中国多国籍企业对外直接投资因素研究

The Factors of Chinese Multinational Enterprises Foreign Direct Investment

研究探讨中国多国籍企业海外直接投资的因素,架构了两个层面:第一个层面为公司层面因素,以资源基础观点面来分析,检验中国多国籍企业是否因为拥有独特优势,使得他们去海外直接投资;第二个层面为国家层面因素,以制度理论面来分析,探讨母公司所在中国省份的开放程度,以及企业的公司形态是否会直接影响企业对外直接投资。研究以1991—2018年中国多国籍企业为研究对象进行实证分析。实证发现中国多国籍企业拥有营运成本低的优势,会促使他们进行海外直接投资。而母公司注册于高开放程度的省份,也会使中国多国籍企业有能力去进行海外直接投资,且去海外直接投资的多数为国有企业。

This study explores the factors of outward foreign direct investment by Chinese multinational enterprises.The research framework is divided into two levels.The first level is firm level factors.It is analyzed from the perspective of resource-based view to test whether Chinese multinational enterprises have their ownership advantage driven them to outward foreign direct investment.The second level is national level factors,which are analyzed from the perspective of institutional theory to explore whether the opening degree of the Chinese province where the parent company is located,and whether the corporate type of the company is a factor that affects the company's outward foreign direct investment.This study uses Chinese multinational enterprises from 1991 to 2018 as the research object to conduct empirical analysis.The empirical result found that Chinese multinational enterprises have the advantage of low operating costs,which will encourage them to make outward foreign direct investment.The registration of a parent company in a province with a high degree of openness will also enable Chinese multinational enterprises to make outward foreign direct investment,and most of them are state-owned enterprises.