中国对外投资的市场粘性及动态平衡分析
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摘要
中国对外投资(OFDI)的历史比较短,大规模投资是从2004年以后开始的。中国吸引外资(IFDI)的历史可以追朔到上世纪80年代。中国企业走出去最大的障碍是对国外的文化、法律、历史和政治不够熟悉。然而,数十年吸引外资的经验在一定程度上可以弥补这一方面的空白。因此,我国海外投资必然与吸引外资有着密切的联系,我们把这种关系称为市场粘性,也就是说,中国企业在其它条件不变的情况下更容易到中国人熟悉的国家去投资。本文利用2003—2009年期间中国对172个东道国的直接投资(OFDI)面板数据,构建一个OFDI与中国吸引外资(IFDI)的动态平衡关系模型去证明这一市场粘性的存在。实证结果表明,中国对外直接投资存在巨大调整成本。中国现有的对外直接投资存量可以逐步向长期均衡水平调整,不仅比实际存量更大,而且波动也更大。我们发现滞后的外商直接投资(IFDI)和同期的对外直接投资之间存在显著的正向关系,验证我国OFDI存在明显的市场粘性。
Compared to inward foreign direct investment, outward foreign direct investment(OFDI)from China is a relatively new phenomenon. However,the volume of China′s OFDI increased rapidly from 2004. There has been an increasing amount of literature on the motivations of China′s OFDI,but few studies have focused on its location determinants. The present paper aims to fill this gap in the literature by focusing on two important location factors,natural resources and technology,which are the most important determinants of China′s OFDI.We use a large panel dataset comprising 172 countries over the period 2003–2009 and the Tobit as well as the Heckman models to establish the relationship between the two location factors and China′s OFDI. The empirical results suggest that although China′s OFDI has been driven by the country′s desire for a secure supply of natural resources and to attain advanced technology from the developed world,China′s technology is also a critical attraction for the host developing economies.
Compared to inward foreign direct investment, outward foreign direct investment(OFDI)from China is a relatively new phenomenon. However,the volume of China′s OFDI increased rapidly from 2004. There has been an increasing amount of literature on the motivations of China′s OFDI,but few studies have focused on its location determinants. The present paper aims to fill this gap in the literature by focusing on two important location factors,natural resources and technology,which are the most important determinants of China′s OFDI.We use a large panel dataset comprising 172 countries over the period 2003–2009 and the Tobit as well as the Heckman models to establish the relationship between the two location factors and China′s OFDI. The empirical results suggest that although China′s OFDI has been driven by the country′s desire for a secure supply of natural resources and to attain advanced technology from the developed world,China′s technology is also a critical attraction for the host developing economies.
引文
[1]顾雪松,韩立岩,周伊敏.产业结构差异与对外直接投资的出口效应[J].经济研究,2016(4):102-115.
[2]蒋冠宏,蒋殿春.中国企业对外直接投资的“出口效应”[J].经济研究,2014(5):160-173.
[3]李磊,白道欢,冼国明.对外直接投资如何影响了母国就业?——基于中国微观企业数据的研究[J].经济研究,2016(8):144-158.
[4]李雪松,赵宸宇,聂菁.对外投资与企业异质性产能利用[J].世界经济,2017(5):73-97.
[5]罗长远,张军.转型时期的外商直接投资:中国的经验[J].世界经济文汇,2008(1):27-42.
[6]王永钦,杜巨澜,王凯.中国对外直接投资区位选择的决定因素:制度、税负和资源禀赋[J].经济研究,2014(12):126-142.
[7]杨娇辉,王伟,谭娜.破解中国对外直接投资趣味分布的“制度风险偏好”之谜[J].世界经济,2016(11):3-27.
[8]Arellano M.,Bond S.Some Tests of Specification for Panel Data:Monte Carlo Evidence and an Application to Employment Equations[J].Review of Economic Studies,1991,58(2):277-97.
[9]Baltagi B.H.Econometric Analysis of Panel Data.4th Edition[M].Chichester:John Wiley&Sons Ltd,2008.
[10]Barrell R.,Pain N.Domestic Institutions,Agglomerations and Foreign Direct Investment in Europe[J].European Economic Review,1999,43(43):925-34.
[11]Blonigen B.A.In Search of Substitution between Foreign Production and Exports[J].Journal of International Economics,2001,53(1):81-104.
[12]Blonigen B.A.A Review of the Empirical Literature on FDI Determinants[R].NBER Working Paper 11299,2005.
[13]Blundell R.,Bond S.Initial Conditions and Moment Restrictions in Dynamic Panel Data Models[J].Journal of Econometrics,1998,87(1):115-43.
[14]Bond S.Dynamic Panel Data Models:A Guide to Micro Data Methods and Practice[R].Working Paper 09/02,Institute for Fiscal Studies,London,2002.
[15]Brainard S.L.An Empirical Assessment of the Proximity-Concentration Tradeoff between Multinational Sales and Trade[J].American Economic Review,1997,87(4):520-44.
[16]Buckley P.J.,Casson M.The Future of the Multinational Enterprise[M].London:Macmillan,1976.
[17]Buckley P.J.,Clegg L.J.,Cross A.R.,Liu X.,Voss H.,Zheng P.The Determinants of Chinese Outward Foreign Direct Investment[J].Journal of International Business Studies,2009,40(2):353-54.
[18]Campos N.F.,Kinoshita Y.Why Does FDI Go Where It Goes?New Evidence from the Transition Economies[R].IMF Working Paper 03/228,2003.
[19]Casares M.Time-to-build Approach in A Sticky Price;Sticky Wage Optimizing Monetary Model[R].Working Paper Series 147,European Central Bank,2002.
[20]Cheng L.K.,Kwan Y.K.What Are the Determinants of the Location of Foreign Direct Investment?The Chinese Experience[J].Journal of International Economics,2000,51(2):379-400.
[21]Cheng L.K.,Ma Z.China′s Outward FDI:Past and Future[R].Working Paper no.2007706001E,School of Economics,Renmin University,Beijing,2007.
[22]Cheung Y.W.,Qian X.W.The Empirics of China′s Outward Direct Investment[J].Pacific Economic Review,2009,14(3):312-41.
[23]Child J.,Rodrigues S.,The Internationalization of Chinese Firms:A Case for Theoretical Extension?[J].Management and Organization Review,2005,1(3):381-410.
[24]Chow G.C.Technological Change and the Demand for Computers[J].American Economic Review,1967,57(5):1117-30.
[25]Christiano L.J.,Todd R.M.Time to Plan and Aggregate Fluctuations[J].Federal Reserve Bank of Mineapolis Quarterly Review,1996,20(1):14-27.
[26]Cole M.A.,Elliott R.J.R.,Zhang J.Corruption,Governance and FDI Location in China:A Province-Level Analysis[J].Journal of Development Studies,2009,45(9):1494-512.
[27]Driffield N.,Love J.H.Foreign Direct Investment,Technology Sourcing and Reverse Spill-overs[J].The Manchester School,2003,71(6):659-72.
[28]Dunning J.H.,Kim C.,Lin,J.Incorporating Trade Ratio into the Investment Development Path:A Case Study of Korea and Taiwan[J].Oxford Development Studies,2001,29(2):145-54.
[29]Globerman S.,Shapiro D.Global Foreign Direct Investment Flow:The Role of Governance Infrastructure[J].World Development,2002,30(11):1899-919.
[30]Greene W.H.Econometric Analysis(5th ed.)[M].New York:Prentice-Hall,2002.
[31]Grubert H.,Mutti J.Taxes,Tariffs and Transfer Pricing in Multinational Corporate Decision Making[J].The Review of Economics and Statistics,1991,73(2):285-93.
[32]Habib M.,Zurawicki L.Corruption and Foreign Direct Investment[J].Journal of International Business Studies,2002,33(2):291-307.
[33]Hanson G.H.,Mataloni R.J.,Slaughter M.J.Expansion Strategies of U.S.Multinational Firms[R].NBER Working Paper 8433,2001.
[34]Head K.,Ries J.Overseas Investment and Firm Exports[J].Review of International Economics,2001,9(1):108-22.
[35]Helpman E.A Simple Theory of Trade with Multinational Corporations[J].Journal of Political Economy,1984,92(3):451-571.
[36]Hsiao C.Analysis of Panel Data[M].Cambridge:Cambridge University Press,1986.
[37]Katherin M.,Cornelia M.C.Is China on the Investment Development Path?[J].Journal of Asia Business Studies,2007,1(2):1-9.
[38]Kolstad I.,Wiig A.What Determines Chinese Outward FDI?[J]Journal of World Business,2012,47(1):26-34.
[39]Liu X.H.,Buck T.,Shu C.Chinese Economic Development,the Next Stage:Outward FDI?[J].International Business Review,2005,14(1):97-115.
[40]Lu J.,Liu X.,Wang H.Motives for Outward FDI of Chinese Private Firms:Firm Resources,Industry Dynamics,and Government Policies[J].Management and Organization Review,2010,7(2):223-48.
[41]Luo Y.,Tung R.L.International Expansion of Emerging Market Enterprises:A Springboard Perspective[J].Journal of International Business,2007,38(4):481-98.
[42]Luo Y.,Xue Q.,Han B.How Emerging Market Governments Promote Outward FDI:Experience from China[J].Journal of World Business,2010,45(1):68-70.
[43]Makino S.,Lau C.M.,Yeh R.S.Asset-Exploitation Versus Asset-Seeking:Implications for Location Choice of Foreign Direct Investment from Newly Industrialized Economies[J].Journal of International Business Studies,2002,33(3):403-21.
[44]Markusen J.R.Multinationals,Multi-Plant Economies,and the Gains from Trade[J].Journal of International Economics,1984,16(3):205-26.
[45]Ministry of Commerce People′s Republic of China(MOFCOM),2009.Statistical Bulletin of China′s Outward Foreign Direct Investment[EB/OL].Available at http://images.mofcom.gov.cn/hzs/accessory/201009/1284339524515.pdf,(Accessed 6 September 2013).
[46]Morck R.,Yeung B.,Zhao M.Perspectives on China's Outward Foreign Direct Investment[J].Journal of International Business Studies,2008,39(3):337-50.
[47]National Bureau of Statistics(NBS).China Trade and External Economic Statistical Yearbook[M].China Statistical Press,Beijing,2007,2010.
[48]Nickell S.Biases in Dynamic Models with Fixed Effects[J].Econometrica,1981.49(6),1417-26.
[49]Oulton,N.Increasing Returns and Externalities in UK Manufacturing:Myth or Reality?[J].Journal of Industrial Economics,1996,44(1):99-113.
[50]Ramasamy B.,Yeung M.,Laforet S.China's Outward Foreign Direct Investment:Location Choice and Firm Ownership[J].Journal of World Business,2012,47(1):17-25.
[51]Roodman D.How to Do Xtabond2:An Introduction to″Difference″and″System″GMM in Stata[R].Center for Global Development Working Paper 103,2006.
[52]Sauvant K.P.China:Inward and Outward Foreign Direct Investment[J].Transnational Corporations Review,2011,3(1):1-4.
[53]United Nations Conference on Trade and Development(UNCTAD).Rising FDI into China:The Facts behind the Numbers[R].UNCTAD Investment Brief No.2-2007,2007.
[54]UNCTAD.World Investment Report 2013,Global Value Chains:Investment and Trade for Development[R].New York and Geneva:United Nations,2013.
[55]Sauvant K.P.,Jost T.,Davies K.,Garcés A.M.P.Inward and Outward FDI Country Profiles[M].New York:Vale Columbia Center on Sustainable International Investment,2011.
[56]Wagner W.J.,Timmins C.D.Agglomeration Effects in Foreign Direct Investment and the Pollution Haven Hypothesis[J].Environ Resource Econ,2009,43(2):231-56.
[57]Wang J.Y.,Blomstrom M.Foreign Investment and Technology Transfer,A Simple Model[J].European Economic Review,1992,36(1):137-55.
[58]Wheeler D.,Mody A.International Investment Location Decisions:The Case of U.S.Firms[J].Journal of International Economics,1992,33(1):57-76.
[59]Windmeijer F.A Finite Sample Correction for The Variance of Liner Efficient Two-Step GMM Estimators[J].Journal of Econometrics,2005,126(1):25-51.
[60]Wong J.,Chan S.China's Outward Direct Investment:Expanding Worldwide[J].China:An International Journal,2003,1(2):273-301.
[61]World Bank.The Worldwide Governance Indicators[M].World Bank,Washington,DC.,2010.
[62]Xiao G.People's Republic of China's Round-Tripping FDI:Scale,Causes and Implications[R].University of Hong Kong,Working Paper,2004.
[63]Xiao J.,Sun F.The Challenges Facing Outbound Chinese M&A[J].International Financial Law Review,2005,24(12):44-46.
[64]Yamakawa Y.,Peng M.W.,Deeds D.L.What Drives New Ventures to Internationalize from Emerging to Developed Economies?[J]Entrepreneurship:Theory and Practice,2008,32(1):59-82.
[65]Yao S.,Sutherland D.Chinalco and Rio Tinto:A Long March for China's National Champions[J].China Quarterly,September,2009,199(199):829-36.
[66]Yao S.J.,Sutherland D.,Chen J.China's Outward FDI and Resouce-Seeking Strategy:A Case Study on Chinalco and Rio Tinto[J].Asia-Pacific Journal of Accounting&Economics,2010,17(3):313-26.
[67]Yao S.,Wang P.Has China Displaced The Outward Investments of OECD Countries?[J].China Economic Review,2014,28(1):55-71.
[68]Yeaple S.R.The Role of Skill Endowments in the Structure of U.S.Outward Foreign Direct Investment[J].Review of Economics and Statistics,2003,85(3):726-34.
[69]Zhang X.,Daly K.The Determinants of China's Outward Foreign Direct Investment[J].Emerging Markets Review,2011,12(4):389-98.
[70]Zhang Y.Unravelling the Complex Motivation behind China's FDI[R].Tjalling C.Koopmans research Institute,Discussion Paper Series 09-02,2009.
[2]蒋冠宏,蒋殿春.中国企业对外直接投资的“出口效应”[J].经济研究,2014(5):160-173.
[3]李磊,白道欢,冼国明.对外直接投资如何影响了母国就业?——基于中国微观企业数据的研究[J].经济研究,2016(8):144-158.
[4]李雪松,赵宸宇,聂菁.对外投资与企业异质性产能利用[J].世界经济,2017(5):73-97.
[5]罗长远,张军.转型时期的外商直接投资:中国的经验[J].世界经济文汇,2008(1):27-42.
[6]王永钦,杜巨澜,王凯.中国对外直接投资区位选择的决定因素:制度、税负和资源禀赋[J].经济研究,2014(12):126-142.
[7]杨娇辉,王伟,谭娜.破解中国对外直接投资趣味分布的“制度风险偏好”之谜[J].世界经济,2016(11):3-27.
[8]Arellano M.,Bond S.Some Tests of Specification for Panel Data:Monte Carlo Evidence and an Application to Employment Equations[J].Review of Economic Studies,1991,58(2):277-97.
[9]Baltagi B.H.Econometric Analysis of Panel Data.4th Edition[M].Chichester:John Wiley&Sons Ltd,2008.
[10]Barrell R.,Pain N.Domestic Institutions,Agglomerations and Foreign Direct Investment in Europe[J].European Economic Review,1999,43(43):925-34.
[11]Blonigen B.A.In Search of Substitution between Foreign Production and Exports[J].Journal of International Economics,2001,53(1):81-104.
[12]Blonigen B.A.A Review of the Empirical Literature on FDI Determinants[R].NBER Working Paper 11299,2005.
[13]Blundell R.,Bond S.Initial Conditions and Moment Restrictions in Dynamic Panel Data Models[J].Journal of Econometrics,1998,87(1):115-43.
[14]Bond S.Dynamic Panel Data Models:A Guide to Micro Data Methods and Practice[R].Working Paper 09/02,Institute for Fiscal Studies,London,2002.
[15]Brainard S.L.An Empirical Assessment of the Proximity-Concentration Tradeoff between Multinational Sales and Trade[J].American Economic Review,1997,87(4):520-44.
[16]Buckley P.J.,Casson M.The Future of the Multinational Enterprise[M].London:Macmillan,1976.
[17]Buckley P.J.,Clegg L.J.,Cross A.R.,Liu X.,Voss H.,Zheng P.The Determinants of Chinese Outward Foreign Direct Investment[J].Journal of International Business Studies,2009,40(2):353-54.
[18]Campos N.F.,Kinoshita Y.Why Does FDI Go Where It Goes?New Evidence from the Transition Economies[R].IMF Working Paper 03/228,2003.
[19]Casares M.Time-to-build Approach in A Sticky Price;Sticky Wage Optimizing Monetary Model[R].Working Paper Series 147,European Central Bank,2002.
[20]Cheng L.K.,Kwan Y.K.What Are the Determinants of the Location of Foreign Direct Investment?The Chinese Experience[J].Journal of International Economics,2000,51(2):379-400.
[21]Cheng L.K.,Ma Z.China′s Outward FDI:Past and Future[R].Working Paper no.2007706001E,School of Economics,Renmin University,Beijing,2007.
[22]Cheung Y.W.,Qian X.W.The Empirics of China′s Outward Direct Investment[J].Pacific Economic Review,2009,14(3):312-41.
[23]Child J.,Rodrigues S.,The Internationalization of Chinese Firms:A Case for Theoretical Extension?[J].Management and Organization Review,2005,1(3):381-410.
[24]Chow G.C.Technological Change and the Demand for Computers[J].American Economic Review,1967,57(5):1117-30.
[25]Christiano L.J.,Todd R.M.Time to Plan and Aggregate Fluctuations[J].Federal Reserve Bank of Mineapolis Quarterly Review,1996,20(1):14-27.
[26]Cole M.A.,Elliott R.J.R.,Zhang J.Corruption,Governance and FDI Location in China:A Province-Level Analysis[J].Journal of Development Studies,2009,45(9):1494-512.
[27]Driffield N.,Love J.H.Foreign Direct Investment,Technology Sourcing and Reverse Spill-overs[J].The Manchester School,2003,71(6):659-72.
[28]Dunning J.H.,Kim C.,Lin,J.Incorporating Trade Ratio into the Investment Development Path:A Case Study of Korea and Taiwan[J].Oxford Development Studies,2001,29(2):145-54.
[29]Globerman S.,Shapiro D.Global Foreign Direct Investment Flow:The Role of Governance Infrastructure[J].World Development,2002,30(11):1899-919.
[30]Greene W.H.Econometric Analysis(5th ed.)[M].New York:Prentice-Hall,2002.
[31]Grubert H.,Mutti J.Taxes,Tariffs and Transfer Pricing in Multinational Corporate Decision Making[J].The Review of Economics and Statistics,1991,73(2):285-93.
[32]Habib M.,Zurawicki L.Corruption and Foreign Direct Investment[J].Journal of International Business Studies,2002,33(2):291-307.
[33]Hanson G.H.,Mataloni R.J.,Slaughter M.J.Expansion Strategies of U.S.Multinational Firms[R].NBER Working Paper 8433,2001.
[34]Head K.,Ries J.Overseas Investment and Firm Exports[J].Review of International Economics,2001,9(1):108-22.
[35]Helpman E.A Simple Theory of Trade with Multinational Corporations[J].Journal of Political Economy,1984,92(3):451-571.
[36]Hsiao C.Analysis of Panel Data[M].Cambridge:Cambridge University Press,1986.
[37]Katherin M.,Cornelia M.C.Is China on the Investment Development Path?[J].Journal of Asia Business Studies,2007,1(2):1-9.
[38]Kolstad I.,Wiig A.What Determines Chinese Outward FDI?[J]Journal of World Business,2012,47(1):26-34.
[39]Liu X.H.,Buck T.,Shu C.Chinese Economic Development,the Next Stage:Outward FDI?[J].International Business Review,2005,14(1):97-115.
[40]Lu J.,Liu X.,Wang H.Motives for Outward FDI of Chinese Private Firms:Firm Resources,Industry Dynamics,and Government Policies[J].Management and Organization Review,2010,7(2):223-48.
[41]Luo Y.,Tung R.L.International Expansion of Emerging Market Enterprises:A Springboard Perspective[J].Journal of International Business,2007,38(4):481-98.
[42]Luo Y.,Xue Q.,Han B.How Emerging Market Governments Promote Outward FDI:Experience from China[J].Journal of World Business,2010,45(1):68-70.
[43]Makino S.,Lau C.M.,Yeh R.S.Asset-Exploitation Versus Asset-Seeking:Implications for Location Choice of Foreign Direct Investment from Newly Industrialized Economies[J].Journal of International Business Studies,2002,33(3):403-21.
[44]Markusen J.R.Multinationals,Multi-Plant Economies,and the Gains from Trade[J].Journal of International Economics,1984,16(3):205-26.
[45]Ministry of Commerce People′s Republic of China(MOFCOM),2009.Statistical Bulletin of China′s Outward Foreign Direct Investment[EB/OL].Available at http://images.mofcom.gov.cn/hzs/accessory/201009/1284339524515.pdf,(Accessed 6 September 2013).
[46]Morck R.,Yeung B.,Zhao M.Perspectives on China's Outward Foreign Direct Investment[J].Journal of International Business Studies,2008,39(3):337-50.
[47]National Bureau of Statistics(NBS).China Trade and External Economic Statistical Yearbook[M].China Statistical Press,Beijing,2007,2010.
[48]Nickell S.Biases in Dynamic Models with Fixed Effects[J].Econometrica,1981.49(6),1417-26.
[49]Oulton,N.Increasing Returns and Externalities in UK Manufacturing:Myth or Reality?[J].Journal of Industrial Economics,1996,44(1):99-113.
[50]Ramasamy B.,Yeung M.,Laforet S.China's Outward Foreign Direct Investment:Location Choice and Firm Ownership[J].Journal of World Business,2012,47(1):17-25.
[51]Roodman D.How to Do Xtabond2:An Introduction to″Difference″and″System″GMM in Stata[R].Center for Global Development Working Paper 103,2006.
[52]Sauvant K.P.China:Inward and Outward Foreign Direct Investment[J].Transnational Corporations Review,2011,3(1):1-4.
[53]United Nations Conference on Trade and Development(UNCTAD).Rising FDI into China:The Facts behind the Numbers[R].UNCTAD Investment Brief No.2-2007,2007.
[54]UNCTAD.World Investment Report 2013,Global Value Chains:Investment and Trade for Development[R].New York and Geneva:United Nations,2013.
[55]Sauvant K.P.,Jost T.,Davies K.,Garcés A.M.P.Inward and Outward FDI Country Profiles[M].New York:Vale Columbia Center on Sustainable International Investment,2011.
[56]Wagner W.J.,Timmins C.D.Agglomeration Effects in Foreign Direct Investment and the Pollution Haven Hypothesis[J].Environ Resource Econ,2009,43(2):231-56.
[57]Wang J.Y.,Blomstrom M.Foreign Investment and Technology Transfer,A Simple Model[J].European Economic Review,1992,36(1):137-55.
[58]Wheeler D.,Mody A.International Investment Location Decisions:The Case of U.S.Firms[J].Journal of International Economics,1992,33(1):57-76.
[59]Windmeijer F.A Finite Sample Correction for The Variance of Liner Efficient Two-Step GMM Estimators[J].Journal of Econometrics,2005,126(1):25-51.
[60]Wong J.,Chan S.China's Outward Direct Investment:Expanding Worldwide[J].China:An International Journal,2003,1(2):273-301.
[61]World Bank.The Worldwide Governance Indicators[M].World Bank,Washington,DC.,2010.
[62]Xiao G.People's Republic of China's Round-Tripping FDI:Scale,Causes and Implications[R].University of Hong Kong,Working Paper,2004.
[63]Xiao J.,Sun F.The Challenges Facing Outbound Chinese M&A[J].International Financial Law Review,2005,24(12):44-46.
[64]Yamakawa Y.,Peng M.W.,Deeds D.L.What Drives New Ventures to Internationalize from Emerging to Developed Economies?[J]Entrepreneurship:Theory and Practice,2008,32(1):59-82.
[65]Yao S.,Sutherland D.Chinalco and Rio Tinto:A Long March for China's National Champions[J].China Quarterly,September,2009,199(199):829-36.
[66]Yao S.J.,Sutherland D.,Chen J.China's Outward FDI and Resouce-Seeking Strategy:A Case Study on Chinalco and Rio Tinto[J].Asia-Pacific Journal of Accounting&Economics,2010,17(3):313-26.
[67]Yao S.,Wang P.Has China Displaced The Outward Investments of OECD Countries?[J].China Economic Review,2014,28(1):55-71.
[68]Yeaple S.R.The Role of Skill Endowments in the Structure of U.S.Outward Foreign Direct Investment[J].Review of Economics and Statistics,2003,85(3):726-34.
[69]Zhang X.,Daly K.The Determinants of China's Outward Foreign Direct Investment[J].Emerging Markets Review,2011,12(4):389-98.
[70]Zhang Y.Unravelling the Complex Motivation behind China's FDI[R].Tjalling C.Koopmans research Institute,Discussion Paper Series 09-02,2009.