新时期中国对外直接投资影响因素的新变化  

New Changes in the Factors Affecting China’s Foreign Direct Investment in the the New Period

作　　者：毕然 李恩极 李群[2] BI Ran;LI En-ji;LI Qun(Graduate School of Chinese Academy of Social Sciences, Beijing 102488, China;Institute of Quantitative & Technical Economics, Chinese Academy of Social Sciences, Beijing 100732, China)

机构地区：[1]中国社会科学院研究生院,北京102488 [2]中国社会科学院数量经济与技术经济研究所,北京100732

出　　处：《数学的实践与认识》2019年第15期96-103,共8页Mathematics in Practice and Theory

基　　金：国家社会科学基金“经济发展方式转变成效评价研究及其实证分析(11BTJ015)”;北京市科技专项(Z161100003216129);中国社会科学院“哲学社会科学创新工程基础学者”资助计划

摘　　要：本研究基于Dunning的国际生产综合理论,并引入生命周期动态理论,基于2003-2015年中国对外直接投资国别面板数据,探索了世界金融危机以来中国对外投资的新变化.结果表明:东道国的市场规模、资源稟赋、战略资产稟赋、制度质量以及中国对东道国的出口等因素都对中国的对外直接投资产生影响,但在发达国家和发展中国家的表现有所不同.世界金融危机以来,中国的对外直接投资越来越倾向投资于高政治质量的东道国,并且越来越少的被东道国的自然资源稟赋所吸引,这些结果都符合并反映了中国经济自身发展的新变化.This paper investigates the empirical determinants of China's outward direct investment. According to OLI(ownership, location and internalization advantages) and the other general theories of FDI. We set 8 hypotheses and test them using Chinese official ODI data collected between 2003 and 2015. We find that the host countries market size has strongly shaped Chinese ODI. We also find that China* s ODI also has the resource-seeking character. It is found that China’ s investment in developed and developing countries are driven by different sets of factors. There is evidence that China's ODI changed by 2008. It seems that Chinese MNEs take more attention to the return of investment but less attention to resources.

关 键 词：对外直接投资 金融危机 “走出去”战略 区位选择 

分 类 号：F125[经济管理—世界经济]