance,longer institutional distance,and better bilateral political relation;cost of accession is not the main factors they considered;the impact of geographic factors has been weakened;and the productivity of enterprises and the factors of host countries are complementary and alternative.The productivity of enterprises actually weakens the decisive value of the host country factors,which makes the multinational enterprises to overcome the constraint of host country factors,and makes them to consider more on their internal resources.And this will make some host countries that previously not attractive enough to become a destination of OFDI.