中国企业对外直接投资的区位选择及其决定因素  

Location Choice of China’s Outward FDI Firms and the Decisive Factors

作　　者：阎大颖[1] 

机构地区：[1]南开大学经济学院国际经济研究所

出　　处：《国际贸易问题》2013年第7期128-135,共8页Journal of International Trade

基　　金：南开大学中央高校基本科研业务费专项资金重点资助项目"中国后发型企业的国际化发展战略:基于跨国并购模式的研究"(课题编号:NKZXA1107)的支持

摘　　要：本文以中国企业为样本,实证考察了跨国公司不同价值链对外直接投资的区位分布及其决定因素。基于截至2012年148家年销售收入大于1000万美元的中国跨国公司在境外设立的600余个分支,本研究揭示了对外直接投资区位选择的若干主要决定因素:其一,在区位优势方面,东道国的市场潜力、廉价劳动力、自然资源和战略资产禀赋均对于吸引外资有较大的影响作用;其二,在制度因素方面,东道国的经济制度质量对跨国公司对外直接投资的区位选择决策的作用最明显;此外东道国的服务业发展水平、通讯能力和外资开放度对对外直接投资的区位选择也有重要影响。本研究还表明,处于不同价值链投资的区位分布,既有共性决定因素,也各有差异因素。This paper investigates factors influencing the location choice of China＇s outward FDI by Chinese multinational enterprises from different value chains. Based on sample subjects comprising more than 600 overseas subsidiaries established by around 148 Chinese MNEs by 2012, the paper presents an empiri- cal study revealing and illustrating major determinant factors of FDI location choice. The results are as follows. First, in terms of location advantages, such factors including market potential, cheap labor cost, endorsement of natural re- sources and strategic assets have significant impact on FDI attraction. Second, from the institutional perspective, the quality of host countries＇ economic institu- tions has the most significant effect on FDI location choice. Besides, develop- ment levels of host countries＇ service sector, telecommunication capacity as well as its openness degree towards FDI are also obviously correlated with FDI loca- tion choices. The results also suggest there are both common and distinct deci- sive factors on FDI location choice between different value chains.

关 键 词：对外直接投资 海外分支 区位选择 决定因素 

分 类 号：F832.48[经济管理—金融学]