所有制改革与OFDI:中国的证据  

Ownership Reform and OFDI: Evidence from China

作　　者：李洪亚[1] 董建功[2] 

机构地区：[1]宁波大学商学院 [2]上海财经大学经济学院

出　　处：《世界经济研究》2017年第2期62-77,共16页World Economy Studies

基　　金：浙江省哲学社会科学规划课题(项目编号:17NDJC109YB);全国统计科学研究项目(项目编号:2015LY39);浙江省教育厅科研项目(项目编号:Y201533573);宁波大学人文社会科学培育项目(项目编号:XPYB16006)的资助

摘　　要：所有制改革为中国对外直接投资(OFDI)提供了制度保证,是经济转型过程中促进中国OFDI扩张的一种机制。文章采用2003~2014年187个中国对外直接投资国(地区)的跨国数据,实证研究了所有制改革及其引起的对外直接投资主体多元化对中国OFDI的影响效应。在控制了市场寻求、资源寻求与技术寻求动机以及东道国市场风险和人民币汇率等影响因素后,实证结果表明:所有制改革对OFDI具有显著的正向影响;在对外直接投资主体多元化方面,有限责任公司投资主体占比的增加对OFDI具有显著的正向影响,国有企业与集体企业投资主体占比的增加对OFDI具有显著的负向影响,股份有限公司、股份合作企业、外商投资企业和私营企业投资主体占比的增加对OFDI的影响效应不显著或具有负向影响;进一步考虑东道国异质性的研究发现,金融危机前所有制改革与对外直接投资主体多元化对中国OFDI的影响在发达国家和发展中国家或欠发达国家之间是有差异的,而金融危机后对中国OFDI的影响差异不明显。China's ownership reform,a mechanism for the expansion of OFDI in the process of economic transformation,has been providing an institutional guarantee for China's foreign direct investment( OFDI). Based on the data of 187 host countries( regions)of China's OFDI from 2003 to 2014,the paper empirically studies the impacts of China's ownership reform and the subsequent diversification of investment subjects on China's OFDI. With control of market-seeking motive,resource-seeking motive,technology-seeking motive,and market risk factor of the host countries and RMB exchange rate,empirical results show that ownership reform has a positive effect on China's OFDI. In respect of the diversification of investment subjects,the proportion increase of the limited liability company has a significant positive impact on China OFDI. The proportion increase of state-owned company and the collective enterprises has a significant negative impact on China' s OFDI,while the proportion increase of joint stock limited company,joint-stock cooperative enterprises,foreign enterprises and private enterprises investors,has no significant impact or a significant negative impact on China's OFDI. Considering the heterogeneity of the host countries,further studies find that there are some differences between the developed countries and the developing countries or the less developed countries before the world financial crisis,while there are no differences between them after the world financial crisis.

关 键 词：OFDI 所有制改革 对外直接投资主体多元化 

分 类 号：F832.6[经济管理—金融学]