摘要
文章利用2007~2015年中国对166个国家和地区的投资数据,从需求偏好和收入差异的角度来考察中国OFDI区位分布的规律性。为了克服样本选择偏差,文章采用了两阶段引力模型进行估计,并从二元边际的视角考察了收入差异对中国OFDI区位选择的影响。研究结果表明,无论是从OFDI的集约边际还是广延边际看,中国OFDI都偏好于与本国收入水平相似的东道国,且投资规模也相对更大,这说明中国OFDI区位选择规律符合Linder假说。
Most of China's outward foreign direct investment(OFDI) are widely distributed in developing countries.Does it imply that China's OFDI distribution pattern obey Linder Hypothesis? From the aspects of preference and income difference,the paper examines a Linder Hypothesis for China's OFDI distribution pattern using China's investment in 166 host countries and areas from2007 to 2015.In order to overcome sample selection and endogeneity problems,we use the two-stage gravity model to analyze the influence of income difference on China's OFDI distribution pattern and conduct this analysis for both the intensive margin and the extensive margin separately.The results indicat that Chinese enterprises preferred to invest in host countries which having per capita income similar with China and the investment scale in these countries were also larger both from the intensive margin and from the extensive margin.It implies that Linder Hypothesis was also applicable to China's OFDI distribution pattern.
引文
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(1)《中国对外直接投资统计公报》和《境外投资企业(机构)名录》数据存在差异,后者中的数据显示内地在香港地区设立的企业已达到1.3万家,高于前者的9300家。
(1)在中国早期的OFDI企业中,资源寻求型企业占了大部分,虽然近些年比例有所下降,但其单位投资规模依然高于制造业、服务业等行业中的企业投资规模。因此,东道国资源禀赋程度也是影响中国OFDI的一个重要因素。