中国企业海外农业投资的区位决定因素分析  

An Analysis of the Location Determinants of Chinese Firms’Overseas Agricultural Investment

作　　者：高道明 田志宏[2] 黄德海[3] Gao Daoming;Tian Zhihong;Huang Dehai

机构地区：[1]中国农业科学院农业经济与发展研究所 [2]中国农业大学经济管理学院 [3]清华大学一带一路战略研究院

出　　处：《中国农村经济》2020年第11期113-130,共18页Chinese Rural Economy

基　　金：国家社会科学基金重大项目“实施乡村振兴战略研究”(项目编号:2019MZD009);中国博士后科学基金项目“中国企业海外农业投资的区位选择及支持政策研究”(项目编号:2018M64130);农业农村部软科学项目“‘十四五’构建新型农业支持保护政策体系研究”(项目编号:20190228)的阶段性成果。

摘　　要：近年来,中国海外农业投资呈现出快速增长势态,引起了学者和政策制定者对其动机和区位策略的极大关注。围绕这些问题的系统性实证研究有助于制定合理有效的投资激励政策和风险防范措施。本文基于传统经济因素和制度视角建立了中国海外农业投资区位决策的理论假设,利用2015-2017年1214家境外农业企业数据进行了实证检验,揭示了中国在高收入国家和低收入国家不同的投资动机和区位决策模式。研究结果表明:(1)中国农业投资被资源禀赋丰裕的国家所吸引,对高收入国家看重已形成的资源开发能力,对低收入国家则看重资源开发潜力;(2)以市场和战略资产寻求为目标的农业投资更倾向于流入高收入国家;(3)农业投资者不畏惧目标国家的制度风险。目标国家更差的法治力度、更低的投资者保护水平或更高的土地权利不安全程度,对中国农业投资者起不到明显的震慑作用。我们的结果对于不同的投资度量方式、估计策略和制度维度均具有很强的稳健性。考虑到中国农业投资强烈的资源寻求动机,并且此类投资更可能流向治理制度薄弱的国家,政府应当督促海外投资者遵守农业多边投资规则,充分尊重当地民众的资源权属权利,以防继续陷入“资源掠夺”的舆论漩涡;投资者也应当增强自身的制度风险意识,避免做出短视的投资决策。In recent years,China’s overseas agricultural investment has grown rapidly,which has attracted attention from both scholars and policymakers with regard to investment motivations and location strategies.A systematic empirical study on these issues can contribute to formulating rational and effective investment incentive policies and risk prevention measures.Based on the traditional economic factors and institutional perspectives,this article establishes a series of theoretical hypotheses concerning China’s overseas agricultural investment location decision-making,conducts an empirical test using the data of 1214 overseas agricultural enterprises from 2015 to 2017,and reveals different motivations and location decision-making models of China in high-income countries and low-income countries.The results indicate that,firstly,China’s agricultural investment is attracted by the countries with abundant resource endowment.However,it values the existing resource development capacity for high-income countries and the potential resource development capacity for low-income countries.Secondly,agricultural investment targeting at markets and strategic assets is more likely to flow into high-income countries.Thirdly,agricultural investors are not afraid of potential institutional risks in the target countries.China’s agricultural investors are unlikely to be deterred by the worse rule of law,the lower level of investor protection or the higher degree of land rights insecurity in the target countries.The results are robust to alternative measures of investment,different estimation strategies and institutional dimensions.Considering China’s strong motivations for seeking resources and the fact that such investment is more likely to flow to the countries with weak governance systems,it would be necessary to urge overseas investors to follow multilateral investment rules and fully respect stakeholders’resource property rights,which can help to prevent them from continuing being criticized of“resource grabbing”.Inv

关 键 词：中国企业 海外农业投资 区位策略 经济因素 制度视角 

分 类 号：F323.9[经济管理—产业经济]