制度环境、禀赋差异与我国OFDI区位偏好

Institutional Environment, Endowment Difference and China’s OFDI Location Choice Preference

本文利用2004-2013年中国对111个国家或地区的OFDI数据,并运用引力模型,从全样本、全样本交叉项、金融危机前后对比、基于资源禀赋和投资动机进行Ward分类的四个角度全面、系统地分析了中国OFDI的区位选择。结果表明,中国OFDI四种动机都存在,人民币升值有利于我国企业"走出去"同时,中国OFDI在金融危机后表现出更强烈的市场、成本和战略资产寻求特征,危机后企业更倾向于到制度质量较好的国家进行投资;对不同要素禀赋国家进行对外投资时,在不同投资动机下对东道国的制度倾向性均有所不同。

In this paper, we introduce traditional gravity model to explore the determinants of location choices of Chinese OFDI using the data of OFDI to 111 countries and regions during 2004-2013. We systematically conduct the analyze by checking the full sample data and then insert cross-term in our model. We compare the results vertically before and after the financial crisis and horizontally based on Ward clustering method. We concludethat all the four motivations exist in Chinese OFDI and the appreciation of RMB has positive impact on OFDI;After the global financial crisis, Chinese OFDI shows stronger market-seeking, cost-seeking and strategic asset-seeking characteristics. Furthermore, Chinese enterprises are more inclined to invest in countries with better institutional environments. When foreign investment is made to countries with different factor endowments, the system tendencies towards the host country are different under different investment motives.