制度、文化与中国OFDI的利益动机  

Institution,Culture and Motivations in China's OFDI

作　　者：闫雪凌[1] 胡阳[1] 

机构地区：[1]中山大学岭南学院

出　　处：《南方经济》2016年第6期1-17,共17页South China Journal of Economics

摘　　要：文章基于2004-2012年中国对外投资的跨国面板数据,考察影响中国OFDI区位选择的制度、文化与利益驱动因素,研究显示:东道国优良的制度水平会吸引中国OFDI进入,而以基因距离所刻画的文化异质性则是中国OFDI区位选择中的阻碍因素;争夺市场、获取资源和避税是中国OFDI的三大利益驱动。进一步研究利益驱动因素的时空变化,我们发现:(1)从时间演变看,中国OFDI的避税动机显著减弱,而争夺市场与资源的动机微弱加强;(2)从空间分布看,为了获取市场和资源,中国OFDI在地理距离上表现出"舍近求远"的空间替换时间策略;(3)从制度与文化因素看,争夺市场和避税两大动因倾向于选择制度水平高、与中国文化接近的国家,而获取资源的强烈动机则突破了制度缺陷和文化差异的限制。This paper investigates the influence of institutional,cultural and interests- driven factors on the location choice of China＇s outward direct investment（ OFDI）. Based on panel data over the period 2004- 2012,we find that the high- quality institution of host country is an attraction to China＇s OFDI and cultural heterogeneity,measured by genetic distance,is a main obstacle. We take explicit account of the interests- driven factors. This allows us to find that tax- avoidance motive is gradually diminishing as time advancing. On spatial distribution,China＇s OFDI would choose distant countries in order to secure resources and markets,which could be seemed as a strategy of＂exchange time with space＂. Moreover,we document a consistent pattern that the market and the tax- avoidance motives make China＇s OFDI choose countries with high institution level and related culture,while the resource- seeking motive ignores the limitation of institution and cultural differences. To some extent,the three interests- driven factors break through the constraints of distance,institution quality and cultural differences,which might bring potential risks to China＇s OFDI such as navigation security,rights protection and cultural conflicts.

关 键 词：OFDI制度质量 文化异质性 利益驱动 潜在风险 

分 类 号：F125[经济管理—世界经济]