中国对外投资:发展历程、制约因素与升级策略

China’s Overseas Investment:Development Process,Restricting Factors and Upgrading Strategy

对外投资是中国“走出去”战略的重要组成部分。虽然中国对外投资起步晚,但是进入21世纪后发展迅速,并呈现出投资规模扩大、区域分布广泛等特点。本文在梳理中国对外投资发展历程、现状及特点的基础上,从企业国际化水平、国家政策体系、国际规则变化、东道国的资源环境约束等方面指出中国对外投资的制约因素。从加强境外合作区的科学规划,优化其功能定位;根据不同的产业生命周期和区域经济发展阶段,有针对性地推进国际合作;提升海外并购能力,促进企业转型升级;以区域特色为导向,实行差异化的合作策略;加强对外投资风险管理,倡导绿色发展理念;加强双边和多边投资协定,保护中国企业的海外利益等方面提出了升级策略。

Overseas investment is an important part of China’s"going global"strategy.Although China’s overseas investment started lately,it has developed rapidly since the 21st century and with the characteristics of investment enlargement and extensive regional distribution.On the basis of studying the development process,current situation and characteristics of China’s overseas investment,this paper points out the restrictive factors of China’s overseas investment from the level of enterprise internationalization,national policy system,international rules change,the restriction of resources and environment of host countries and so on.At last,from the point of strengthening the scientific planning,this paper proposes to optimize its functional orientation,promote international cooperation in a targeted manner according to different industrial life cycles and regional economic development stages,enhance the level of international cooperation,boost overseas M&A capabilities to promote the transformation and upgrading of the enterprises,by taking regional characteristics as the guide,implement differentiated cooperation strategies,strengthen the risk management for overseas investment,advocate green development idea and protect the overseas interests of Chinese enterprises by double-side and multi-side investment negotiations.