东道国特征对中国制造业企业OFDI区位选择和子公司绩效影响的研究——基于投资动机视角的实证检验  

A Study on the Influence of Host Country Characteristics on OFDI Location Selection and Subsidiary Performance of Chinese Manufacturing Enterprises: An Empirical Test Based on the Perspective of Investment Motivation

作　　者：郑磊[1] 吕美静 Zheng Lei;Lv Meijing

机构地区：[1]东北财经大学国际经济贸易学院 [2]南开大学经济学院

出　　处：《宏观经济研究》2022年第1期55-73,101,共20页Macroeconomics

基　　金：教育部人文社会科学研究青年基金“外部创新和区位选择视角下中国企业国际化—绩效关系的研究”(18YJC790234);辽宁省社会科学规划基金项目“复杂网络环境下辽宁省制造业服务化转型升级的路径与模式研究”(L18BJY025);辽宁省教育厅项目“国际技术溢出对中国‘一带一路’沿线省域高技术产业技术进步影响的演化路径分析”(LN2019Q67)的资助。

摘　　要：本文选取2000—2018年中国制造业企业OFDI数据,构建面板Logit模型,从投资动机视角实证分析东道国特征对中国制造业企业OFDI区位选择及子公司收益的影响。研究发现:第一,中国制造业企业对发达国家、发展中国家以及"一带一路"沿线国家的投资属于市场寻求型和资源寻求型,其中对发达国家的投资还具有技术寻求的特点。东道国市场规模和资源禀赋促进了海外子公司利润的增加。第二,大多数制造业子行业OFDI体现出市场寻求动机,除了从事电子行业的子公司利润受市场规模和资源禀赋影响较大外,其他制造业子行业利润均不受东道国特征影响。第三,国有企业和民营企业OFDI以寻求市场和资源为目的;东道国资源禀赋和劳动力成本影响国有企业海外子公司收益,民营企业海外子公司利润则对东道国市场规模较为敏感。第四,大规模企业OFDI具有市场寻求、资源寻求和技术寻求的特征,其海外子公司利润与东道国市场规模和技术因素存在显著正相关关系;小规模企业OFDI更追求广阔市场,扩大市场规模有助于小规模企业海外子公司利润的增加。This paper constructs a panel Logit model to empirically analyze the impact of host country characteristics on Chinese manufacturing enterprises’ OFDI location choice and subsidiary earnings from the perspective of investment motivation by selecting Chinese manufacturing enterprises’ OFDI data from 2000-2018. The study finds that: First, Chinese manufacturing enterprises’ investments in developed countries, developing countries and countries along the ‘Belt and Road’ are market-seeking and resource-seeking, among which investments in developed countries are also characterized by technology-seeking. The market size and resource endowment of host countries promote the increase of profits of overseas subsidiaries. Second, most OFDI in manufacturing sub-sectors reflects market-seeking motives, except for the profits of subsidiaries engaged in electronics industry which are more influenced by market size and resource endowment, the profits of other manufacturing sub-sectors are not affected by host country characteristics. Third, state-owned enterprises and private enterprises OFDI have market-seeking and resource-seeking motivation;the resource endowment and labor cost of the host country affect the profit of overseas subsidiaries of state-owned enterprises, while the profit of overseas subsidiaries of private enterprises is more sensitive to the market size of the host country. Fourth, OFDI by large-scale enterprises is characterized by market-seeking, resource-seeking and technology-seeking, and the profits of their overseas subsidiaries are significantly and positively correlated with host country market size and technology factors;OFDI by small-scale enterprises is more in pursuit of broad markets, and expanding market size helps increase the profits of overseas subsidiaries of small-scale enterprises.

关 键 词：OFDI 区位选择 投资动机 面板Logit模型 

分 类 号：F125[经济管理—世界经济] F424