要素禀赋、制度距离与中国对外矿业投资区位选择

Factor endowment,institutional distance and location choice of China s outward mining investment

在当前复杂多变的国际形势下,我国对外矿业投资的难度和成本日益增加.因此,聚焦于矿业领域的海外投资并购,从要素禀赋和制度距离视角,分析中国对外矿业投资的区位选择意义重大.该文基于2005—2020年中国对50个国家的对外矿业投资数据,采用泊松伪极大似然(PPML)估计方法,探究了要素禀赋与制度距离对于中国对外矿业投资区位选择的影响.回归结果表明,自然资源禀赋、劳动力禀赋和制度距离对于对外矿业投资均存在显著正向效应;制度距离对于对外矿业投资的影响呈非对称性特征,企业进行区位选择时更偏好制度环境好的国家;2014年后,东道国总体资源禀赋对于对外矿业投资的影响减弱,而劳动力禀赋的影响增强;话语权与问责制、法治水平、腐败控制与自然资源禀赋之间存在互补效应,而监管质量和法治水平与劳动力禀赋存在替代效应.

In the current complicated and volatile international situation,the difficulty and cost of China s outward mining investment are increasing.Focusing on overseas investment and mergers and acquisitions in the mining area,therefore,it is of great significance to investigate the location choice of China s outward mining investment from the perspective of factor endowment and institutional distance.Based on the data of China s outward mining investment in 50 countries from 2005 to 2020,the Poisson pseudo maximum likelihood(PPML)estimation method is adopted to analyze the impacts of factor endowment and institutional distance on the location choice of China s outward mining investment.The results show that natural resources endowment,labor endowment and institutional distance all have significant positive effects on outward mining investment.The impact of institutional distance on outward mining investment is asymmetric,and when making location choices enterprises prefer countries with better institutional environment.After 2014,the impact of overall resources endowment of host countries on outward mining investment weakens,while the impact of labor endowment on outward mining investment increases.There are complementary effects between discourse and accountability,level of rule of law,corruption control and natural resources endowment,while substitution effects exist between regulatory quality,level of rule of Law and labor endowment.