摘要
基于2005-2016年中国企业对外直接投资数据,文章采用面板logit模型对东道国与母国的制度差异如何影响中国对外直接投资的区位选择进行了定量研究。实证结果表明:(1)东道国的制度质量、制度差异对中国对外直接投资的影响具有明显的国家异质性特征;(2)中国对外直接投资总体上倾向于那些制度质量好、经济规模大、市场潜力高、要素成本低、资源禀赋丰富的国家或地区;(3)中国在发达国家或制度质量较好国家的直接投资具有明显的制度偏向性和制度风险规避特征;(4)中国在发展中国家、制度质量较差国家和"一带一路"相关国家的投资则呈现出一定的制度风险偏好和制度接近特征;(5)良好的双边政治关系及其对东道国与母国制度差异的优化互补效应对中国对外直接投资有着正向的激励和促进作用。
This paper investigates the effect of institutional distance and culture difference between home and host country in determining the location of China’ s outward FDI( ODI) by using a panel logic model. The results indicate as follows:(1) The influence of institutional quality and institutional difference onto China’s ODI has the feature of national heterogeneity;(2) China’ s ODI tends to those countries or districts with larger economic scale,larger market potential,lower factors cost and more abundant resources in general;(3) China’ s ODI to developed countries or countries with higher institutional quality has features of institutional deviation and institutional risk aversion;(4) China’ s ODI to developing countries or countries with lower institutional countries has features of institutional risk preference and institutional proximity;(5) The amicable bilateral relationships have a complementary effect and positive promoting effect on China’ s ODI.
出处
《亚太经济》
CSSCI
北大核心
2018年第6期83-90,M0006,共9页
Asia-Pacific Economic Review
基金
国家社科基金青年项目"借助‘一带一路’构建中国的全球环境治理战略研究"(批准号17CGJ005)
"广东国际战略研究院暨教育部战略基地2017年招标课题"(编号17ZDA15)阶段性成果
