制度距离、投资动机与企业OFDI区位选择——中国对外直接投资“制度风险偏好”的一种解释

Institutional Distance,Foreign Direct Investment Motive and Location Selection:An Explanation of Breaking the Mystery of“Institutional Risk Preference”in China’s OFDI

由于企业的对外直接投资(OFDI)存在制度适应成本,东道国与母国之间的制度距离会对企业OFDI产生负向影响。基于2003—2015年中国对140个国家和地区OFDI的分析表明:中国企业的OFDI具有明显的市场寻求动机和战略资源寻求动机,其中,市场寻求型OFDI表现出显著的互补效应,战略资源寻求型OFDI表现出一定程度的挤出效应;东道国与中国的制度距离会通过投资动机影响中国企业OFDI的区位选择,即倾向于向制度距离较小的国家和地区进行OFDI,且制度距离会弱化市场寻求型OFDI的互补效应和战略资源寻求型OFDI的挤出效应。站在企业角度来看,中国企业在进行OFDI时并不具有“制度风险偏好”,而是表现出“制度风险规避”特征:选择对其自身发展来讲制度风险较小(制度距离较小)的目标市场进行OFDI。因此,中国应深化市场经济体制改革,提升国内制度质量,加强国际经济合作,并增强企业的制度适应能力,以有效减小制度距离对企业OFDI区位选择的约束,进而优化OFDI区位分布,提高OFDI效益和质量。

In view of the current characteristics of China’s foreign direct investment with institutional risk appetite,this paper firstly discusses the mechanism of country system distance and the mechanism of OFDI motivation in the process of foreign direct investment location selection under the framework of heterogeneous enterprises.It has a negative effect on the OFDI motive,which in turn has a negative impact on foreign direct investment.Then,the analysis based on China’s foreign direct investment and related data of 140 countries from 2003 to 2015 shows that the OFDI of Chinese enterprises has obvious market-seeking motive and strategic resources seeking motive,among which market-seeking type OFDI has significant supplement effect while strategic resources seeking type OFDI has squeezing-out effect to some extent.The institutional distance between host countries and China can influence the location selection of Chinese OFDI through investment motive,i.e.,Chinese OFDI tends to the countries and regions with smaller institutional distance,and the institutional distance can weaken the supplement effect of market-seeking type OFDI and the squeezing-out effect of strategic resources seeking type OFDI.From enterprise perspective,Chinese enterprises do not have“institutional risk preference”but have the feature of“institutional risk evasion”and choose the countries and regions with smaller institutional risk,smaller institutional distance.As a result,China should deepen market economy system reform,uphold domestic institutional quality,strengthen international economic cooperation,and increase the institutional adaptive capacity of Chinese enterprises so as to effectively decrease the restriction of institutional distance on the location selection of OFDI,to optimize OFDI location distribution and to promote OFDI return and quality.