中国对外直接投资区位结构特点及其形成动因  

The Structural Characteristics and Determinants of Location Structure of China's Outward Foreign Direct Investment

作　　者：张纯威[1] 戴本忠[1] 姚捷[1] Zhang Chunwei Dai Benzhong Yao Jie(International Financial Research Center,Guangdong University of Finance, Guangzhou 510521)

机构地区：[1]广东金融学院国际金融研究中心,广东广州510521

出　　处：《金融经济学研究》2017年第2期32-42,共11页Financial Economics Research

基　　金：国家社科基金项目(15BJY177)

摘　　要：剔除避税地后的中国OFDI真实区位结构有两大突出特点:静态上以亚洲、欧洲为主,动态上欧洲、北美等发达国家占比持续上升。基于2003~2015年相关变量的面板数据、利用最小二乘虚拟变量模型进行计量分析发现,中国经济发展水平及与之相伴随的劳动力成本相对于国际水平的快速上升是上述特点形成的基本动因,寻求市场和地理距离是辅助性动因。The actual location structure of China＇s OFDI weeding out the data of tax havens has two striking features： it is dominated by Asia and Europe from static perspective; the investment to developed countries like EU and USA has been increasing steadily from dynamic perspective. With panel data during 2003-2015 and by using LSDV,this paper conducts an empirical analysis and finds that the fundamental reason is that compared with the international level,China＇s economic development and labor cost increase take place in a faster way while market-seeking and geographical distance are auxiliary motivations.

关 键 词：对外直接投资 区位结构 投资动机 宏观环境 

分 类 号：F832.48[经济管理—金融学]