中国对外直接投资区位分布——贸易引致型vs.水平型  

The Location of China's Outward Foreign Direct Investment:TOFDI vs. HOFDI

作　　者：王方方[1] 赵永亮[2] 

机构地区：[1]广东财经大学国民经济研究中心 [2]暨南大学经济学院

出　　处：《世界经济研究》2013年第7期59-66,89,共8页World Economy Studies

基　　金：国家社会科学基金项目<基于三元边际框架的我国对外贸易与投资一体化路径拓展研究>(13CJL034);国家自然科学基金项目<中国上市公司流动性管理行为研究:动机;方式与经济后果>(71002056);广东财经大学2012年国家青年培育项目<我国对外贸易与投资一体化的形成机制研究>;广东财经大学国民经济研究中心一般项目<我国对外贸易与投资一体化开放优势拓展研究>(2013XM17)

摘　　要：本文通过构建扩展的企业异质性模型框架,将企业对外直接投资(OFDI)重点分为贸易引致型与水平型,利用中国10 126个企业样本经验考察OFDI区位分布的决定影响。结果显示:企业贸易成本和投资成本分别成为贸易引致型和水平型OFDI的阈值变量;生产率越高的企业越倾向于高层次的水平型OFDI;在区位分布上,贸易引致型OFDI倾向于亚洲,水平型OFDI倾向于非洲、拉美与大洋洲,而在欧美地区的差异不明显。实证发现:贸易引致的OFDI对区位市场的制度环境较敏感(青睐于低风险市场);在投资固定成本要求较高的区位,企业更倾向于放弃直接贸易型OFDI而转向间接的贸易服务型OFDI;国家战略(或资源)型的央企OFDI对风险(尤其制度风险)敏感性低于利益导向型的地方企业。本研究在政策上建议政府引导企业通过OFDI地理区位多元化规避风险,提升战略型央企OFDI的风险意识和利益导向。Through the model of firm heterogeneity,this paper focuses on dividing OFDI into trade deriving type(TOFDI) and horizontal type(HOFDI),and examines the locational distribution of OFDI based on 10126 samples.The results show that trade and investment costs are the threshold variables in the both type of OFDI;the higher the productivity level,the more likely the firms taking HOFDI;the location of TOFDI tends to Asia,and HOFDI in favor of Africa,Latin America and Oceania,but in Europe and North America making no obvious differences.This paper finds that TOFDI is more sensitive to institutional settings(in favor of low-risk market);in the location with higher fixed costs,firms are more inclined to give up direct TOFDI but in favor of indirect trade services OFDI;it also finds that the risk sensitivity of central enterprises(especially the institutional risk) are lower than the local businesses.This study suggests that the government needs to guide firms to circumvent the risks through OFDI geographic diversification,and enhance risk awareness and interest-oriented of central enterprises OFDI.

关 键 词：贸易引致型OFDI 企业异质性 区位分布 多元态模型 

分 类 号：F832.6[经济管理—金融学] F224