新时期中国对外直接投资影响因素的新变化
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摘要
本研究基于Dunning的国际生产综合理论,并引入生命周期动态理论,基于2003-2015年中国对外直接投资国别面板数据,探索了世界金融危机以来中国对外投资的新变化.结果表明:东道国的市场规模、资源稟赋、战略资产稟赋、制度质量以及中国对东道国的出口等因素都对中国的对外直接投资产生影响,但在发达国家和发展中国家的表现有所不同.世界金融危机以来,中国的对外直接投资越来越倾向投资于高政治质量的东道国,并且越来越少的被东道国的自然资源稟赋所吸引,这些结果都符合并反映了中国经济自身发展的新变化.
This paper investigates the empirical determinants of China's outward direct investment.According to OLI(ownership,location and internalization advantages)and the other general theories of FDI.We set 8 hypotheses and test them using Chinese official ODI data collected between 2003 and 2015.We find that the host countries market size has strongly shaped Chinese ODI.We also find that China' s ODI also has the resource-seeking character.It is found that China' s investment in developed and developing countries are driven by different sets of factors.There is evidence that China' s ODI changed by 2008.It seems that Chinese MNEs take more attention to the return of investment but less attention to resources.
This paper investigates the empirical determinants of China's outward direct investment.According to OLI(ownership,location and internalization advantages)and the other general theories of FDI.We set 8 hypotheses and test them using Chinese official ODI data collected between 2003 and 2015.We find that the host countries market size has strongly shaped Chinese ODI.We also find that China' s ODI also has the resource-seeking character.It is found that China' s investment in developed and developing countries are driven by different sets of factors.There is evidence that China' s ODI changed by 2008.It seems that Chinese MNEs take more attention to the return of investment but less attention to resources.
引文
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[8]Cheung Y W,Qian X.Empirics of China's outward direct investment[J].Pacific Economic Review,2009,14(3):312-341.
[9]Amighini,Alessia,Robert,et al.China's outward FDI:an industry-level analysis of host-country determinants[J].中国经济学前沿:英文版,2013,8(3):309-336.
[10]Kolstad I,Wiig A.What determines Chinese outward FDI[J].Journal of World Business,2012,47(1):26-34.
[11]Tolentino P E.Home country macroeconomic factors and outward FDI of China and India[J].Journal of International Management,2010,16(2):102-120.
[12]Ding X L.Informal privatization through internationalization:the rise of Nomenklatura capitalism in China's offshore businesses[J].British Journal of Political Science,2000,30(1):121-146.
[13]Chou K H,Chen C H,Mai C C.The impact of third-country effects and economic integration on China's outward FDI[J]. Economic Modelling,2011,28(5):2154-2163.
[14]彭春华.金融危机以来我国对外直接投资变化及原因分析[J].广东行政学院学报,2015,27(01):87-92.
[15]张琦.后危机时代我国企业“走出去”的新特点与思考[J].改革与战略,2011,27(12):174-176.
[16]张文杨.专家看特朗普总统备忘:矛头指向的是“中国制造2025”[EB/OL].经济观察网,2017.
[2]马光明.评后金融危机时期中国对外直接投资的逆势增长-成因探析与趋势预测[J].国际贸易问题,2011,09:48-56.
[3]黄益平.对外直接投资的“中国故事”[J].国际经济评论,2013,01:20-33+4.
[4]Liu X,Buck T,Shu C.Chinese economic development,the next stage:outward FDI[J].International Business Review,2005,14(1):97-115.
[5]Wei W X,Alon I.Chinese outward direct investment:A study on macroeconomic determinants[J].International Journal of Business and Emerging Markets,2010,2(4):352-369.
[6]You K.What drives china's outward fdi a regional analysis[J].Social Science Electronic Publishing,2015.
[7]Buckley P J,Clegg L J,Cross A R.The determinants of Chinese outward foreign direct investment[J].Journal of International Business Studies,2007,40(2):353-354.
[8]Cheung Y W,Qian X.Empirics of China's outward direct investment[J].Pacific Economic Review,2009,14(3):312-341.
[9]Amighini,Alessia,Robert,et al.China's outward FDI:an industry-level analysis of host-country determinants[J].中国经济学前沿:英文版,2013,8(3):309-336.
[10]Kolstad I,Wiig A.What determines Chinese outward FDI[J].Journal of World Business,2012,47(1):26-34.
[11]Tolentino P E.Home country macroeconomic factors and outward FDI of China and India[J].Journal of International Management,2010,16(2):102-120.
[12]Ding X L.Informal privatization through internationalization:the rise of Nomenklatura capitalism in China's offshore businesses[J].British Journal of Political Science,2000,30(1):121-146.
[13]Chou K H,Chen C H,Mai C C.The impact of third-country effects and economic integration on China's outward FDI[J]. Economic Modelling,2011,28(5):2154-2163.
[14]彭春华.金融危机以来我国对外直接投资变化及原因分析[J].广东行政学院学报,2015,27(01):87-92.
[15]张琦.后危机时代我国企业“走出去”的新特点与思考[J].改革与战略,2011,27(12):174-176.
[16]张文杨.专家看特朗普总统备忘:矛头指向的是“中国制造2025”[EB/OL].经济观察网,2017.